High Growth in US Plant-Based Meat Alternatives Market
The $1.4 billion US plant-based meat market increased in sales by more than $430 million from 2019 to 2020—a growth rate twice that of real meat.1 Nearly one in five US households purchase plant-based meat, with over 290 million units of plant-based meat sold in 2020.2
Despite this rapid growth, plant-based meats make up only 1.4% of the total retail meat market, indicating a $14 billion opportunity.3 This will rely on brands offering the taste, convenience, and nutrition that non-users are accustomed to with real meat products. Fortunately, many brands are already delivering innovative meat alternative trends that range from gourmet plant-based deli meats to plant-based microwave meals.
Health is Driving the Increase in Plant-Based Meat Consumption
While environmental concerns remain a key driver of plant-based meat purchases, health as a driver may be growing, especially in light of the pandemic. In the US, 35% of consumers identify as flexitarian, and for those who eat plant-based meat, the top reason for choosing plant-based products is it makes them feel healthier.4
In addition, one-third of US consumers who eat plant-based proteins report they’re doing so more often than they were a year ago.5 58% of these consumers say it’s healthier than eating meat, and 45% report they’re trying to eat less meat.6