U.S. Plant-Based Meat Market size is estimated to witness more than 25% CAGR from 2023 to 2032. Significant government support through regulations to render clear and accurate labeling as well as categorizing of plant-based meat products will contribute to the market growth. Across the U.S., while the FDA oversees the labeling of plant-based products, the USDA helps in regulating the labeling of poultry and meat products, such as plant-based alternatives.
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The rising regulatory intervention in discussions about terminologies used on plant-based meat product labels will also influence the industry development. To quote an instance, the labelling law restricting plant-based products in Texas was approved by state lawmakers in May 2021.
|Forecast Period:||2023 to 2032|
|Historical Data for:||2018 to 2022|
|No. of Pages:||290|
|Tables, Charts & Figures:||412|
|Pitfalls & Challenges:|
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The rapidly expanding preference for vegetarian, vegan, and flexitarian diets driven by the rising health-consciousness along with the higher interest in sustainable food options will accelerate the industry growth. In April 2023, a new survey commissioned by Amy’s Kitchen revealed that 52% of Americans expressed curiosity about vegan foods. However, the surging popularity of lean meats on account of their nutritive benefits, such as protein, iron, zinc, and B vitamins may limit the product uptake to considerable extent in the region.
The COVID-19 pandemic posed multiple challenges on the market growth due to disruptions in ingredient sourcing, production, and distribution of plant-based meat products. The closure of numerous restaurants placed negative impact on the overall foodservice sector. On the other hand, the limited trips to grocery stores made way for the surge in online shopping for plant-based meat items in the U.S. The higher awareness of plant-based options as safer and more sustainable food options also influenced the industry expansion during the pandemic. As per the Good Food Institute’s IRI data, the plant-based meat sales rose 454% higher in 2020 than that in March 2019.
The growing number of partnerships with restaurants and foodservice providers is expected to open new growth opportunities for numerous plant-based meat industry players, contributing to enhanced product uptake in the U.S. To cater to the rising requirements from customers that seek plant-based choices, multiple restaurants, including fast-food chains are adding plant-based meat options to their menus. For instance, in January 2022, American fast-food giant, KFC introduced plant-based fried chicken made from Beyond Meat in the U.S. to mimic the taste as well as texture of whole muscle chicken.
U.S. plant-based meat market size from the soy segment will expand at appreciable CAGR from 2023 to 2032, led by the rising interest in vegetarian and vegan diets. Soy-based meat alternatives have grown largely popular as they render meat-like textures and flavors while adhering to specific dietary preferences. To that end, several major brands and startups in the U.S. are coming up with soy-based products to match the growing consumer requirements.
For instance, American flavor and fragrances provider International Flavors & Fragrances, in November 2022, rolled out Supro Tex, its new soy-based plant protein ingredient to make chunks with similar texture to that of whole muscle meat. Rising preference among consumers with common food allergies is another impact rendering factor driving the segment growth.
U.S. plant-based meat industry from the grocery stores segment is anticipated to reach significant value by the end of 2032, attributed to rising levels of health consciousness, sustainability concerns, taste improvements, and higher availability of products in these settings. The surging innovations and the ease of access to plant-based pork, chicken, seafood, and other options to consumers in grocery stores will also add to the market development. To cite an instance, in April 2021, Beyond Meat revealed that its most-anticipated iconic Beyond Burger’s new version would arrive in grocery stores across the U.S. in the first week of May.
West U.S. plant-based meat market size is poised to observe around 26.5% CAGR through 2032, due to the surging consumer awareness regarding health benefits and the environmental consequences of meat consumption. The significant investments led by venture capitalists and large food corporations in the region has made way for higher R&D investments to provide better-tasting and realistic plant-based meat products
For instance, in July 2022, California announced $5 million investment in alternative protein research, of which $5,000,000 will be available on one-time basis for the Los Angeles, Berkeley, and Davis campuses for supporting R&D of cultivated and plant-based meats. The robust regulatory landscape along with the growing number of startups and food tech companies will also support the regional market growth.
Some of the leading companies operating in the market include:
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The above information has been provided for the following regions: