United States Plant Based Food Market Share, Growth & Demand Forecast 2030
Author : Nirbhay Prakashan | Published On : 04 Apr 2024
United States Plant Based Food Market is expected to witness a CAGR of 12.98% during the forecast period 2023-2030F and was valued at USD 7.92 billion in 2022. The market has experienced significant growth in recent years, fuelled by factors such as increasing awareness of the health and environmental benefits of plant-based diets, changing consumer preferences, and advancements in food technology.
The United States Plant-Based Food Market is a rapidly growing segment of the food industry, driven by a rising demand for healthier and more sustainable food options. Plant-based food products are made from ingredients that are derived from plants, such as vegetables, fruits, grains, legumes, and nuts. These products are typically free from animal products such as meat, dairy, and eggs, making them an appealing choice for consumers looking for vegan, vegetarian, or flexitarian options. Nearly 8 percent of the county’s population is vegetarian and 3 percent vegan. The plant-based food market includes a wide range of products such as meat alternatives, dairy alternatives, plant-based snacks, and plant-based beverages. As the demand for plant-based food products continues to rise, it is likely that the market will continue to expand and evolve, presenting opportunities for innovation and growth in the food industry.
The wider availability of plant protein ingredients such as flaxseed, quinoa, pea proteins, chia and oats are adding nutritional flavours in food making them a healthier alternative to milk, meat, and eggs. Consumer’s misconception of plant-based meals being more expensive than the regular meat options and accessibility to buy plant-based food and fresh produce, especially for the lower -income Americans hinders the market growth to a limited extent. Although, new entrants as well as existing players can tap this market potential by brining in innovative solutions to provide easy accessibility of plant-based meals to this mass group.
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Plant Based Meat segment may capture similar dollar share as of Daily Alternatives
The United States Plant-Based Food Market is closely linked to the growing popularity of plant-based diets, which have become increasingly popular in recent years due to their numerous health benefits and environmental advantages. Dairy alternatives hold a prominent share in the plant-based food market in the United States mainly owing to a large lactose intolerant population. Nearly 36% of the country’s population in lactose intolerant. Plant based milk captures 15% of the total milk market in the US. Newly launch plant-based meat products, continuous product innovation and increasing consumer adoption of consuming food made of natural or organic food ingredients tend to open door of opportunity for meat substitutes segment to hold a wider market share during the forecast period.
Increasing Consumer Preference for Healthier Diets
The availability of plant-based food products has increased significantly in recent years in the United States, driven by growing consumer demand for healthier and more sustainable food options. Supermarkets and restaurants across the country have responded to this demand by increasing their offerings of plant-based products, including plant-based meat alternatives, dairy-free milk, and vegan cheese. Plant based alternatives offers various health benefits such as controlled blood sugar, and lowered cholesterol level. Moreover, large food companies have started to introduce plant-based alternatives to traditional meat and dairy products, further expanding the availability of plant-based options.
This trend is expected to continue in the coming years as consumers become more health and environmentally conscious and seek out alternative protein sources. As the availability of plant-based products continues to increase, it is likely that the plant-based food market will continue to grow in the United States. The U.S. retail sales for plant-based foods was $8 billion in 2022 out of which the plant-based milk category accounted to $2.8 billion with more than 40 percent of the household penetration.
Impact of COVID-19 on United States Plant Based Food Market
The COVID-19 pandemic has had a mixed impact on the plant-based food market in the United States. On the one hand, the pandemic has raised awareness among consumers about the importance of a healthy and balanced diet, which has led to increased interest in plant-based foods. As a result, sales of plant-based food products have generally remained strong throughout the pandemic. However, the pandemic has also disrupted supply chains and led to shortages of certain plant-based products, such as tofu and tempeh. In addition, the closure of restaurants and other food service establishments has led to a decline in demand for plant-based products in these sectors.
Report Scope
“United States Plant Based Food Market Assessment, Opportunities, and Forecast, 2016-2030F”, is a comprehensive report by Markets and Data, providing in-depth analysis and assessment of the current scenario of the Plant Based Food market in United States, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities, and forecasts (2023–2030). Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business model, competitive intelligence, etc.
