A new report published by ResearchAndMarkets.com finds that the US plant-based meat market size is expected to reach values of around $3 billion by 2024, growing at an impressive CAGR of over 24% during 2018-2024.
The report cites the exponential growth of food trucks, delivery, and takeaway and the increasing number of consumers experimenting with new food groups as drivers in the growth of the US market. In addition, educational institutes have huge potential as parents increasingly adopt vegetarianism or veganism, and in turn their children become the next generation of vegan consumers.
The report states that the growth in popularity of the wellness trend is fueling the demand for plantbased food products, thereby creating lucrative investment opportunities in the American market. “Green beauty is going from a niche to a majority; brands are becoming more health-focused, consumers are developing a likeness for intermittent fasting.”
Additional key points from the report include:
-The US plant-based meat market by product is classified into beef, chicken, pork, seafood, and others. The beef segment dominated approximately half of the total market share in 2018, growing at a CAGR of around 25% during the forecast period.
-The growing demand for flavorsome heat-and-eat products is encouraging the vendors to launch refrigerated meat substitutes in the US market. Companies such as Beyond Meat have witnessed massive success in staging their products in the refrigerated meat department or next to conventional meat.
-The increasing number of convenience stores selling new organic or natural products that are plant-based is gaining immense popularity and boosting sales in this segment in the US market.
-Food, drug and mass merchandisers, including Walmart, are the largest distributors in the US plant-based meat market.
The major vendors in the US plant-based meat market are: