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Plant-based Meat Market in US - Industry Outlook and Forecast 2019-2024

SKU : ARZ190301
  • Published on : March 2019

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This market research report on the US plant-based meat market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by product (beef, chicken, pork, seafood, and other), by storage (frozen, refrigerated, and shelf-stable), and by channel (conventional, natural, and specialty gourmet).

US Plant-based Meat Market - Overview

The increasing focus on meat-free eating without missing out on the eating experience and nutrition of meat a possibility is fueling the demand in the US plant-based meat market. Leading vendors such as Beyond Meat and Impossible Foods are creating products that can masquerade as the real thing and attract the maximum number of consumers in the US market. The growing concerns about better health, economic considerations, and environmental destruction that is caused by growing and feeding traditional meat are fueling the adoption of vegetarian meat and vegan meat in the US market. Trends such as vegetable-forward menus in restaurants to “Meatless Mondays” have pushed for the entry of plant-based meats into the mainstream realm in the market. Consumer preferences in the US market are rapidly changing on the basis of taste, price, convenience, and accessibility. Heart health, weight loss and management, stamina, and concentration, memory, and clarity were among the top desired benefits from food for consumers in the US market. The top players are focusing on foods, positioning, and packaging to advertise their products and gain maximum US market share.  The growing popularity of dietary trends such as intermittent fasting, paleo, and the gluten-free diet is attributing to the adoption of meat alternatives in the US plant-based meat market. The manufacturers are including statements on the packaging that reflect health benefits such as “reduces the risk of cardiovascular disease” or “made fresh with whole ingredients” to create a link with a health goal and influence purchase decisions the consumers in the market. The established giants such as Nestle and Cargill are initiating plant-based product launches, an attestation to the fact that it has truly arrived in the US market. Lucky Supermarkets for instance partnered with the Plant-Based Foods Association and ran a campaign in late 2018 which was themed around 'Fall in Love with Plant-Based.' The retailers are educating the consumers about these products through breakroom TV content and educational books among other things, and aid in finding the right product in the US plant-based meat market. The high demand in the US market is coming from micro-chain and independent restaurant vendors who are getting their plant-based proteins from broadline foodservice distributors at a growth rate of 21%. The increasing adoption of these meats in the foodservice industry such as catering services and restaurant is contributing to the growth of the US plant-based meat market.

The exponential growth of food trucks, delivery, and takeaway and the increasing number of consumers experimenting with new kinds of foods is driving the growth of the US market. Educational institutes have a lot of potentials as parents increasingly go vegetarian or vegan and so do their kids, thereby creating a demand in the market. The US plant-based meat market is projected to reach values of approximately $3 billion by 2024, growing at a CAGR of more than 24% during 2018-2024.

Plant-based meat market in US - Market Overview

US Plant-based Meat Market – Dynamics

The growing traction towards the wellness trend is fueling the demand for all things plant, thereby creating lucrative investment opportunities in the US plant-based meat market. Green beauty is going from a niche to a majority; brands are becoming more health-focused, consumers are developing a likeness for intermittent fasting, they are taking more time out to meditate, get some sun, and focus on happiness in the US market. The consumers are beginning to realize that they have to start with their plate to make a long-term change and live a fuller, healthy life from both a physical and a mental perspective. The increasing focus in health and wellness will boost the demand for vegetarian meat and vegan meat in the US market. The holistic approach to food and widespread education about nutrient quality and dejunking will positively impact the growth of the market over the next few years. The rise in allergies and food intolerances is leading to an inherent belief that eliminating toxins that come in the form of chemicals from meat processes such as chlorine baths and consuming natural foods such as whole grains in the market. Various organizations that are working towards building healthier, stronger and more sustainable communities will fuel the growth of the US plant-based meat market.

US Plant-based Meat Market – Segmentation

This market research report includes a detailed segmentation of the market by products, storage, and channel.

US Plant-based Meat Market Analysis 2024

US Plant-based Meat Market – By Product

The growing demand for all-natural, organic, and vegetarian meats is fueling the growth of the US plant-based meat market

The US plant-based meat market by product is classified into beef, chicken, pork, seafood, and others. The beef segment dominated approximately half of the total market share in 2018, growing at a CAGR of around 25% during the forecast period. The growing use of vegan meatballs in sauces served as a snack on a toothpick, or is being sliced to sandwich in between bread to bring a variety of option for the non-meat-eating population is fueling the growth of this segment in the US market. The trend is also reigning because every culture has some kind of meatballs - for instance, kofta, a veggie meatball served in Indian cuisine or köttbullar, a Swedish version of the meatball in the market. The leading vendors such as Impossible foods are leveraging this change in consumer perception and eating habits to develop alternatives to gain a larger US plant-based meat market share. The meatless meatballs and other beef ball products are surpassing burgers and every other plant-based product in the marketplace.

