U.S. Plant Based Meat Market

U.S. Plant Based Meat Market Size, Share, Growth Analysis, By Source(Soy), By Product(Burger patties, Strips & nuggets), By Distribution channel(Grocery stores, Convenience stores), By End-User(Hotel/Restaurant/Café (HORECA), and Fast-food Chains), By Storage Sub-Segmentsfrozen plant-based meat products, and refrigerated plant-based meat(Gen Z, Millennials) - Industry Forecast 2024-2031


Report ID: SQMIG30C2111 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 148 | Figures: 73

U.S. Plant Based Meat Market Insights

US Plant Based Meat Market size was valued at USD 1.56 billion in 2022 and is poised to grow from USD 1.95 billion in 2023 to USD 11.71 billion by 2031, growing at a CAGR of 25.1% in the forecast period (2024-2031).

The surge in meat-free eating, driven by a desire for both a satisfying culinary experience and nutritional benefits comparable to meat, is propelling the demand for plant-based alternatives in the U.S. market. Pioneering companies like Beyond Meat and Impossible Foods are at the forefront, developing products that convincingly emulate the taste and texture of traditional meat, thereby appealing to a broad consumer base.

The increasing emphasis on health consciousness, economic considerations, and environmental sustainability further accelerates the shift towards vegetarian substitutes. Emerging trends, such as vegetable-centric menus in restaurants and the popularization of "Meatless Mondays," reflect a broader societal acceptance of plant-based foods, firmly establishing them in the mainstream market. This paradigm shift is not only reshaping dietary choices but also addressing concerns related to traditional meat production's health impacts and environmental repercussions.

Market snapshot - 2024-2031

Global Market Size

USD 1.56 billion

Largest Segment

hotel/restaurant/café (HORECA)

Fastest Growth

fast-food chains

Growth Rate

25.1% CAGR

US Plant Based Meat Market ($ Bn)
Country Share for North America Region (%)
US Plant Based Meat Market By Type ($ Bn)
US Plant Based Meat Market By End-User (%)

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U.S. Plant Based Meat Market Segmental Analysis

The US Plant Based Meat market is segmented into five major segments i.e. by type, source, product, distribution channel, demographics, and region. Based on Source, the market is solely grouped into Soy. Based on End-User, the market is segmented into Hotel/Restaurant/Café (HORECA), Fast-food Chains. Based on Storage the market is segmented into frozen plant-based meat products, refrigerated plant-based meat. Based on product, the market is segmented as, Burger patties, Strips & nuggets, Meatballs, Sausage, Ground meat. Based on type the market is segmented as, Chicken, Pork, Beef, Fish. Based on distribution channel the market is segmented as, Grocery stores, Convenience stores, Food & drink specialty stores, Online retail, and Restaurants. Based on demographics the market is segmented into Gen Z, Millennials, Gen X, Baby boomers, Others, and Wheat.

Analysis by End-User

The Hotel/Restaurant/Café (HORECA) segment has emerged as a frontrunner in the plant-based meat market, commanding a substantial 58.8% share of the U.S. revenue in 2022. Fueled by the growing popularity of flexitarian and vegan diets, a notable shift is underway within the culinary landscape. Many fast-food chains, restaurants, and casual dining venues are adapting to this consumer trend by dedicating specific sections of their menus exclusively to "meat-free" choices.

Fast-food chains are swiftly adapting to the rising demand for plant-based alternatives, with an increasing array of offerings such as plant-based burger patties, nuggets, and strips. These alternatives are gaining popularity, particularly among health-conscious consumers seeking sustainable and nutritious choices. In response to this growing trend, numerous brands are introducing their own distinctive plant-based meat products.

Analysis by Storage

The dominance of frozen plant-based meat products is evident as they claimed a substantial 58.50% share of the U.S. revenue in 2022. The escalating popularity of vegetarian choices has spurred a noteworthy surge in the development of new products across the ambient, chilled, and frozen food categories. This proliferation has expanded consumer access to a diverse array of plant-based meat alternatives offered by various brands.

The refrigerated plant-based meat segment is anticipated to demonstrate the fastest CAGR of 24.7% from 2023 to 2030. Factors contributing to this growth include the significant impact of the meat shortages, prompting a notable trend among consumers to move away from traditional meat consumption.

US Plant Based Meat Market By Storage, 2023 (%)

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U.S. Plant Based Meat Market Regional Insights

In 2022, North America asserted its dominance, claiming the lion's share of the market at 36.82%. This remarkable market presence is attributed to the escalating awareness among consumers regarding the risks associated with consuming contaminated meat products. Simultaneously, there is a noticeable uptick in the consumption of meatless alternatives, contributing to the overall growth of the plant-based meat market in the region.

The Europe region is poised to experience the swiftest growth rate, driven by a favorable consumer perception of vegetarian and vegan meat products and a robust regulatory framework against cruelty towards animals. The positive outlook toward plant-based alternatives aligns with a broader trend of ethical consumerism in the region.

US Plant Based Meat Market By Geography, 2024-2031
  • Largest
  • Fastest

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U.S. Plant Based Meat Market Dynamics

Drivers

Increasing Demand for Plant-Based Meat Products

  • The expansion of the plant-based meat market is amplified by a rising demand for products that offer enhanced microwavable and sliceable characteristics. Notably, pea-based burgers, known for their high protein content and meat-like texture, are emerging as a compelling substitute for traditional meat-based burgers.

