According to the latest report by Renub Research, titled “United States Plant Based Food Market Forecast By Segments, Food Services, Merger and Acquisitions, Company Analysis” the United States Plant Based Food Market Size will reach to US$ 10.7 Billion in 2027. With an increased focus on reaching net-zero emissions, the shift to climate-friendly, sustainable protein production presents significant sales and investment opportunities. In addition to the clear opportunity presented by growing consumer excitement around plant-based options in the U.S, this motivation made 2020 a record-breaking year for plant-based sales and investments.
United States Plant-based Food Industry was US$ 5.6 Billion in 2020
In the United States, plant-based food has become popular to reduce the diet’s environmental footprint and promote human health and animal welfare. Plant-based foods are derived from plants (including grains, vegetables, nuts, seeds, legumes, and fruits) with no animal-source foods or artificial ingredients. Plant-based food supports Americans health and is appropriate throughout all life stages, including lactation, pregnancy, childhood, and adulthood, as well as for athletes.
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Furthermore, increasing incidences of intolerance for animal protein, growing urbanization with new consumer aspirations, increasing vegan population, and significant venture investments in plant-based product manufacturers are key factors driving the plant-based products market’s growth in the United States. According to Veg News, in 2020, nearly one-fourth of American consumers (23 percent) have consumed plant-based food products.
Impact of COVID-19 on United States Plant Based Food Industry
The pandemic has changed the way United States consumers interact with food. The United States people are incorporating more plant-based foods into their diets as it is becoming increasingly critical to have a robust immune system. This has happened in the surge of interest and subsequent consumption of plant-based meals. Plant-based foods (including plant-based meats) have been showing strong growth during the COVID-19 pandemic, likely to elevate the market space for plant protein in the United States food manufacturing industry.
Competitive Analysis: Beyond Meat shares Rises 26% in the year 2021
The United States plant-based food market is highly competitive owing to many players such as Beyond meat Inc, Archer Daniels Midland, US Foods Holding Corp, Kellogg, Hormel Foods Corporation. To expand their market shares, companies are concentrating on new and innovative products. For instance, in 2021, Beyond Meat shares soar 26% as the company teams up with PepsiCo to make plant-based snacks and drinks.
Plant Based Foods getting Integrated in Menus of United States Foodservice Industry
In recent years, plant-based food has gained traction in United States full-service restaurants, limited-service restaurants, hotels and motels menus, and retail stores. Plant-based Butter, Cheese and Tofu and Tempeh are popping up in many full-service restaurants that offer varieties of plant-based products depending upon their customer’s preferences and needs.
Besides, retail formats offer a wide range of products like plant-based Dairy Spreads, Dips, Sour Cream, Sauces, Ready-to-Drink, Beverages, Condiments, Dressings, and Mayo etc. at a competitive price to customers. They are usually located in regularly accessible areas. Burger and patties are more popular in the shelf space of retail outlets. Ice cream and Frozen Novelty are booming in popular as health-conscious consumers embrace new ice cream alternatives. Most United States retail carry the brand of vegan ice cream in numerous varieties, including pint-sized containers, ice cream sandwiches, drumsticks, fudge bars, and more.
Plant-based Beverages gaining Rapid Traction in United States
Across the United States, plant-based food trend continues to grow due to its varieties like Plant-based milk, Plant-based meat, meals, Plant-based ice cream and frozen novelty, Plant-based creamer, Plant-based yoghurt, butter, cheese, Tofu and tempeh, plant-based ready-to-drink beverages, Plant-based dairy spreads, dips, sour cream, and sauces etc. Plant-based milk products such as almond, soy, coconut, cashew, oat, rice are gaining rapid traction among food service providers in the United States. It is majorly used in all kinds of dishes, such as curries, soups, smoothies, and others. Americans prefer plant milk over other dairy or animal milk because of its high nutrition value, Omega-3 fatty acids and vitamins.
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Plant-based meat encourages American people to eat more. The nutritional benefits of plant-based meats and their safety compared with conventional meat are also important factors contributing to gaining consumers’ attention. Consumption of plant-based meat does not give rise to obesity, type-2 diabetes and heart disease.
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