According to Arizton’s latest research report, the US plant-based meat market is growing at a CAGR of 15.18% during 2023-2029.
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Report Summary
Market Size (2029): $5.25 Billion
Market Size (2023): $2.25 Billion
CAGR (2023-2029): 15.18%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Product, Meat, Source, Storage, Distribution Channel
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The US plant-based meat market thrives, driven by health consciousness, environmental sustainability, ethical concerns, and technological advancements. Adopting flexitarian and vegan diets, along with increased product availability and diversity, is fueling significant growth.
Amy’s Kitchen, a leader in organic and vegetarian frozen and canned foods, surveyed over 2,000 Americans to understand the motivations behind the meatless mindset. The survey revealed that while many Americans are interested in vegan foods, parents are particularly intrigued, with 66% expressing curiosity about vegan options.
Concerns about the environmental impact of meat production, including deforestation and greenhouse gas emissions, along with growing awareness of animal welfare issues, have led consumers to seek cruelty-free alternatives. This has increased the demand for plant-based meats that avoid animal suffering.
Plant-based meat alternatives are becoming more common on US menus, notably in popular chains like McDonald’s, Burger King, Starbucks, Qdoba, and Dunkin’ Donuts. According to the Good Food Institute (GFI), about 13% of Americans consume plant-based meat at least once a week. Additionally, 12% include plant-based meat in their diet at least once a month, and 11% report eating plant-based meat at least once a year.
Key Development
In 2022, Beyond Meat, a leader in plant-based meat, announced the launch of Beyond SteakTM. This new product aims to offer the juicy, tender, and flavorful experience of seared steak tips while also providing plant-based meat’s nutritional and environmental benefits. Beyond Steak will be available nationwide at Kroger and Walmart stores, select Albertsons and Ahold divisions, and other retailers nationwide.
In 2021, Beyond Meat and PepsiCo announced the debut of Beyond Meat Jerky, the first product from their joint venture, Planet Partnership. This tasty and convenient plant-based jerky will be available in stores nationwide starting in March. Beyond Meat Jerky provides a flavorful, on-the-go snack option that aligns with Beyond Meat and PepsiCo’s commitment to creating products that benefit both people and the planet.
Plant-Based Beef Market in the US to Capture Largest Share
The US beef market, valued at $0.99 billion in 2023, is projected to reach $2.18 billion by 2029, with a CAGR of 13.95% during this period. The rising popularity of plant-based beef in the US is driven by consumer preferences for healthier, more sustainable, and ethical food choices. Millennials and Generation Z, who prioritize health, sustainability, and ethical considerations, significantly contribute to this trend. Health-conscious consumers are seeking alternatives to traditional beef with similar taste and texture but lower levels of saturated fat, cholesterol, and calories. Plant-based beef products often contain healthier ingredients, making them popular for those looking to improve their diet without sacrificing flavor.
Research from Tulane University, supported by the Center for Biological Diversity in August 2023, found that 12% of the US population consumes half of all beef eaten on any given day. Encouraging this segment to switch to plant-based alternatives can significantly boost plant-based beef consumption, promoting better health, environmental sustainability, and ethical eating practices. Companies like Beyond Meat, Impossible Foods, Conagra, Kraft-Heinz, and Abbot’s have gained significant attention and popularity for their plant-based beef products, driving further growth in the market. These vendors offer a range of products, including beef burger patties, crumbles, and sausages.
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Vendors List
Key Vendors
Beyond Meat
Conagra
Hungry Planet
Impossible Foods
Kellanova
Maple Leaf Foods
Next Level
Quorn foods
Tofurky
Tyson Foods
Abbot’s
LIVEKINDLY Collective
Cargill
HILARY’S
Kraft-Heinz
Nestlé
No Evil Foods
Rebellyous Foods
Daring
SIMULATE
Before the Butcher
Good Catch
Lypid
MyForest Foods
Ocean Hugger Foods
Plantcraft
Trader Joe’s
Yves Veggie Cuisine
Segmentation & Forecast
Product Type
Burger Patties
Sausages
Strips & Nuggets
Meatballs
Others
Meat Type
Beef
Chicken
Pork
Fish
Source Type
Soy
Pea
Wheat
Storage Type
Frozen
Refrigerated
Shelf Stable
Distribution Channel Type
Supermarkets & Hypermarkets
Convenience Stores
Specialty Stores
Online Channel
Key Questions Answered in the Report:
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