U.S. Plant Based Meat Market Share, Size & Growth Report | 2031 (2024)

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

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.

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.

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.

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

• 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

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.

• 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.

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.