U.S. PLANT-BASED MEAT MARKET SIZE TO GROW AT USD 3 BILLION BY 2024, GROWING AT A CAGR OF 24% DURING 2018-2024

U.S. Plant-based Meat Market Size, Share, & Trends Analysis Report by Product (Beef, Chicken, Pork, Seafood, and Others), Storage (Frozen, Refrigerated, and Shelf-Stable), and Channel (Conventional, Natural, And Specialty Gourmet) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2024

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16 Tables

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57 Charts

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22 Companies

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3 Market Segment

U.S. PLANT-BASED MEAT MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE (REVENUE) USD 3 BILLION (2024)
MARKET SIZE (VOLUME) 896 MILLION UNITS (2024)
CAGR 24% (2019-2024)
Base Year 2018
Forecast Year 2019-2024
Market Segments By Product (Beef, Chicken, Pork, Seafood, and Others), Storage (Frozen, Refrigerated, and Shelf-Stable), and Channel (Conventional, Natural, And Specialty Gourmet)
Geographic Analysis United States

INDUSTRY INSIGHTS

The U.S. plant-based meat market size to grow at USD 3 billion by 2024, growing at a CAGR of 24% during 2018-2024. 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 U.S. 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 substitutes. Trends such as vegetable-forward menus in restaurants to “Meatless Mondays” have pushed for the entry of plant-based foods into the mainstream realm in the market. Consumer preferences 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 the consumers. The top players are focusing on foods, positioning, and packaging to advertise their products and gain maximum market shares.  

The growing popularity of dietary trends such as intermittent fasting, paleo, and the gluten-free diet is attributing to the adoption of vegetarian alternatives. 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 of the consumers. 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 U.S plant-based meat market. The high demand 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 alternatives in the foodservice industry such as catering services and restaurant is contributing to the growth.

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. 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 vegan meat market.

MARKET TRENDS AND DRIVERS

The growing traction towards the wellness trend is fueling the market demand for all things plant, thereby creating lucrative investment opportunities in the U.S. plant-based meat market. Green beauty is going from a niche to a majority; plant-based meat 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. 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 and vegan alternatives. The holistic approach to food and widespread education about nutrient quality and dejunking will positively impact the growth 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. Various organizations that are working towards building healthier, stronger and more sustainable communities will fuel the U.S. plant-based meat market growth.

U.S. PLANT-BASED MEAT MARKET SEGMENTATION

This research report includes a detailed segmentation by

  • Products
  • Storage
  • Channel

INSIGHTS BY PRODUCT

The beef segment dominated approximately half of the total U.S. plant-based meat 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 vegan population is fueling the growth of this segment. The leading vendors such as Impossible foods are leveraging this change in consumer perception and eating habits to develop alternatives to gain a larger U.S. plant-based meat market share. The meatless 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 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. Startups are increasingly considering the proposition attractive, investing in R&D, technologies, and design of plant-based faux seafood in the market.

INSIGHTS BY STORAGE

Refrigerated storage is the fastest growing segment, 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. The growing demand for flavorsome heat-and-eat products is encouraging the vendors to launch refrigerated meat substitutes. Plant-based meat companies such as Beyond Meat have witnessed massive success in staging their products in the refrigerated meat department or next to conventional products. They have consequently put in motion a whole new approach to merchandising that is increasingly being mimicked by grocery stores and protein companies. The introduction of more vegetarian substitutes in the refrigerated section in retail stores will drive the demand in the U.S. 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 substitutes included are coming to the fore in the US vegan meat 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 market.

INSIGHTS BY CHANNEL

Conventional channel occupied the majority of the shares 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, incuding plant-based cheese & meat is gaining immense popularity and boosting sales in this segment. The rapidly escalating demand for better-for-you products is encouraging retailers to stock these products in the U.S. 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. Plant-based 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. Such dynamic trends will drive the revenues in this segment.

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. 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 market.

