PUBLISHED DATE : Mar 2019 | Pages : 189
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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
189 Pages
16 Tables
57 Charts
1 Regions
1 Countries
22 Companies
3 Market Segment
| 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 |
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.
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.
This research report includes a detailed segmentation by
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.
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.
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.
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.
By Product
By Storage
By Channel
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.
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 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
Prominent Players in the US Plant-based Meat Market
Market Segmentation by Product
Market Segmentation by Storage
Market Segmentation by Channel
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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