Dublin, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The "U.S. Plant-based Meat Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
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, rising at a CAGR of 15.17%
The U.S. plant-based meat market reports consist of exclusive data on 28 vendors. The U.S. plant-based meat market's competitive scenario is intensifying, with global and domestic players offering diverse products. Companies in this market are continuously innovating to develop better and new products. A few major players dominate the market in terms of market share.
Some companies currently dominating the market are Beyond Meat, Conagra, Hungry Planet, Impossible Foods, Kellanova, Maple Leaf Foods, Quorn Foods, Next Level, Tofurky & Tyson Foods.
Growing Demand for Clean Labeling
The growing demand for clean labeling in the plant-based meat market reflects a significant shift in consumer behavior, particularly among U.S. consumers. Several key factors drive this trend, including increased health consciousness, a desire for transparency, and concerns over sustainability and ethical considerations.
One of the primary drivers behind the demand for clean labeling is the rising health awareness among consumers. Clean labels, which typically indicate products free from artificial additives, preservatives, and genetically modified organisms (GMOs), appeal to health-conscious individuals. These consumers are increasingly scrutinizing ingredient lists and opting for products perceived as more natural and less processed. As plant-based meats are often marketed as healthier alternatives to traditional meat, aligning these products with clean-label standards strengthens their appeal. Consumers seek simple, recognizable ingredients that convey wholesomeness and nutritional benefits. Transparency is another critical factor fueling the demand for clean labeling.
Modern consumers are more informed and engaged, often seeking detailed information about their food. They demand clarity and honesty from brands, expecting to understand the sourcing, manufacturing processes, and full ingredient list of the products they purchase. On February 21, 2024, Beyond Meat, a leading company in the plant-based meat industry, unveiled the fourth generation of its core beef product line. This includes the latest Beyond Burger and Beyond Beef versions, now the first plant-based meat products to receive Clean Label Project Certification.
Growing Investments in Plant-Based Meat Market
The trend of growing investments in the U.S. plant-based meat market reflects the increasing consumer demand for sustainable, healthy, and ethical food options. Several factors contribute to this surge in investments, including advancements in food technology, a shift in consumer preferences, and the global push towards more sustainable food systems. The plant-based meat market has experienced significant growth, driven by rising consumer demand for alternatives to animal meat. Health concerns, ethical considerations, and environmental awareness fuel the demand. The market's rapid expansion presents lucrative opportunities for investors.
In 2020, Impossible Foods secured $500 million in a major funding deal to support the expansion of its vegan burgers. This substantial investment was intended to enhance the company's production capabilities, scale its distribution network, and drive further innovation in plant-based meat alternatives. The plant-based meat market has also seen investments from tech moguls and celebrities interested in sustainable and innovative food solutions. Bill Gates, Leonardo DiCaprio, and Jay-Z are high-profile investors who have backed companies like Impossible Foods and Beyond Meat.
The surge in investments in the plant-based meat market reflects a broader transformation in the food industry. This investment trend fuels the growth and innovation of plant-based meat companies and contributes to the effort to create a more sustainable and ethical food system.
Increasing Consumer Awareness
Increasing consumer awareness about plant-based meat in the U.S. is a significant factor driving the market's growth. This heightened awareness stems from various sources and contributes to a shift in consumer preferences towards more sustainable, ethical, and healthier food choices. Consumers are becoming more educated about the health benefits of plant-based diets, including lower cholesterol, reduced risk of heart disease, and better weight management. As a result, many are actively seeking alternatives to traditional meat products.
With an increasing emphasis on wellness and preventive healthcare, consumers are proactively choosing foods that align with their health goals. Plant-based meats, often perceived as healthier due to their lower saturated fat and higher fiber content, are gaining popularity among health-conscious individuals. Additionally, vegan consumers are a key driver of demand for plant-based meats. There is increasing awareness of the link between high meat consumption and the risk of chronic diseases such as heart disease, stroke, type 2 diabetes, and certain types of cancer.
Health organizations often recommend reducing meat intake as part of a balanced diet to lower the risk of these diseases. Meat products, especially red and processed meats, are typically high in saturated fat and cholesterol, which can contribute to elevated blood cholesterol levels and cardiovascular problems. These drive many individuals to shift towards plant-based meat products as a healthier, more sustainable alternative.
Priced Higher Than Traditional Meat
The price disparity can act as a hindrance in several ways, affecting consumer adoption, market competitiveness, and overall market expansion. The production of plant-based meat involves advanced technology and specialized ingredients that often result in higher costs. Protein extraction, fermentation, and texturization are more complex and expensive than traditional meat production methods. Research and development (R&D) investments are required to create plant-based products that mimic conventional meat's taste, texture, and appearance.
These R&D costs are passed on to consumers through higher prices. Many consumers are price-sensitive and may opt for cheaper traditional meat over more expensive plant-based alternatives. The higher price point can deter these consumers from trying or regularly purchasing plant-based meat products. Consumers may perceive plant-based meat as less valuable if it costs significantly more than traditional meat, especially if they are not convinced about its health, environmental, or ethical benefits.
This perception can hinder market penetration and repeat purchases. Plant-based meats compete directly with traditional meat products, which are often more affordable. The price gap can make it difficult for plant-based meats to compete effectively in the mainstream market and present a significant challenge to the growth of the plant-based meat market.
KEY QUESTIONS ANSWERED:
- What is the growth rate of the U.S. plant-based meat market?
- How big is the U.S. plant-based meat market?
- What are the key trends in the U.S. plant-based meat market?
- Who are the major players in the U.S. plant-based meat market?
- What is the growth rate of the U.S. plant-based meat market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 97 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $2.25 Billion |
| Forecasted Market Value (USD) by 2029 | $5.25 Billion |
| Compound Annual Growth Rate | 15.1% |
| Regions Covered | United States |
COMPETITIVE LANDSCAPE
Key Vendors
- Beyond Meat
- Conagra
- Hungry Planet
- Impossible Foods
- Kellanova
- Maple Leaf Foods
- Next Level
- Quorn foods
- Tofurky
- Tyson Foods
Other Prominent Vendors
- Abbot's
- LIVEKINDLY Collective
- Cargill
- HILARY'S
- Kraft-Heinz
- Nestle
- No Evil Foods
- Rebellyous Foods
- Daring
- SIMULATE
- Before the Butcher
- Good Catch
- Lypid
- MyForest Foods
- Ocean Hugger Foods
- Plantcraft
- Trader Joe's
- Yves Veggie Cuisine
SEGMENTATION INSIGHTS
By Product Type
- Burger Patties
- Sausages
- Strips & Nuggets
- Meatballs
- Others
By Meat Type
- Beef
- Chicken
- Pork
- Fish
- Others
By Source Type
- Soy
- Pea
- Wheat
- Others
By Storage Type
- Frozen
- Refrigerated
- Shelf Stable
By Distribution Channel Type
- Supermarkets & Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Channel
- Others
For more information about this report visit https://www.researchandmarkets.com/r/z6q07h
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