With a growing focus on personal health and the environment, consumers are hungry for plant-based meat on an unprecedented scale.
As a result, selections in our grocery isles are transforming before our eyes.
Consider the numbers: According to the latest research, the US plant-based meat market is projected to reach $3 billion in sales by 2024, expanding at a compound annual growth rate (CAGR) of more than 24% during the period of 2018-2024.
Accelerating the shift according to Aziton, which conducted the research, are the following trends:
- Healthy snacking is trending in the US market, with protein claim launches growing at 33% YOY
- About 42% of US consumers are actively working on eating plant-based foods in the market
- The growing demand for all-natural, organic and vegetarian meats is fueling the growth of the US plant-based meat market
- Food, drug, and mass merchandisers, including Walmart are the largest distributors in the US plant-based meat market
- The introduction of more vegetarian meats in the refrigerated section in retail stores will drive the demand in the US market
- About 68% of Americans are making efforts to reduce meat consumption over the last couple years, thereby fueling the growth of the US plant-based meat market
Here’s where it gets even more interesting. The “beef” segment of the plant-based meat industry commanded approximately half of the total market share in 2018. Fueling the growth is the growing popularity of vegan meatballs and other ground beef products.
What’s more, the refrigerated storage segment is the fastest growing segment in the US market, growing at a CAGR of over 39% during the forecast period.
Major Vendors in the US plant-based meat market include:
- Beyond Meat
- Impossible Foods
- Greenleaf Foods
- Hungry Planet
- Next Level
Other prominent vendors in the US plant-based meat market include Abbott’s Butcher, Atlantic Natural Foods, Don Lee Farms, Dr. Prager’s, Gardein, Good Catch Fish, Kraft Heinz Foodservice, Monks Meats, MorningStar Farms, No Evil Foods, Ocean Hugger Foods, Quorn Foods, Sophie’s Kitchen, Sweet Earth, Tofurky, VBites, and Yves Veggie Cuisine.
Naturally, plant-based beef is still a “processed” food and should probably be consumed in moderation, but this is one heck of positive step forward for individual health and the well being of Planet Earth.