U.S. Plant-Based Meat Market Analysis

U.S. Plant-Based Meat Market Analysis

U.S. plant-based meat market size from the soy segment will expand at appreciable CAGR from 2023 to 2032, led by the rising interest in vegetarian and vegan diets. Soy-based meat alternatives have grown largely popular as they render meat-like textures and flavors while adhering to specific dietary preferences. To that end, several major brands and startups in the U.S. are coming up with soy-based products to match the growing consumer requirements.
 

For instance, American flavor and fragrances provider International Flavors & Fragrances, in November 2022, rolled out Supro Tex, its new soy-based plant protein ingredient to make chunks with similar texture to that of whole muscle meat. Rising preference among consumers with common food allergies is another impact rendering factor driving the segment growth.
 

U.S. plant-based meat industry from the grocery stores segment is anticipated to reach significant value by the end of 2032, attributed to rising levels of health consciousness, sustainability concerns, taste improvements, and higher availability of products in these settings. The surging innovations and the ease of access to plant-based pork, chicken, seafood, and other options to consumers in grocery stores will also add to the market development. To cite an instance, in April 2021, Beyond Meat revealed that its most-anticipated iconic Beyond Burger’s new version would arrive in grocery stores across the U.S. in the first week of May.

West U.S. plant-based meat market size is poised to observe around 26.5% CAGR through 2032, due to the surging consumer awareness regarding health benefits and the environmental consequences of meat consumption. The significant investments led by venture capitalists and large food corporations in the region has made way for higher R&D investments to provide better-tasting and realistic plant-based meat products

For instance, in July 2022, California announced $5 million investment in alternative protein research, of which $5,000,000 will be available on one-time basis for the Los Angeles, Berkeley, and Davis campuses for supporting R&D of cultivated and plant-based meats. The robust regulatory landscape along with the growing number of startups and food tech companies will also support the regional market growth.