A quick addition: Another aspect that the PTC hypothesis as outlined here misses completely, and that appears quite important to consumers, is health. For instance, based on an n=3,700 survey done by Boston Consulting Group across EU, UK, US, Middle East and China (link), individual health is in many subgroups the top driver of choice between plant-based and conventional animal meat. This may explain the low incidence of repeat purchases (many people know and tried alt protein products, few consume them regularly): Consumers get disappointed with products like Beyond—if you buy a Beyond burger looking for a healthier alternative and then at home you check the label, you see that the nutrition is a bit better (lower sat fats) but you also see a bunch of ingredients you never heard of. Of course, if conventional animal products had to list every antibiotic and feed additive on the label, they would look worse… but they don’t. So, as a consumer you feel “cheated” by the plant-based meat that you bought for health reasons. The resulting recommendation here is to shorten ingredient lists and transparently name products (alt dairy does this somewhat successfully—“oat milk” instead of “plant milk”).
Thanks for this very comprehensive analysis!
A quick addition: Another aspect that the PTC hypothesis as outlined here misses completely, and that appears quite important to consumers, is health. For instance, based on an n=3,700 survey done by Boston Consulting Group across EU, UK, US, Middle East and China (link), individual health is in many subgroups the top driver of choice between plant-based and conventional animal meat. This may explain the low incidence of repeat purchases (many people know and tried alt protein products, few consume them regularly): Consumers get disappointed with products like Beyond—if you buy a Beyond burger looking for a healthier alternative and then at home you check the label, you see that the nutrition is a bit better (lower sat fats) but you also see a bunch of ingredients you never heard of. Of course, if conventional animal products had to list every antibiotic and feed additive on the label, they would look worse… but they don’t. So, as a consumer you feel “cheated” by the plant-based meat that you bought for health reasons. The resulting recommendation here is to shorten ingredient lists and transparently name products (alt dairy does this somewhat successfully—“oat milk” instead of “plant milk”).