Over the past few years, plant-based proteins have become increasingly mainstream. These days, it’s impossible to walk down a grocery store meat or dairy aisle without seeing some form of plant-based alternative. The nation’s most popular fast food chains all offer plant-based options.
Rapid changes increase pressure on organizations to display agility and speed in response to dynamic consumer behavior and market trends. A major indicator of their ability to do that? Whether they can accurately forecast and time trends in advance of a change.
Back in early 2019 based on conversations with food and beverage clients, the team at Cipher conducted a HUUNU Futures prediction market to forecast future developments in the disruptive plant-based proteins market in the U.S.
Specifically, for food & beverage manufacturers three important future outcome scenarios were explored:
- Three year growth rates
- Leading items and ingredients
- Changes in usage habits
If you’re not familiar with HUUNU Futures and the role of prediction markets in market and competitive intelligence, we recommend you first read this primer. In a nutshell, prediction market research tools like HUUNU Futures produce quantifiable predictions on future trends, customer needs, and adoption rates.
To quantify the future growth of plant-based meats & ingredients as well as provide the qualitative rationale for why the growth will happen, we ran a prediction market with over 500 participants in the United States, representing people of all ages, household structures, and economic backgrounds.