The use of ready-to-eat plant-based products has considerably increased over the last decade. Consumers tend to consider these products as ultra-processed. However, do they understand that this concept comprises two dimensions: processing and formulation? This study aimed to address this question. A survey was created based on images of 25 food products, which were characterized by their ingredients, processing level and conditions, and formulation complexity. A total of 400 French non-vegetarian consumers were recruited online. The questionnaire was divided into two parts: (i) participants were asked to rate seven characteristics according to their importance level for ultra-processed, processed, and unprocessed products; (ii) 25 images were presented, and participants rated their perceived processing and formulation levels of each product. The participants were divided into two subgroups: for the first group, the product name was presented together with the picture, while for the second group, the product picture and name were presented together with the list of ingredients. The results highlighted significant differences between the three processing levels. Participants considered ultra-processed products to be completely different from unprocessed products. Processed products were perceived similarly to ultra-processed products, although significant differences were found between these two processing levels. High positive correlations were observed between the processing and formulation levels of the products shown in the images. Differences in ratings between subgroups were observed for some products.