U.S. Plant-based Meat Market - Focused Insights 2024-2029

MARKET INSIGHTS

The U.S. plant-based meat market was valued at USD 2.25 billion in 2023 and is expected to reach USD 5.25 billion by 2029, expanding at a CAGR of 15.18% during the forecast period. The industry is experiencing significant growth due to factors such as increasing health awareness, environmental concerns, ethical considerations, and advancements in food technology. The growing adoption of flexitarian and vegan diets, along with a wider variety of available products, is fueling market expansion.

MARKET DEFINITION

Plant-based meat serves as an ethical and cruelty-free substitute for conventional meat. It replicates the texture, taste, and sensory experience of animal meat. Common ingredients used in its production include soy, peas, mushrooms, mung beans, and seitan. The category includes a variety of products such as burgers, sausages, ground meat, crumbles, and nuggets, offering plant-based alternatives to beef, chicken, fish, and pork.

MARKET TRENDS & GROWTH FACTORS

Rising Demand for Transparent Labeling

The increasing preference for transparent labeling in the plant-based meat sector highlights a major shift in consumer behavior, especially in the U.S. This trend is primarily influenced by heightened health awareness, the need for ingredient transparency, and growing concerns about sustainability and ethics. Consumers are becoming more conscious of their health, leading to a preference for clean-label products—those free from artificial additives, preservatives, and GMOs. Clean-label certification enhances the appeal of plant-based meat, reinforcing its reputation as a healthier alternative. Modern consumers actively seek transparency, demanding clear and honest information regarding ingredient sourcing, manufacturing processes, and nutritional value. On February 21, 2024, Beyond Meat introduced the fourth generation of its core beef product line, including new versions of Beyond Burger and Beyond Beef—marking the first plant-based meat products to obtain Clean Label Project Certification.

Growing Consumer Awareness

The rising awareness among U.S. consumers regarding plant-based meat is a key driver of market growth. Consumers are becoming more informed about the health advantages of plant-based diets, including lower cholesterol, reduced heart disease risk, and better weight management. Many individuals are proactively opting for healthier alternatives to traditional meat. There is also growing recognition of the connection between high meat consumption and chronic illnesses such as heart disease, stroke, type 2 diabetes, and certain cancers. Health experts frequently recommend reducing meat intake to lower these risks, encouraging a shift toward plant-based options. With lower saturated fat content and higher fiber levels, plant-based meats are increasingly appealing to health-conscious consumers.

MARKET CHALLENGES

Higher Pricing Compared with Conventional Meat

The price gap between plant-based and traditional meat products poses a challenge, impacting consumer adoption, market competitiveness, and overall industry expansion. The production of plant-based meat involves sophisticated technology and specialized ingredients, leading to higher costs. The processes of protein extraction, fermentation, and texturization are more complex and expensive compared to conventional meat production. Additionally, research and development (R&D) investments are required to refine taste, texture, and appearance, further increasing costs. Many price-sensitive consumers may favor traditional meat due to its affordability. The perception that plant-based meat is not cost-effective can hinder widespread adoption, limiting market penetration and repeat purchases. The competitive landscape also presents challenges, as conventional meat products remain more budget-friendly, making it difficult for plant-based alternatives to establish a strong foothold in the mainstream market.

US PLANT-BASED MEAT MARKET HIGHLIGHTS

• Insight By Product Category: The U.S. plant-based meat market is segmented by product category into burger patties, sausages, strips & nuggets, meatballs, and others. The burger patties segment held the largest market share in 2023. Plant-based burger patties are designed to replicate the taste, texture, and appearance of traditional beef burgers, making them a preferred choice for consumers looking to reduce meat intake while maintaining familiar flavors.
• Insight By Meat Type: The U.S. plant-based meat market is categorized by meat type into beef, chicken, pork, fish, and others. The plant-based chicken segment is experiencing the highest growth, with a projected CAGR of 17.37% during the forecast period. Plant-based chicken alternatives generally contain lower levels of saturated fat and cholesterol than traditional chicken, making them a healthier option for consumers prioritizing heart health and weight management.
• Insight By Ingredient Source: Based on the ingredient source, the U.S. plant-based meat market is divided into soy, pea, wheat, and others. The pea-based segment is expected to witness the highest growth during the forecast period. Peas are a nutrient-dense option, offering high-quality protein, fiber, vitamins, and minerals. They provide a complete protein source with all essential amino acids, making them a competitive alternative to animal protein.
• Insight By Storage Method: Frozen plant-based meat products are projected to maintain the largest U.S. plant-based meat market share in 2029. This growth is attributed to the extended shelf life of frozen products, allowing for long-term storage without compromising quality. The increasing demand for plant-based meat alternatives aligns with the convenience and sustainability offered by frozen options.
• Insight By Distribution Channel: The online distribution channel is anticipated to experience the highest growth during the forecast period. E-commerce platforms and direct-to-consumer sales provide easy accessibility, a wider variety of options, and greater convenience for consumers. Online purchasing is particularly advantageous for individuals with busy schedules or those without access to specialty stores, as they can order plant-based meat products and have them delivered to their homes.

COMPETITIVE LANDSCAPE

The U.S. plant-based meat market includes data on 28 key vendors. The competitive environment is becoming increasingly intense, with both global and domestic companies striving to innovate and expand their offerings. Several major players dominate the market in terms of market share. Leading companies in the industry include Beyond Meat, Conagra, Hungry Planet, Impossible Foods, Kellanova, Maple Leaf Foods, Quorn Foods, Next Level, Tofurky, and Tyson Foods.