Restraints

Lack of Standardized Terminology

  • The U.S. plant-based meat market faces a notable challenge in the absence of standardized terminology or clear labeling regulations for plant-based products. This lack of uniformity can result in confusion among consumers, hindering their ability to make informed choices. Without consistent and regulated labeling, there is a risk of skepticism regarding the authenticity of plant-based products.

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U.S. Plant Based Meat Market Competitive Landscape

The competitive environment of the US Plant Based Meat market is dynamic and characterized by the mix of established players and newer entrants. Innovation is a key competitive factor. Well-established brands often hold an advantage in terms of consumer trust and recognition. Brands that have built a reputation for quality and reliability tend to maintain a loyal customer base.

Top Player’s Company Profiles

  • Conagra, Inc. (Gardein Protein International)
  • Kellogg NA Co. (MorningStar Farms)
  • Amy's Kitchen, Inc.
  • Tofurky
  • Kraft Foods, Inc.
  • Lightlife Foods, Inc
  • Trader Joe's
  • Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
  • Eat JUST Inc.
  • No Evil Foods
  • Morningstar Farms
  • Pinnacle Foods

Recent Developments

  • In November 2023, Beyond Meat was set to make its products accessible to consumers in Romania through a strategic partnership with distributor Nordic Food. This collaboration will see Beyond Meat's diverse range of offerings, including burgers, sausages, mince, and meatball alternatives, made available in both retail spaces — encompassing physical stores and online platforms — and in the foodservice sector.
  • In August 2023, Alpha Foods is poised to elevate its growth trajectory by becoming part of a collective of brands, a strategic move that promises to provide additional resources for expansion, according to Eliyahu, the brand's spokesperson. Having already demonstrated success in the retail sector, this partnership with a collective of brands signifies a pivotal moment for Alpha Foods.

U.S. Plant Based Meat Key Market Trends

  • Increasing Health-Consciousness

The rising preference for vegetarian, vegan, and flexitarian diets, fueled by increasing health-consciousness and a heightened interest in sustainable food options, is poised to drive substantial growth within the industry. A survey commissioned by Amy’s Kitchen in April 2023 underscored this trend, revealing that 52% of Americans harbor curiosity about vegan foods.

U.S. Plant Based Meat Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

US Plant Based Meat market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. As consumer awareness about health-conscious choices rises, there is a growing demand for alternatives to traditional meat products that offer lower saturated fats and cholesterol levels. Despite the overall expansion of the plant-based meat market, certain key players, including Beyond Meat and Impossible Foods, experienced a decline in demand for their plant-based offerings in 2022.

Report Metric Details
Market size value in 2023 USD 1.56 billion
Market size value in 2031 USD 11.71 billion
Growth Rate 25.1%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Source
    • Soy
  • Product
    • Burger patties, Strips & nuggets, Meatballs, Sausage, and Ground meat
  • Distribution channel
    • Grocery stores, Convenience stores, Food & drink specialty stores, Online retail, and restaurants
  • End-User
    • Hotel/Restaurant/Café (HORECA), and Fast-food Chains
  • Storage Sub-Segmentsfrozen plant-based meat products, and refrigerated plant-based meat
    • Gen Z, Millennials, Gen X, Baby boomers, Others, and Wheat
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Conagra, Inc. (Gardein Protein International)
  • Kellogg NA Co. (MorningStar Farms)
  • Amy's Kitchen, Inc.
  • Tofurky
  • Kraft Foods, Inc.
  • Lightlife Foods, Inc
  • Trader Joe's
  • Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
  • Eat JUST Inc.
  • No Evil Foods
  • Morningstar Farms
  • Pinnacle Foods
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on U.S. Plant Based Meat Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on U.S. Plant Based Meat Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the U.S. Plant Based Meat Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the U.S. Plant Based Meat Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the U.S. Plant Based Meat Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the U.S. Plant Based Meat Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

US Plant Based Meat Market size was valued at USD 1.56 billion in 2022 and is poised to grow from USD 1.95 billion in 2023 to USD 11.71 billion by 2031, growing at a CAGR of 25.1% in the forecast period (2024-2031).

The competitive environment of the US Plant Based Meat market is dynamic and characterized by the mix of established players and newer entrants. Innovation is a key competitive factor. Well-established brands often hold an advantage in terms of consumer trust and recognition. Brands that have built a reputation for quality and reliability tend to maintain a loyal customer base. 'Beyond Meat', 'Impossible Foods Inc.', 'Maple Leaf Foods (Field Roast & Maple Leaf)', 'Conagra, Inc. (Gardein Protein International)', 'Kellogg NA Co. (MorningStar Farms)', 'Amy's Kitchen, Inc.', 'Tofurky', 'Kraft Foods, Inc.', 'Lightlife Foods, Inc', 'Trader Joe's', 'Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)', 'Eat JUST Inc.', 'No Evil Foods', 'Morningstar Farms', 'Pinnacle Foods'

The expansion of the plant-based meat market is amplified by a rising demand for products that offer enhanced microwavable and sliceable characteristics. Notably, pea-based burgers, known for their high protein content and meat-like texture, are emerging as a compelling substitute for traditional meat-based burgers.

Increasing Health-Consciousness

In 2022, North America asserted its dominance, claiming the lion's share of the market at 36.82%. This remarkable market presence is attributed to the escalating awareness among consumers regarding the risks associated with consuming contaminated meat products. Simultaneously, there is a noticeable uptick in the consumption of meatless alternatives, contributing to the overall growth of the plant-based meat market in the region.

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