The plant-based proteins market has been growing steadily in recent years, fueled by the surge of convincingly meat-like meat substitutes that are now widely available across channels, both grocery and foodservice. Despite the focal point on these direct meat analogues, the market at large continues to be loosely defined, with many shoppers in this space looking for more whole foods-based protein solutions. What is clear is that plant-based proteins are no longer a trend but a viable option for consumers across dietary spectrums, and there are opportunities for brands to increase basket size of current users and to reach the less-engaged oldest and youngest demographics.

• The impact of COVID-19 on consumer behavior and the plant-based proteins market

• Big opportunities to market plant-based proteins – especially meat alternatives – to parents, particularly dads

• Importance of price parity with animal-based proteins for further category engagement

• Provide consumers with the variety they seek via new formats and flavor profiles

For the purposes of this Report Mintel has defined plant-based proteins as plant- or vegetable-sourced proteins, such as beans/legumes, nuts, seeds and grains.

This Report discusses consumer usage and attitudes toward these plant-based protein ingredients both as stand-alone protein sources (eg canned beans, quinoa), semi-processed sources (eg tofu, seitan) and as components of plant-based products, such as meat alternatives (eg Gardein, Beyond Meat).

The Market Size of this Report covers only plant-based refrigerated and frozen products that are marketed as direct substitutes for meat (eg veggie burgers, chick’n nuggets) as well as seitan, tempeh and tofu.

Mintel’s economic assumptions are based on CBO estimates released on February 1, 2021. The CBO’s previous forecast for US GDP to fall by 5.8% in 2020 was revised after a stronger second half of the year, and the updated estimate indicates negative 3.5% GDP for the year. The CBO forecast for GDP to grow by 4.6% in 2021 and unemployment to continue to fall to an average of 5.7% for the year do not take into consideration the impact of the $1.9 trillion economic relief package, which is expected to further boost growth.

The first COVID-19 case was confirmed in the US in January 2020. It was declared a global health pandemic and national emergency in early March 2020. Across the US, various stay-at-home orders were put in place in spring 2020, and nonessential businesses and school districts closed or shifted to remote operations. The remainder of 2020 saw rolling stay-at-home and closure orders, as states and local governments relaxed and reinforced guidelines according to the spread of the virus in each region.

Vaccine rollout began in December 2020. Based on current estimates of vaccine production and distribution, the US could reach herd immunity, with 70-85% of the population vaccinated, by late summer to early fall 2021. Mintel anticipates business operations in the US will remain in a state of flux through 2021 as the vaccine is widely administered.