U.S. Plant-based Meat Market Size, Share & Trends Analysis Report By Source (Soy, Pea, Wheat), By Product (Burgers, Sausages), By Type (Chicken, Beef), By End-user (Retail, HoReCa), By Storage (Frozen, Refrigerated), And Segment Forecasts, 2023 - 2030

Market Size & Trends

The U.S. plant-based meat market size was valued at USD 1.15 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 23.9% from 2023 to 2030. Consumers are becoming more health-conscious and are looking for alternatives to traditional meat products that are lower in saturated fats and cholesterol. However, despite the growing plant-based meat market, a few companies such as Beyond Meat and Impossible Foods witnessed a dip in demand for their plant-based meat products in 2022, primarily owing to their high costs.

Plant-based meat is becoming increasingly important in the context of vegan diets, which involve avoiding animal-based foods. Many individuals adopt this lifestyle for health and ethical reasons, while others choose vegetarian ingredients to promote sustainability and avoid animal cruelty in food and beverage products. Soy, which contains all nine essential amino acids required for human growth, is a popular raw material for plant-based meat products. Its ability to enhance water absorption, solubility, emulsification, viscosity, anti-oxidation, and texture of the final product is expected to drive its industry demand.

The popularity of various types of plant-based meat is continuously increasing, leading to a broader and more diverse product category. In addition to plant-based beef, there is a growing demand for plant-based chicken, pork, and seafood, which is contributing to the expansion of this market. The refrigerated plant-based meat segment is expected to experience rapid growth between 2023 and 2030, thanks to advancements in product development and marketing strategies within the plant-based industry. This trend underscores a major shift in the way consumers perceive and purchase meat substitutes.

During the COVID-19 pandemic, the distribution of plant-based meat through the foodservice channel was severely impacted, while panic buying and stockpiling resulted in a substantial surge in retail sales compared to the previous year. Several types of plant-based meat products witnessed remarkable growth during the initial phase of stockpiling.

In recent years, there has been a noticeable surge in the demand for plant-based meat in the U.S. This is largely attributed to the increasing awareness among consumers regarding the health benefits of veganism. Consumers are seeking vegetarian food options that are rich in fiber, vitamin C, and iron while containing minimal levels of processed saturated fats. To meet this growing demand, manufacturers are working tirelessly to create products with extended shelf lives, improved textures and aromas, and enhanced nutritional profiles. Such efforts are poised to continue driving market growth in the U.S.

Source Insights

Soy-based meat led the U.S. market with 44.8% of the revenue share in 2022. Soy is expected to experience consistent growth in the foreseeable future due to its potential to improve exercise performance, aid in post-workout recovery, and promote muscle development and strength. This is primarily attributed to soy being a rich source of branch-chain amino acids (BCAAs).

The market for soy-based meat products is expected to grow due to their cost-effectiveness and lower carbon footprint compared to traditional animal and dairy-based foods. This growth is further fueled by the increasing product demand due to their improved microwavable and sliceable nature. Pea-based burgers, which have high protein content and meat-like texture, can easily replace traditional meat-based burgers. Additionally, factors such as easy availability and quick preparation are expected to drive the growth of pea-based meat products at a rate of 25.1% over the forecast period.

Product Insights

The plant-based burgers segment led the market with a 28.1% revenue share in 2022. The burgers are designed to replicate the taste, texture, and aroma of meat, using a variety of plant-based ingredients. The Impossible Burger, produced by Impossible Foods, incorporates genetically modified elements that mimic the natural heme-iron found in animals, resulting in a unique and meat-like flavor. Several companies in the U.S. offer their distinct versions of plant-based burgers, including Kellogg NA Co., Quorn, Amy's Kitchen, Inc., Kraft Foods, Inc., Yves Veggie Cuisine, and Beyond Meat.

The production of plant-based sausages aims to replicate the appearance, texture, sizzle, and satisfaction of pork sausages. Notably, companies like Lightlife Foods, Inc. and Beyond Meat are now offering juicy and meaty alternatives that are free from hormones, nitrates, nitrites, GMOs, gluten, and soy. The market for plant-based sausages is expected to grow as these companies continue to invest in introducing new and innovative flavors, including hot Italian and spinach pesto. Leading players in this market include Marlow Foods Ltd., Impossible Foods Inc., and Moving Mountains. 

In August 2022, unMEAT launched a healthier alternative to canned meat snacks in the U.S., offering plant-based luncheon meat with a similar taste. The product is distributed by Century Pacific Food and is aimed at flexitarians, vegetarians, and vegans. It offers 30% fewer calories, 60% less sodium, and no sodium nitrites compared to its meat-based predecessor. The product line includes burgers, nuggets, sausages, ground meat, and fish-free tuna, and is available through online retailers, with plans to roll out to national retailers in autumn later that year. 