KEY VENDOR ANALYSIS

The leading vendors are drawing the attention of consumers and creating appeal for plant-based meat substitutes. Many players are leveraging various possibilities and definitions of vegan 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. Strategic partnerships are vital for expansions in the U.S. plant-based meat market.

The U.S. plant-based meat industry analysis report includes in-depth coverage with revenue and forecast insights for the following segments:

By Product

  • Beef
  • Chicken
  • Pork
  • Seafood
  • Other

By Storage

  • Frozen
  • Refrigerated
  • Shelf-stable

By Channel

  • Conventional
  • Natural
  • Specialty Gourmet

Frequently Asked Questions

What is the U.S. plant-based meat market size and growth rate during the forecast period?

The U.S. plant-based meat market size to reach revenues of approx. $3 billion, growing at a CAGR of 24% during 2018-2024.

What are the factors impacting the growth of the U.S. plant-based meat market shares?

The holistic approach to food and widespread education about nutrient quality and dejunking will positively impact the growth over the next few years.

Which product/storage/channel is generating the largest revenues for the U.S. market?

Refrigerated storage is the fastest growing segment, at a CAGR of over 39% during the forecast period.

Who are the leading vendors in U.S. plant-based meat market?

The leading players in the U.S. plant-based meat market are Beyond Meat, Impossible Foods, Greenleaf Foods, Hungry Planet, and Next Level.

How is the growth of the beef segment influencing the growth of the U.S. plant-based meat market trends and growth drivers?

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 vegan population is fueling the growth of this segment.

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The US plant-based meat market size is expected to reach values of around $3 billion by 2024, growing at an impressive CAGR of over 24% during 2018–2024.

The US plant-based meat market is driven by plant-based food manufacturers creating foods with profiles that match consumer context of a specific dish to facilitate trial. The introduction of products that are built similar to meat via price and the possibilities of offering a bigger repertoire of flavor profiles will help vendors attract a broader audience in the US market. The market research report provides in-depth market analysis and segmental analysis of theUS plant-based meat market by products, storage, and channel.

Base Year:            2018

Forecast Year:      2019-2024

The report considers the present scenario of the US plant-based meat market and its market dynamics for the period 2019−2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The study includes both the demand and supply side of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the market.

Major Vendors in the US Plant-based Meat Market

  • Beyond Meat
    • Business Overview
    • Major Product Offerings
    • Key Strategies
    • Key Strengths
    • Key Opportunities
  • Impossible Foods
  • Greenleaf Foods
  • Hungry Planet
  • Next Level

Prominent Players in the US Plant-based Meat Market

  • Abbots Butcher
    • Business Overview
    • Major Product Offerings
    • Key Strategies
    • Key Strengths
  • 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
  • Yves Veggie Cuisine

Market Segmentation by Product

  • Beef
  • Chicken
  • Pork
  • Seafood
  • Other

Market Segmentation by Storage

  • Frozen
  • Refrigerated
  • Shelf-stable

Market Segmentation by Channel

  • Conventional
  • Natural
  • Specialty Gourmet

1          Research Methodology

2          Research Objectives

3          Research Process

 

4          Scope & Coverage

4.1       Market Definition

4.1.1   Inclusions

4.1.2   Exclusions

4.2       Base Year

4.3       Scope of the study

4.4       Market Segments

4.4.1   Market Segmentation by Products

4.4.2   Market Segmentation by Storage

4.4.3   Market Segmentation by Channel

 

5          Report Assumptions & Caveats

5.1       Key Caveats

5.2       Currency Conversion

5.3       Market Derivation

 

6          Market At a Glance

7          Introduction

7.1       US plant-based meat market Overview

7.2       The State Of The Us Economy

7.3       The Customer Paradigm

7.3.1   Generation Z

7.3.2   Millennials

7.3.3   Baby Boomers

7.4       How The Us Is Eating

7.4.1   Eating Patterns

7.4.2   Food Attributes

7.5       Plant-Based Meat Overview

7.5.1   Plant-based Technology

 

