The U.S. plant-based meat market could cross USD 4.15 billion by the year 2026, according to a report by Global Market Insights, Inc.
Growing concerns over carbon footprints from the animal husbandry sector along with rising awareness for animal rights might play a key role in expanding product presence. Estimates suggest that the livestock sector is one of the major contributors to carbon emissions. Increasing consumption of veg meat products could lower carbon emissions from livestock facilities.
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The U.S. plant-based meat market will observe notable growth given to shifting consumer inclination towards vegan diet. Awareness regarding the health benefits of a veg diet as well as its positive impact on the environment is driving the adoption of plant-based meat products.
Soy-based meat products have gained significant traction as it offers a similar resemblance to cooked ground beef. Soy products not only bare identical resemblance to cooked beef but also have a fraction of its fat content, making it an ideal substitute for ground beef. Earlier in 2019, the U.S. soy meat industry from ground meat exceeded USD 55 million.
The product is considered as one of the richest source of proteins in plant-based food items and delivers multiple nutrients like vitamin C, dietary fiber, and isoflavones which helps in improving digestive health and weight management. Growing inclination towards healthy lifestyles among Gen Z consumers coupled with recommendations from health professionals & scientists to lower meat consumption might positively impact the soy plant-based meat industry landscape.
Elaborating on the regional outlook, Southern U.S. regions are seeing substantial rise in construction of vegetarian restaurants. Restaurateurs are putting in efforts for offering consumers with delicious dishes made using plant based meat instead of regular meat. Retail stores across these regions are expanding their lineup of vegan products to deliver more convenient option to consumers as they recuperate from their hectic lifestyles.
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Citing an instance, in 2020, Beyond Meat announced that it would supply plant-based “fried chicken” to various KFC outlets in North Carolina and Tennessee. The company conducted a test in 2019 to analyze the response for vegan chicken, which showed strong consumer demand for plant-based chicken.
Estimates suggest that the plant-based meat market of Southern U.S. could record noteworthy gains of more than 26% by 2026. Escalating efforts by retail outlets to deliver a broad range of health products like dairy alternatives and fake meats to a diverse range of consumers by means of collaboration with other firms could enhance U.S. business outlook over time. For example, in 2020, fake meat manufacturer Impossible Foods entered into a strategic partnership with Disney to offer its products in theme parks & cruises.
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