Type Insights

The plant-based chicken segment led the market and accounted for a 38.0% share of the U.S. revenue in 2022. The conventional meat industry commonly uses chicken as the primary component in a variety of food products like nuggets, patties, and cutlets, owing to its high content of animal fats, cholesterol, and protein. On the other hand, plant-based chicken alternatives offer approximately equivalent amounts of protein, but the other nutrients may differ depending on the specific product.

Veggie bacon, also referred to as vacon or vegetarian bacon, is a plant-based alternative to pork bacon that is being promoted in the market. It is made from soy and pea protein, which are rich sources of protein and fiber, and is low in fat with no cholesterol. Several prominent manufacturers, including MorningStar Farms, Yves Veggie Cuisine, and Lightlife Foods, offer these products.

Numerous startups and established companies in the industry are introducing new products to boost their sales and take advantage of the growing consumer inclination towards plant-based diets. For instance, in November 2021, McDonald's launched a plant-based burger called "McPlant" in the US, made in partnership with Beyond Meat. The patty is made from peas, rice, and potatoes, and served with typical burger toppings.

End-user Insights

The hotel/Restaurant/Café (HORECA) segment led the market, accounting for a 58.8% share of the U.S. revenue in 2022. With the increasing popularity of flexitarian vegan diets, numerous fast-food chains, restaurants, and casual dining venues are now allocating a specific section of their menu exclusively to "meat-free" choices. This trend is expected to boost the growth of the market. Key players in the industry are capitalizing on shifting consumer preferences and the rising demand for a more personable, tailored service.

Fast-food chains are increasingly offering plant-based meat alternatives like burger patties, nuggets, and strips, which are becoming popular among health-conscious consumers. To cater to this trend, several brands have introduced their own unique plant-based meat products. For instance, Beyond Meat has partnered with Yum! Brands RSC to supply plant-based fried chicken to select KFC locations across the United States.

Storage Insights

Frozen plant-based meat products led the market and accounted for 58.50% share of the U.S. revenue in 2022. The increasing popularity of vegetarian options has resulted in a significant increase in the creation of new products in the ambient, chilled, and frozen food categories. As a result, consumers now have access to a wider range of plant-based meat alternatives from various brands. This has led to greater visibility and availability of these products on store shelves.

The refrigerated plant-based meat segment is likely to exhibit the fastest CAGR of 24.7% from 2023 to 2030. The COVID-19 pandemic and meat shortages have been significant contributors to a growing trend of consumers shifting away from meat consumption. Concerns have also heightened over the virus spread in meat processing facilities. Although frozen plant-based meat products have been less popular than their refrigerated counterparts during COVID-19, the shift towards vegetarian food products is poised to continue due to growing environmental awareness among consumers. 

Key Companies & Market Share Insights

The U.S. plant-based meat market has several notable players, with these companies primarily concentrating on R&D efforts to create novel meat alternatives that imitate the flavor and texture of uncommon meats like lobster and veal. Additionally, some firms are prioritizing expansion in burgeoning plant-based meat markets within the U.S. Their aim is to diversify their product range and introduce innovative alternatives that can cater to the growing demand for plant-based options.

For instance, in March 2022, Beyond Meat and PepsiCo launched a plant-based jerky made with protein from peas and mung beans. It is the first product under their joint venture, Planet Partnership, and is available in three flavors. This allows Beyond to leverage Pepsi's production and marketing expertise, while Pepsi can invest in the plant-based market. This provides an opportunity for Beyond to rejuvenate its grocery sales.

Major players in the market are characterized by the presence of a robust sales channel with restaurants and retail chains in the U.S. for the distribution of their faux meat products. Some of the prominent players in the U.S. plant-based meat market include:

• 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

U.S. Plant-based Meat Market Report Scope

U.S. Plant-based Meat Market Report Segmentation

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the U.S. plant-based meat market report based on source, product, type, end-user, and storage:

• Source Outlook (Revenue, USD Billion, 2017 - 2030)

  • Soy

  • Pea

  • Wheat

  • Others

• Product Outlook (Revenue, USD Billion, 2017 - 2030)

  • Burgers

  • Sausages

  • Patties

  • Nuggets, Tenders & Cutlets

  • Grounds

  • Others

• Type Outlook (Revenue, USD Billion, 2017 - 2030)

  • Chicken

  • Pork

  • Beef

  • Fish

  • Others

• End-user Outlook (Revenue, USD Billion, 2017 - 2030)

  • Retail

  • HoReCa (Hotel/Restaurant/Café)

• Storage Outlook (Revenue, USD Billion, 2017 - 2030)

  • Refrigerated Plant-based Meat

  • Frozen Plant-based Meat

  • Shelf-stable Plant-based Meat