8          Market Dynamics

8.1       Market Growth Enablers

8.1.1   The Growth of Health Forward and Cost-conscious Consumers

8.1.2   Concerned Citizens Look to Reduce Environmental Ruins

8.1.3   The Rise of Progressive Protein Choices

8.1.4   Development of New Eating Patterns

8.2       Market Growth Restraints

8.2.1   Stiff Competition from Lab-Grown or "Clean" Meat

8.2.2   Psychological and Cultural Barriers

8.2.3   Fight against Fake Meat

8.3       Market Opportunities and Trends

8.3.1   Plant-based Meat is Massively Validated

8.3.2   Wellness Trend Fuels Demand for All Things Plant

8.3.3   Snack-Worthy Faux Meat Gains Traction

8.3.4   Science Gets Leg Up

 

9          US Plant-Based Meat Market

9.1       Market Size & Forecast

9.2       Five Forces Analysis

9.2.1   Threat of New Entrants

9.2.2   Bargaining Power of Suppliers

9.2.3   Bargaining Power of Buyers

9.2.4   Threat of Substitutes

9.2.5   Competitive Rivalry

 

10        US Plant-Based Meat Market by Storage

10.1    Market Snapshot & Growth Engine

10.2    Market Overview

10.3    Frozen Plant-Based Meat

10.3.1 Market Size & Forecast

10.4    Refrigerated Plant-Based Meat

10.4.1 Market Size & Forecast

10.5    Shelf-Stable Plant-Based Meat

10.5.1 Market Size & Forecast

 

11        US Plant-Based Meat Market by Product

11.1    Market Snapshot & Growth Engine

11.2    Market Overview

11.3    Beef

11.3.1 Market Size & Forecast

11.4    Chicken

11.4.1 Market Size & Forecast

11.5    Pork

11.5.1 Market Size & Forecast

11.6    Seafood

11.6.1 Market Size & Forecast

11.7    Others

11.7.1 Market Size & Forecast

 

12        US Plant-Based Meat Market by Channel

12.1    Market Snapshot & Growth Engine

12.2    Conventional Channel

12.2.1 Market Size & Forecast

12.3    Natural Channel

12.3.1 Market Size & Forecast

12.4    Specialty Gourmet Channel

12.4.1 Market Size & Forecast

 

13        Competitive Landscape

13.1    Competition overview

13.2    US plant-based meat market Vendor Analysis

13.2.1 US plant-based meat market Ranking Analysis

 

14        Key Company Profiles

14.1    Beyond Meat

14.1.1 Business Overview

14.1.2 Major Product Offerings

14.1.3 Key Strengths

14.1.4 Key Strategies

14.1.5 Key Opportunities

14.2    Impossible Foods

14.2.1 Business Overview

14.2.2 Major Product Offerings

14.2.3 Key Strengths

14.2.4 Key Strategies

14.2.5 Key Opportunities

14.3    Greenleaf Foods

14.3.1 Business Overview

14.3.2 Major Product Offerings

14.3.3 Key Strengths

14.3.4 Key Strategies

14.3.5 Key Opportunities

14.4    Hungry Planet

14.4.1 Business Overview

14.4.2 Major Product Offerings

14.4.3 Key Strengths

14.4.4 Key Strategies

14.4.5 Key Opportunities

14.5    Next Level

14.5.1 Business Overview

14.5.2 Major Product Offerings

14.5.3 Key Strengths

14.5.4 Key Strategies

14.5.5 Key Opportunities

 

15        Other Prominent Vendors

15.1    Abbots Butcher

15.1.1 Business Overview

15.1.2 Product Offerings

15.1.3 Key Strengths

15.1.4 Key Strategies

15.2    Atlantic Natural Foods

15.2.1 Business Overview

15.2.2 Product Offerings

15.2.3 Key Strengths

15.2.4 Key Strategies

15.3    Don Lee Farms

15.3.1 Business Overview

15.3.2 Product Offerings

15.3.3 Key Strengths

15.3.4 Key Strategies

15.4    Dr. Praeger’s

15.4.1 Business Overview

15.4.2 Product Offerings

15.4.3 Key Strengths

15.4.4 Key Strategies

15.5    Gardein

15.5.1 Business Overview

15.5.2 Product Offerings

15.5.3 Key Strengths

15.5.4 Key Strategies

15.6    Good Catch Fish

15.6.1 Business Overview

15.6.2 Product Offerings

15.6.3 Key Strengths

15.6.4 Key Strategies

15.7    Kraft Heinz Foodservice

15.7.1 Business Overview

15.7.2 Product Offerings

15.7.3 Key Strengths

15.7.4 Key Strategies

15.8    Monks Meats

15.8.1 Business Overview

15.8.2 Product Offerings

15.8.3 Key Strengths

15.8.4 Key Strategies

15.9    Morningstar Farms

15.9.1 Business Overview

15.9.2 Key Strengths

15.9.3 Key Strategies

15.10  No Evil Foods

15.10.1 Business Overview

15.10.2 Product Offerings

15.10.3 Key Strengths

15.10.4 Key Strategies

15.11  Ocean Hugger Foods

15.11.1 Business Overview

15.11.2 Product Offerings

15.11.3 Key Strengths

15.11.4 Key Strategies

15.12  Quorn Foods

15.12.1 Business Overview

15.12.2 Key Strengths

15.12.3 Key Strategies

15.13  Sophie’s Kitchen

15.13.1 Business Overview

15.13.2 Product Offerings

15.13.3 Key Strengths

15.13.4 Key Strategies

15.14  Sweet Earth

15.14.1 Business Overview

15.14.2 Product Offerings

15.14.3 Key Strengths

15.14.4 Key Strategies

15.15  TOFURKY

15.15.1 Business Overview

15.15.2 Product Offerings

15.15.3 Key Strengths

15.15.4 Key Strategies

15.16  VBITES

15.16.1 Business Overview

15.16.2 Product Offerings

15.16.3 Key Strengths

15.16.4 Key Strategies

15.17  Yves Veggie Cuisine

15.17.1 Business Overview

15.17.2 Product Offerings

15.17.3 Key Strengths

15.17.4 Key Strategies

 

16        Report Summary

16.1    Key Takeaways

16.2    Strategic Recommendations

16.3    Quantitative Summary

16.3.1 US plant-based meat market Size by Product

16.3.2 US plant-based meat market Size by Storage

16.3.3 US plant-based meat market Size by Channel

 

17        Appendix

17.1    Abbreviations

         

List of Exhibits       

Exhibit 1         Segmentation of US plant-based meat market

Exhibit 2         Market Size Calculation Approach 2018

Exhibit 3         Defining Elements in Plant-based Meat Market

Exhibit 4         Change in Real GDP in US 2017−2023 (%)

Exhibit 5         Generation Z and Foodservices

Exhibit 6         Millennials and Foodservices

Exhibit 7         Baby Boomers and Foodservices

Exhibit 8         Demand for Health Benefits from Food and Nutrients as their Top Priority

Exhibit 9         Nutrient/Food Sources and Perceived Benefit on Health 2018

Exhibit 10       MyPlate Statistics 2018

Exhibit 11       Impact of The Growth of Health Forward and Cost-conscious Consumers

Exhibit 12       Meat Eating Reduction Statistics 2015

Exhibit 13       Impact of Concerned Citizens Look to Reduce Environmental Ruins

Exhibit 14       The Impact of Meat and Dairy Products from Farm to Fork on the Environment

