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Explore the latest trends and actionable insights on the US Meat Substitutes market to inform business strategy and pinpoint opportunities and risks

Growing Demand for Meat Alternatives

Industry: Meat Substitutes
Current: Other Industry Indicators

The demand continues to increase for meat alternatives and Beyond Meat, a plant-based meat substitute, which is making a mark in the market
The growing concerns about environmental issues provided a fillip to the meat alternative industry
The market value of the global meat substitutes reached $7 billion in 2021, growing at a CAGR of 8.82% during 2017-2021

Growing Demand for Meat Alternatives

In 2021, PepsiCo Inc and Beyond Meat, a plant-based meat producer, announced a joint venture, The PLANeT Partnership, to develop, produce and market innovative snacks and beverages made from plant-based protein, with PepsiCo capitalizing on Beyond Meat’s technology and Beyond Meat capitalizing on PepsiCo’s production and marketing expertise in new products.

In March 2022, the joint venture announced the launch of a plant-based protein faux jerky, a meat alternative, as its first product.

Trends in Meat Alternative Market:

The demand for plant-based meat, dairy, and eggs increased due to unprecedented demand during the lockdown in 2020 as consumers around the world stayed at home, cooked, focused on their health, and reconsidered the plate-to-planet impact.

According to GlobalData, the market value of the global meat substitutes reached $7 billion in 2021, growing at a CAGR of 8.82% during 2017-2021, whereas it grew at a CAGR of 15.63% in the US during the same period.

Meati, a new entrant in the food sector based in the US, announced the sale of two new chicken substitutes via its direct-to-consumer channel. Using fermented mycelium, the root structure of mushrooms, Meati is launching a chicken cutlet and breaded cutlet. Nature’s Fynd, a startup that sells vegan products (meat substitutes and dairy products) made from fermented fungi, has entered into its first national retail deal with Whole Foods Markets, the US multinational supermarket chain, in 10 states.

Major food companies such as Tyson, Smithfield, Perdue, Hormel, and Nestlé had rolled out their own meat alternatives, and filled supermarket shelves with plant-based burgers, meatballs, and chicken nuggets. Fast food giants such as McDonald’s, KFC, Burger King, and Chipotle are also testing plant-based food items on their menus.

Meat alternatives could be environmentally friendly

The global food production accounts for a significant portion of all human-caused global warming gases, and the use of animals for meat produces more pollution than the production of plant-based foods. In food production, meat and dairy products are the main reason for greenhouse gas emissions.

Meat alternatives can make a huge difference to the environment by any metric, including the use of land, water use, and climate change. The major reason for interest in meat alternatives is meat’s effect on the environment. Livestock cultivation is one of the most greenhouse gas-intensive activities. Plant-based foods have the potential to the considerably lower carbon footprint.

Hence, with the growing awareness of climate change, environment, and healthy diet options, the market for meat alternatives is expected to grow at a tremendous pace in the new few years with many new players entering the market and operating alongside the existing ones.

Explore the latest trends and actionable insights on the US Meat Substitutes market to inform business strategy and pinpoint opportunities and risks Explore the latest trends and actionable insights on the US Meat Substitutes market to inform business strategy and pinpoint opportunities and risks Visit Report Store