June 12, 2020
As per the report titled ‘U.S. Plant-Based Meat Market Size By Source By Type, By Distribution Channel, By Distribution Channel, By Demographics, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, U.S. plant-based meat market is expected to grow substantially through 2026.
Widespread adoption of healthy lifestyle due to rising prevalence of medical conditions caused by over-consumption of meat is driving the growth of plant-based meat industry in the United States. The product is made from plants and can be found in the form of sausages, burger patty, nuggets, or crumbles. Consumer inclination towards healthier meat alternative is augmenting the market outlook.
According to the report, the U.S. plant-based meat market is classified in terms of source and regional landscape.
Based on source spectrum, the industry is bifurcated into soy, pea, wheat, and others. Furthermore, soy plant-based meat segment is classified in terms of product, distribution channel, type, and demographics.
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Speaking of product terrain, meatballs segment held 10% market share in 2019 and will continue to grow in the years to come. Similar taste and texture like meat is poised to fuel the demand for soy meatballs.
Based on type, soy-based pork substitutes segment is poised to record a y-o-y growth rate of 26.5% over the analysis period.
In terms of distribution channel, the report cites that online retail segment is slated to gain traction during the forecast period, owing to preferred social distancing amidst COVID-19 and convenience offered by this channel.
Wheat plant-based meat market is classified into product, distribution channel, type, and demographics.
Based on product, wheat-based sausage segment is set to witness a 26.5% CAGR through 2026, claims the market analysts.
In terms of distribution channel, food & drink specialty stores segment accounted for 20% share of the U.S. wheat-based meat industry in the past year.
Pea plant-based meat market is classified into product, distribution channel, type, and demographics.
Elaboration on the type, pea-based fish substitutes segment is likely to expand substantially with 26.5% CAGR over the analysis period. This growth is attributed to surging demand for sustainable food.
In terms of demographics, U.S. pea-based meat industry share from baby boomers segment was over 27.5% in 2019 and is slated to grow significantly over the analysis timeframe.
The other sources of plant-based meat include mung beans, rice protein, jackfruit, and starch protein.
Based on product, the report claims that strips and nuggets segment of other sources is expected to record a CAGR of 26.5% through 2026, owing to rising demand for convenient snacks.
Based on distribution channel, U.S. plant based meat market share for other sources from restaurants segment is reckoned to grow modestly over the analysis timeframe as restaurants are making efforts to match the surging demands for healthy & vegan food.
In terms of demographics, others segment including greatest generation and silent generation is anticipated to grow with a CAGR of 20% through 2026, cites the report.
Speaking from a geographical point of view, Midwestern U.S is likely to record significant growth during 2020-2026, owing to rapid expansion of plant-based meat manufacturers.
Pinnacle Foods, The Vegetarian Butcher, Impossible Foods, Amy's Kitchen, Beyond Meat Inc., Maple Leaf Foods, Gold & Green Foods, Field Roast, Sweet Earth Foods, Gardein Protein International, Naturli´ Foods A/S, Quorn Foods, Dupont, Schouten, and Lightlife Foods are some of the leading companies operating in the U.S. plant-based meat market.