The positioning of plant-based meat in the chilled meat department is expected to gain significant traction during the forecast period
Arizton’s recent market research report on the plant-based meat market in US identifies Beyond Meat, Impossible Foods, Greenleaf Foods, Hungry Planet, and Next Level as the leading vendors that are likely to dominate the market during the forecast period. This research report along with detailed competitive analysis provides a detailed analysis of market segmentation by product (beef, chicken, pork, seafood, and other), by storage (frozen, refrigerated, and shelf-stable), and by channel (conventional, natural, and specialty gourmet).
The plant-based meat market in US is anticipated to reach values of approximately $3 billion by 2024, growing at a CAGR of more than 24% during 2019-2024.
The demand for plant-based items or vegan meat is rising due to an increase in disposable incomes and the associated rise in demand for quality food with an inherent focus on health, nutrition, and wellbeing.
The plant-based meat market in US is divided into three major segments that consist of product, storage, and channel.
The refrigerated meat segment to grow at a lucrative CAGR in the plant-based meat market in US
The non-vegan shoppers (accounting for nearly 96% of the target audience) are likely to purchase plant-based meat, the positioning of plant-based meat in the chilled meat department is expected to gain significant traction. The refrigerated meat segment is popular among shoppers since they perceive that chilled foods are more premium and fresher than frozen food. These vegan meat products are flying off shelves faster than they can be replaced largely due to the lack of production capacities that are failing to catch up with the intensifying demand. Refrigerated products, therefore, make sense even from the perspective of producers that do not have to worry too much about expanding the shelf-life of their products.
The beef segment dominated the plan-based meat market in US
The US beef consumption is four times the world average; the ground beef is used in sauces, tacos, and in drive-thrus and burger joints. The commodity meat has dished out a significant opportunity to go all vegan meat. Capturing a small portion of the ground beef market leads to a substantial revenue generation for the vendors of the plant-based meat market in US. The meatless meatballs and other beef ball products are surpassing burgers and every other plant-based product in the marketplace. The demographic changes are also pointing to higher favorability for beef, majorly from African-American and Hispanic populations. Since these populations are also more likely to buy into the idea of plant-based meat, space is expected to witness dramatic ups.
The conventional segment is expected to have incremental growth in the plant-based meat market in US
This segment includes food, drug, and mass merchandisers, including Walmart, clubs and convenience channels. The conventional segment contributes to more than 80% of revenue. This channel has demonstrated stellar prospects for plant-based meats. As consumers from different walks of life see multiple benefits of eating plant foods, the largest share of revenues is coming from the conventional channel segment. Refrigerated products are growing at the fastest rate in the plant-based meat market in US.
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 are the other prominent vendors in the plant-based meat market in US.
The complete overview of the latest market research report on the plant-based meat market in US by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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