Exhibit 15       Impact of The Rise of Progressive Protein Choices

Exhibit 16       Plant-based Patty vs. Traditional Beef Patty

Exhibit 17       Impact of Development of New Eating Patterns

Exhibit 18       Eating Styles of US Consumers 2018

Exhibit 19       An Overview of the American Eating Pattern 2018

Exhibit 20       Impact of Stiff Competition from Lab-Grown or "Clean" Meat

Exhibit 21       Likelihood of Buying Clean Meat 2018

Exhibit 22       Most Imperative Elements of Eating Clean Meat 2018

Exhibit 23       Impact of Psychological and Cultural Barriers

Exhibit 24       Impact of Fight against Fake Meat

Exhibit 25       Impact of Plant-based Meat is Massively Validated

Exhibit 26       Impact of Wellness Trend Fuels Demand for All Things Plant

Exhibit 27       A Shift toward Plant-based Diet 2018

Exhibit 28       Impact of Snack-Worthy Faux Meat Gains Traction

Exhibit 29       Annual Spend on Meat Snacks by Generation 2018 ($)

Exhibit 30       Impact of Science Gets Leg Up

Exhibit 31       Market by Revenue 2018−2024 ($ million)

Exhibit 32       Growth of Plant-based Meat by Region 2018

Exhibit 33       Market by Volume 2018−2024 (million)

Exhibit 34       Five Force Analysis 2018

Exhibit 35       Incremental Growth by Application 2018−2024 ($ million)

Exhibit 36       Market by Storage ($ million)

Exhibit 37       Market by Storage 2018 & 2024

Exhibit 38      US plant-based meat market - Comparison by Storage 2018−2024

Exhibit 39       Frozen Vegetarian Meat market in US 2018−2024 ($ million)

Exhibit 40       Refrigerated Vegetarian Meat Market in US 2018−2024 ($ million)

Exhibit 41       Shelf-Stable Vegetarian Meat Market in US 2018−2024 ($ million)

Exhibit 42       Incremental Growth by Application 2018−2024 ($ Million)

Exhibit 43       US plant-based meat Market by Products ($ million)

Exhibit 44       Market by Products 2018 & 2024

Exhibit 45       US plant-based meat market- Growth Comparison by Products 2018–2024

Exhibit 46       Plant-based Beef Market in US 2018–2024 ($ million)

Exhibit 47       Plant-based Chicken Market in US 2018–2024 ($ million)

Exhibit 48       Plant-based Pork Market in US 2018−2024 ($ million)

Exhibit 49       Plant-based Seafood Market in US 2018–2024 ($ million)

Exhibit 50       Other Plant-based Meat Market in US 2018−2024 ($ million)

Exhibit 51       Incremental Growth by Application 2018-2024 ($ million)

Exhibit 52      US plant-based meat market by Channel ($ million)

Exhibit 53       Market by Storage 2018 and 2024

Exhibit 54      US plant-based meat market - Growth Comparison by Channel 2018–2024

Exhibit 55       Market by Conventional Channel 2018–2024 ($ million)

Exhibit 56      Market by Natural Channel 2018–2024 ($ million)

Exhibit 57      US plant-based meat market by Specialty Gourmet 2018–2024 ($ million)

 

List of Tables          

Table 1            Key Caveats

Table 2            Currency Conversion 2013−2018

Table 3            Foods that Have Potential in Foodservice to be Converted to Plant-based

Table 4            Cities with the Number of Plant-based Businesses 2018

Table 5            Market Ranking Analysis 2018

Table 6            Beyond Meat: Product Offerings

Table 7            Impossible Foods: Product Offerings

Table 8            Field Roast: Product Offerings

Table 9            Hungry Planet: Product Offerings

Table 10         Next Level: Product Offerings

Table 11        US plant-based meat market by Products ($ million)

Table 12        US plant-based meat market by Products (%)

Table 13        Market by Storage ($ million)

Table 14        Market by Storage (%)

Table 15        Market by Channel ($ million)

Table 16        Market by Channel (%)

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