Dublin, March 29, 2019 (GLOBE NEWSWIRE) -- The "Plant-based Meat Market in US - Industry Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
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 exponential growth of food trucks, delivery, and takeaway and the increasing number of consumers experimenting with new kinds of foods is driving the growth of the US market. Educational institutes have a lot of potentials as parents increasingly go vegetarian or vegan and so do their kids, thereby creating a demand in the market.
The US plant-based meat market is driven by plant-based food manufacturers creating foods with profiles that match consumer context of a specific dish to facilitate trial. The introduction of products that are built similar to meat via price and the possibilities of offering a bigger repertoire of flavor profiles will help vendors attract a broader audience in the US market. The market research report provides in-depth market analysis and segmental analysis of the US plant-based meat market by products, storage, and channel.
US Plant-based Meat Market - Dynamics
The growing traction towards the wellness trend is fueling the demand for all things plant, thereby creating lucrative investment opportunities in the US plant-based meat 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, they are taking more time out to meditate, get some sun, and focus on happiness in the US market. The consumers are beginning to realize that they have to start with their plate to make a long-term change and live a fuller, healthy life from both a physical and a mental perspective.
The increasing focus in health and wellness will boost the demand for vegetarian meat and vegan meat in the US market. The holistic approach to food and widespread education about nutrient quality and dejunking will positively impact the growth of the market over the next few years. The rise in allergies and food intolerances is leading to an inherent belief that eliminating toxins that come in the form of chemicals from meat processes such as chlorine baths and consuming natural foods such as whole grains in the market. Various organizations that are working towards building healthier, stronger and more sustainable communities will fuel the growth of the US plant-based meat market.
US Plant-based Meat Market - Segmentation
This market research report includes a detailed segmentation of the market by products, storage, and channel. 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 use of vegan meatballs in sauces served as a snack on a toothpick, or is being sliced to sandwich in between bread to bring a variety of option for the non-meat-eating population is fueling the growth of this segment in the US market. The growing demand for all-natural, organic, and vegetarian meats is fueling the growth of the US plant-based meat market.
The storage segment in the US plant-based meat market is divided into frozen, refrigerated, and shelf-stable. Refrigerated storage is the fastest growing segment in the US market, at a CAGR of over 39% during the forecast period. The changing perception of younger consumers that chilled foods are more premium and fresher than frozen food is fueling the growth of this segment in the global market. 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 US plant-based meat market by the channel is segmented into conventional, natural, and specialty gourmet. Conventional channel occupied the majority of the market share in 2018, growing at a CAGR of more than 22% during the forecast period. 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. The rapidly escalating demand for better-for-you products is encouraging retailers to stock these products in the US plant-based meat market. Food, drug and mass merchandisers, including Walmart, are the largest distributors in the US plant-based meat market.
US Plant-Based Meat Market Vendor Analysis
In the US plant-based meat market, leading vendors are drawing the attention of consumers and creating appeal for plant-based meats. Many players are leveraging various possibilities and definitions of meat substitutes and are expected to gravitate towards creating a pull in the US market. The top manufacturers are trying to layer flavor over flavor, color over color, texture over texture to attract the maximum number of consumers in the US market. Strategic partnerships are vital for expansions in the US plant-based meat market.
The major vendors in the US plant-based meat market are:
- Beyond Meat
- Impossible Foods
- Greenleaf Foods
- Hungry Planet
- Next Level
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the study
4.4 Market Segments
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market At a Glance
7 Introduction
7.1 Overview
7.2 The State Of The Us Economy
7.3 The Customer Paradigm
7.3.1 Generation Z
7.3.2 Millennials
7.3.3 Baby Boomers
7.4 How The Us Is Eating
7.4.1 Eating Patterns
7.4.2 Food Attributes
7.5 Plant-Based Meat Overview
7.5.1 Plant-based Technology
8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 The Growth of Health Forward and Cost-conscious Consumers
8.1.2 Concerned Citizens Look to Reduce Environmental Ruins
8.1.3 The Rise of Progressive Protein Choices
8.1.4 Development of New Eating Patterns
8.2 Market Growth Restraints
8.2.1 Stiff Competition from Lab-Grown or "Clean" Meat
8.2.2 Psychological and Cultural Barriers
8.2.3 Fight against Fake Meat
8.3 Market Opportunities and Trends
8.3.1 Plant-based Meat is Massively Validated
8.3.2 Wellness Trend Fuels Demand for All Things Plant
8.3.3 Snack-Worthy Faux Meat Gains Traction
8.3.4 Science Gets Leg Up
9 Plant-Based Meat Market In Us
9.1 Market Size & Forecast
9.2 Five Forces Analysis
10 By Storage
10.1 Market snapshot & Growth Engine
10.2 Market Overview
10.3 Frozen Plant-Based Meat
10.4 Refrigerated Plant-Based Meat
10.5 Shelf-Stable Plant-Based Meat
11 By Product
11.1 Market snapshot & Growth Engine
11.2 Market Overview
11.3 Beef
11.4 Chicken
11.5 Pork
11.6 Seafood
11.7 Others
12 By Channel
12.1 Market snapshot & Growth Engine
12.2 Conventional Channel
12.3 Natural Channel
12.4 Specialty Gourmet Channel
13 Competitive Landscape
13.1 Competition overview
13.2 Market Vendor Analysis
13.2.1 Market Ranking Analysis
14 Key Company Profiles
14.1 Beyond Meat
14.1.1 Business Overview
14.1.2 Major Product Offerings
14.1.3 Key Strengths
14.1.4 Key Strategies
14.1.5 Key Opportunities
14.2 Impossible Foods
14.3 Greenleaf Foods
14.4 Hungry Planet
14.5 Next Level
15 Other Prominent Vendors
15.1 Abbots Butcher
15.1.1 Business Overview
15.1.2 Product Offerings
15.1.3 Key Strengths
15.1.4 Key Strategies
15.2 Atlantic Natural Foods
15.3 Don Lee Farms
15.4 Dr. Praeger's
15.5 Gardein
15.6 Good Catch Fish
15.7 Kraft Heinz Foodservice
15.8 Monks Meats
15.9 Morningstar Farms
15.10 No Evil Foods
15.11 Ocean Hugger Foods
15.12 Quorn Foods
15.13 Sophie's Kitchen
15.14 Sweet Earth
15.15 TOFURKY
15.16 VBITES
15.17 Yves Veggie Cuisine
For more information about this report visit https://www.researchandmarkets.com/r/vtgcft
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