The US Vegan Meat Market to reach Revenues of $3 billion by 2024

Arizton’s recent market research report on the US plant-based meat market provides a detailed industry analysis, trend forecast, and competitive study. This research report provides detailed segmentation of US vegan meat market by products (beef, chicken, pork, seafood, and other), storage (frozen, refrigerated, and shelf-stable), and channel (conventional, natural, and specialty gourmet). Beyond Meat, Impossible Foods, Greenleaf Foods, Hungry Planet, and Next Level are the leading vendors that are likely to dominate the US vegan meat market during the forecast period.

The US vegan meat market is expected to reach revenues of approximately $3 billion by 2024, growing at a CAGR of more than 24% during 2018–2024.

Plant-based meat is a plant-derived protein that imitates the texture, flavor, and mouthfeel of natural meat. This meat is making meat-free eating a possibility without missing out on the eating experience and nutrition. The demand for plant-based products is increasing due to increase in disposable incomes and the demand for quality food with an inherent focus on health, nutrition, and wellbeing. As the meat industry is diverse, plant-based meat vendors need to be innovative and engineer a range of replacements to effectively compete.

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The three leading drivers and trends that are propelling the US vegan meat market are discussed below:

Busting Myths about Meatless Meals

The inclination to consume meat among Americans is high. However, a significant portion of the population is purposefully now reducing the meat consumption amid health and cost concerns. Nearly 14% of Americans prefer not to eat meat because of environmental concerns and animal rights. Since diets are culturally protected, many individuals find them difficult to eliminate meat from their diets. Therefore, fake meat can aid in concealing these conversions as simply a small tweak, captivating those that want to optimize their health. Over the last decade, the price of food has gone up, shooting up grocery bills by as much as 28%, surpassing the 22% inflation rate over the same period. Vendors can catalyze the demand for these products by conducting meat reduction campaigns that highlight and bust common misinterpretations about meatless meals and emphasize on the similarity in taste and experience that they provide.

Read: Plant-based Meat Market - Global Outlook and Forecast 2020-2025

Rise of Progressive Protein Choices

Protein is considered as a dietary powerhouse, and plant-based foods are lining up behind this belief. Evolved standards of proteins are thus being suffused across the board, creating new realities in the plant-based paradigm as consumers begin to realize that there are other ways to fill up on proteins – not just through the meat. There is a demand for protein-based products that offer more than protein, including high energy, satiety, strength, and muscle building. Therefore, non-meat products such as non-dairy milk, beverages and bagels are increasingly growing in demand. Legacy proteins such as rice and soy, which have faced disapproval, are picking up again as allergy-friendly, better-quality options are produced through enhanced processes. These efforts have primed the audience to seek out “better” products such as vegan meat.

Wellness Trend fuels Demand All Things Plant

Green beauty is going from a niche to the majority. Brands are becoming more health conscious; consumers are developing a likelihood for intermittent fasting, they are taking time out to meditate, get some sun, and focus on happiness.  All these trends point to one thing: wellness is here and it is influencing almost every industry. 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 physical and mental perspectives. There is a growing understanding of how diet affects wellbeing. Therefore, as new generations enter the marketplace, there is a more holistic approach toward food. Plant-based eating has also become a grassroots movement. For instance, PlantPure Communities, a non-profit organization, is working toward building healthier, stronger, and more sustainable communities. Consumers are also connecting plant-based eating with longevity, better clarity, and high levels of productivity. Therefore, along with popular diets, consumers in the US are veering toward more plant-based foods as a whole.

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Other prominent vendors in the US vegan meat market are 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.

The complete overview of the latest market research report on the US plant-based meat market by Arizton is now available.

The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.

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