The increasing focus on planet-friendly and clean eating initiatives to support consumer concerns, plant-based chicken is anticipated to grow in the US market during the forecast period. The growing influence of Asian cuisines, such as the Vietnamese and Korean are encouraging vendors to offer different flavored plant-based pork in the market. Startups are increasingly considering the proposition attractive, investing in R&D, technologies, and design of plant-based faux seafood in the US plant-based meat market.

US Plant-based Meat Market – By Storage

A new approach to merchandising is driving the need for refrigerated meat in the US plant-based meat market

The storage segment in the US plant-based meat market is divided into frozen, refrigerated, and shelf-stable. Refrigerated storage is the fastest growing segment in the US market, at a CAGR of over 39% during the forecast period. The changing perception of younger consumers that chilled foods are more premium and fresher than frozen food is fueling the growth of this segment in the global market. The growing demand for flavorsome heat-and-eat products is encouraging the vendors to launch refrigerated meat substitutes in the US market. Companies such as Beyond Meat have witnessed massive success in staging their products in the refrigerated meat department or next to conventional meat. They have consequently put in motion a whole new approach to merchandising that is increasingly being mimicked by grocery stores and protein companies in the US market. The introduction of more vegetarian meats in the refrigerated section in retail stores will drive the demand in the US plant-based meat market.

With consumers just not having the time to cook anymore, slow-cooking is being put on the back burner, and ready-made frozen meals such as pizzas with plant-based meat included are coming to the fore in the US market. Busy working families are seeking shelf-stable food in various packaging such as pouches, cans, and other products in both dry and wet forms resulting in increased revenues in the US plant-based meat market.

US Plant-based Meat Market – By Channel

Food, drug and mass merchandisers, including Walmart, are the largest distributors in the US plant-based meat market

The US plant-based meat market by the channel is segmented into conventional, natural, and specialty gourmet. Conventional channel occupied the majority of the market share in 2018, growing at a CAGR of more than 22% during the forecast period. The increasing number of convenience stores selling new organic or natural products that are plant-based is gaining immense popularity and boosting sales in this segment in the US market. The rapidly escalating demand for better-for-you products is encouraging retailers to stock these products in the US plant-based meat market. These retailers are also helping these young rising stars to align their products with changing demands of consumers and shape their innovation pipeline in the market. Meat snacks have a real chance at victory as this channel has a strong focus on shopper efficiency and convenience and also in part because consumers are increasingly snacking mindfully in the market. Such dynamic trends will drive the revenues in this segment in the US plant-based meat market.

The impressive growth of the farm-to-table movement and the presence of significant natural retailers such as Whole Foods is fueling the growth of the natural channel in the US market. The consumers are embracing sustainability benefits and craveability of plant-focused eating more than ever; specialty gourmet stores are becoming more veggie-heavy, looking for inclusive ways of adding more of this foods in the US plant-based meat market.

Key Vendor Analysis

In the US plant-based meat market, leading vendors are drawing the attention of consumers and creating appeal for plant-based meats. Many players are leveraging various possibilities and definitions of meat substitutes and are expected to gravitate towards creating a pull in the US market. The top manufacturers are trying to layer flavor over flavor, color over color, texture over texture to attract the maximum number of consumers in the US market. Strategic partnerships are vital for expansions in the US plant-based meat market.

The major vendors in the US plant-based meat market are:

  • Beyond Meat
  • Impossible Foods
  • Greenleaf Foods
  • Hungry Planet
  • Next Level

Other prominent vendors in the US plant-based meat market include Abbots Butcher, Atlantic Natural Foods, Don Lee Farms, Dr. Praeger’s, Gardein, Good Catch Fish, Kraft Heinz Foodservice, Monks Meats, MorningStar Farms, No Evil Foods, Ocean Hugger Foods, Quorn Foods, Sophie’s Kitchen, Sweet Earth, Tofurky, VBites, and Yves Veggie Cuisine.

Key market insights include

  1. The analysis of US plant-based meat market provides market size and growth rate for the forecast period 2019-2024.
  2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers about theUS plant-based meat market.
  3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
  4. It offers a complete overview of market segments and the regional outlook of US plant-based meat market.
  5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.

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