According to a report by market research company imarc, the plant-based meat market in the United States will grow with a significant CAGR of 23.5% over the period 2023-2028.
The main driver will be increased health consciousness, as plant-based meat is typically lower in saturated fat, calories, and cholesterol than animal meat. Producers of meat alternatives are increasingly beginning to use this as a selling point, as seen with Beyond Meat’s recent campaign promoting the nutritional benefits of its products. Increased awareness of the environmental impact of conventional meat production, along with animal welfare issues, will also play a role.
Furthermore, the rapidly growing variety of plant-based meats available — both in retailers and in restaurants — will boost the market, tempting flexitarians who are seeking to reduce their meat consumption. Improvements in the taste and texture of meat alternatives are also helping to convince a growing number of consumers, along with mainstream media coverage and the promotion of meat alternatives by celebrities and influencers.
“Revolution”
The new research supports the results of other market reports, with Verified Market Research predicting that the global plant-based meat market will be worth $14.27 billion by 2030 — up from $4.62 billion in 2021. Another recent report by Research & Markets predicts that the global plant-based meat market will grow with a CAGR of 24.9% through to 2030.
“The plant-based meat industry is experiencing a revolution driven by increasing health consciousness and environmental awareness. As the market continues to grow, key development strategies, market share, and market ranking analysis will be essential for players seeking to maintain their competitive edge and cater to the evolving demands of consumers worldwide,” said Verified Market Research.
