U.S. Plant Based Meat Market Size, Share, Growth Analysis, By Source(Soy), By Product(Burger patties, Strips & nuggets, Meatballs, Sausage), By Distribution channel(Grocery stores, Convenience stores, Food & drink specialty stores, Online retail), 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, Gen X, Baby boomers), By Region - Industry Forecast 2024-2031

Report ID: SQMIC30C2153 | Region: Country | Published Date: February, 2024
Pages: 157 | Tables: 148 | Figures: 73

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.

U.S. Plant Based Meat Market Report Snapshots

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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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U.S. Plant Based Meat Market Dynamics

U.S. Plant Based Meat Market Report Snapshots

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