Plant-based Meat Market in US to Generate Revenues of $3 Billion During the Period 2018−2024 - Market Research by Arizton

CHICAGO, March 12, 2019 /PRNewswire/ -- Arizton's latest research report reports that the US plant-based meat market is projected to reach values of approximately $3 billion by 2024, growing at a CAGR of more than 24% during 2018-2024.

Key Highlights of Plant-based Meat Market in US:

1. Healthy snacking is trending in the US market, with protein claim launches growing at 33% YOY
2. About 42% of US consumers are actively working on eating plant-based foods in the market
3. The growing demand for all-natural, organic and vegetarian meats is fueling the growth of the US plant-based meat market
4. Food, drug, and mass merchandisers, including Walmart are the largest distributors in the US plant-based meat market
5. The introduction of more vegetarian meats in the refrigerated section in retail stores will drive the demand in the US market
6. About 68% of Americans are making efforts to reduce meat consumption over the last couple years, thereby fueling the growth of the US plant-based meat market

Key Offerings:

• Market Size & Forecast by Revenue | 2018−2024
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis of the market segmentation by products, storage, and channel
• Competitive Landscape – Profile of 5 key vendors and 17 prominent players

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Plant-based Meat Market in US – Segmentation

This market research report includes a detailed segmentation of the market by products, storage, and channels.

• The beef segment dominated approximately half of the total market share in 2018. The growing popularity of vegan meatballs and other ground beef products is fueling the growth.
• The refrigerated storage segment is the fastest growing segment in the US market, growing at a CAGR of over 39% during the forecast period.

Market Segmentation by Products

• Beef
• Chicken
• Pork
• Seafood
• Other

Market Segmentation by Storage

• Frozen
• Refrigerated
• Shelf-stable

Market Segmentation by Channels

• Conventional
• Natural
• Specialty Gourmet

Plant-based Meat Market in US – Dynamics

The increasing focus on 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.

Key Drivers and Trends fueling the Growth of the US Market are:

• The Growth of the Health Forward and Cost-conscious Consumers
• Plant-based Meat is Being Massively Validated
• Snack-Worthy Faux Meat Gains Traction

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Major Vendors in the US plant-based meat market:

• Beyond Meat
• Impossible Foods
• Greenleaf Foods
• Hungry Planet
• Next Level

Other prominent vendors in the US plant-based meat market include Abbott's Butcher, Atlantic Natural Foods, Don Lee Farms, Dr. Prager's, Gardein, Good Catch Fish, Kraft Heinz Foodservice, Monks Meats, MorningStar Farms, No Evil Foods, Ocean Hugger Foods, Quorn Foods, Sophie's Kitchen, Sweet Earth, Tofurky, VBites, and Yves Veggie Cuisine.

Explore our Consumer Goods & Retail Technology profile to know more about the industry.

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SOURCE Arizton Advisory & Intelligence