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

U.S. Plant-based Meat Market Growth & Trends

The U.S. plant-based meat market size is expected to reach USD 6.08 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to advance at a CAGR of 23.9% from 2023 to 2030. The market for plant-based meat in the U.S. is experiencing significant growth due to several factors. Firstly, there is a growing consumer demand for plant-based alternatives to traditional meat products. Concerns over health, sustainability, and animal welfare have prompted many individuals to explore plant-based diets and seek out meat substitutes that mimic their taste and texture.

The rapidly rising awareness regarding the environmental impact of animal agriculture has contributed to the rise in demand for plant-based meat. Livestock production is associated with greenhouse gas emissions, deforestation, and water pollution, among other environmental issues. As a result, consumers are turning to plant-based options as a more sustainable choice.

Another driving force behind the plant-based meat market growth is the advancements in food technology. Companies have made significant strides in developing plant-based products that closely resemble meat in terms of taste, texture, and even appearance. These innovations have helped overcome the perception that plant-based alternatives are bland or inferior to traditional meat.

Furthermore, the availability and accessibility of plant-based meat products have increased significantly in recent years. Major food companies and restaurants have started incorporating plant-based options into their menus, making it easier for consumers to try these alternatives. Additionally, the meteoric growth of e-commerce and online grocery platforms has made plant-based products more accessible to a wider audience.

In January 2022, KFC Corporation, in partnership with Beyond Meat, rolled out a plant-based version of its classic fried chicken, Beyond Fried Chicken, to all U.S. restaurants. Initially, it was tested in select cities such as Nashville, Charlotte, and Southern California, before being rolled out nationwide. It is expected that KFC will launch more plant-based options in the coming years, owing to its partnership with Beyond Meat.

U.S. Plant-based Meat Market Report Highlights

• Soy-based meat led the market and accounted for 44.8% share of the U.S. revenue in 2022, owing to its potential to improve exercise performance, aid in post-workout recovery, and promote muscle development and strength
• Plant-based burgers led the market with a 28.1% share of the U.S. revenue in 2022. These burgers are designed to replicate the taste, texture, and aroma of meat, using a variety of plant-based ingredients
• The plant-based chicken segment led the market with 38.0% of the revenue share in the U.S. 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
• The retail end-use segment is expected to expand at a CAGR of 23.7% over the forecast period. The accessibility and visibility of plant-based meat products have increased in retail facilities in recent years. Major food retailers have started offering plant-based options, leading to greater exposure and availability of these products
• The refrigerated plant-based meat segment is poised to witness a growth rate of 24.0% over the forecast period. The COVID-19 pandemic and meat shortages have been significant contributors to the growing trend of consumers shifting away from meat consumption

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