Walmart, on the other hand, noted that some cost-conscious customers traded down from market brands to private label, particularly for items such as lunch meat, bacon, and dairy products.

The trend: The plant-based meat industry’s customer base is rapidly expanding beyond vegans and vegetarians. 40% of shoppers buy plant-based meat and/or dairy products, with most doing so on a regular basis and 60% doing so several times per month, per a survey conducted by CPG sales and marketing firm Acosta. 98% of people who buy plant-based meat also purchase conventional meat, per AdWeek.

In January, legacy dairy brand Yili released a milk NFT collection based on its partnership with the 2022 Beijing Winter Olympics. It issued 2,022 “regular” NFT bottles and 17 bottles in a more exclusive collection highlighting the most memorable moments from the games. Owners of the latter could personalize the bottles with their names.