U.S. Plant-Based Meat Market size to exceed $4.15bn by 2026

Published Date: May 29, 2020

U.S. plant-based meat Market size is set to surpass USD 4.15 Billion by 2026, according to a new research report by Global Market Insights Inc.

Significant rise in obesity rates owing to increasing work-life imbalance which has boosted the consumption of fast food & meat should stimulate U.S. plant-based meat industry growth. The adoption of hectic lifestyles has reduced the time available for cooking and has led to increasing demand for ready-to-eat food which promotes weight gain. Plant based meats are low fat and high protein content which helps reduce obesity and should augment product demand.

Increasing consumer awareness regarding the animal cruelty in slaughterhouses has led to growing adoption of vegan & flexitarian lifestyle. Consumers are increasingly aware of the environmental problems caused by industrial animal agriculture such as deforestation, pollution of rivers & streams and resource wastage. Plant based meat is environment friendly as it reduces greenhouse gas emissions which is predicted to drive product demand.

Appealing texture of wheat plant-based meat will foster product demand

Wheat plant-based meat is rich in a dense protein called gluten which is well-suited for cooking & seasoning, similar to meat products. The product’s stretchy and chewy texture has high resemblance to meat thus making it an ideal ingredient for vegan steaks. Wheat segment of U.S. plant-based meat market consumption exceeded 3.5 kilo tons in 2019. Rising efforts by food manufacturers to develop imitation steak to attract meat consumers and satisfy growing demand from vegans should stimulate U.S. wheat plant-based meat industry growth.

The texture of seitan is similar to beef jerky with significant tenderness and a chewy quality. The product is naturally bland which allows it to take up versatile flavors from traditional meat sauces which increases its suitability as a good beef substitute when flavored appropriately. There is substantial demand for protein-rich plant-based food among U.S. consumers owing to rising health consciousness and athletic pursuits which should accelerate wheat segment of the U.S. plant-based meat market growth.

“As per industry forecasts, wheat segment of the market is forecast to witness over 27% CAGR through 2026 owing to its dense and chewy nature”

 Browse key industry insights spread across 290 pages with 387 market data tables and 25 figures & charts from the report, “U.S. Plant-Based Meat Market Size By Source (Soy {By Product [Burger Patties, Strips & Nuggets, Meatballs, Sausage, Ground Meat], By Type [Chicken, Pork, Beef, Fish], By Distribution Channel [Grocery Stores, Food & Drink Specialty Stores, Convenience Stores, Online Retail, Restaurant], By Demographics [Gen Z, Millennials, Gen X, Baby Boomers]}, Wheat {By Product [Burger Patties, Ground Meat, Strips & Nuggets, Steaks, Sausage, Seitan], By Type [Chicken, Bacon, Beef],  By Distribution Channel [Grocery Stores, Food & Drink Specialty Stores, Online Retail, Restaurant], By Demographics [Gen Z, Millennials, Gen X, Baby Boomers] } , Pea {By Product [Burger Patties, Ground Meat, Strips & Nuggets], By Type [Chicken, Fish, Bacon, Beef],  By Distribution Channel [Grocery Stores, Convenience Stores, Food & Drink Specialty Stores, Online Retail, Restaurant], By Demographics [Gen Z, Millennials, Gen X, Baby Boomers ]},, Industry Analysis Report, Regional, Competitive Market Share & Forecast, 2015 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/us-plant-based-meat-market

High protein content to stimulate the demand for pea plant-based meat

Pea plant-based meat offers a tender and flavorful texture making it ideal for the preparation of strips & nuggets. Pea segment of U.S. plant-based meat market surpassed USD 50 million in 2019. Pea meat offers a high protein content, desirable texture and lower sodium content as compared to other vegan ingredients. Younger consumers, primarily millennials in the U.S. are indulging in snacking and are likely to opt for high protein food products as compared to others age groups which should stimulate pea-based meat market growth.

Convenience stores now offer a variety of packaged food products based on plant-based meat to meet the growing demand for vegan food. The 24/7 availability of convenience stores, strong focus on innovation and addition of vegan food to their menu to meet growing demand for healthy, plant-based protein should boost market trends.

“Pea -based meat market should witness over of 27.5% CAGR through 2026 pertaining to its high protein content and desirability for snack preparation”

Opening of new vegan restaurants to fuel plant-based meat industry growth in Northeast U.S.

Northeast U.S. plant-based meat market size surpassed USD 225 million in 2019. There has been a significant rise in the number of new restaurants in the region which offer vegan products to satisfy rising consumer demand for health food and increasing adoption of alternative diets. Plant based meat significantly reduces the risk of heart disease and offers various nutrients such as antioxidants & fiber which is lacking in meat. Restaurateurs are also focusing on transforming older restaurants to vegan eateries which should fuel the regional market growth.

Key market participants in U.S. plant-based meat market are Pinnacle Foods, Amy’s Kitchen, Maple Leaf Food, Impossible Foods, Beyond Meat, and Morningstar Farms.

Several industry players are also involved in various strategies and initiatives including product launches, and mergers & acquisition in order to gain substantial market share.