Table of Contents
Executive Summary
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- Top takeaways
- Market overview – meat substitutes
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- Figure 1: Total US sales and fan chart forecast of plant-based meat substitutes, at current prices, 2015-25
- Impact of COVID-19 on plant-based meat substitutes
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- Figure 2: Short-, medium- and long-term impact of COVID-19 on plant-based proteins, May 2020
- Opportunities and challenges
- Plant-based protein consumers motivated by health, variety and convenience
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- Figure 3: Reasons for eating plant-based proteins more often, February 2021
- Convenient options can keep consumers cooking with plant-based proteins
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- Figure 4: Plant-based protein meal types, February 2021
- Time to move beyond the burger
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- Figure 5: Use/interest of select meat alternative formats, by gender and parental status, February 2021
- Pursue plant-based partnerships
- Preference for real meat, price remain top barriers to use
The Market – Key Takeaways
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- Plant-based meat substitute market robust and diverse in scope
- Consumers are eating more plant-based proteins at home
- Putting plant-based in perspective
- Putting the plants back in plant-based proteins
Market Size and Forecast – Meat Substitutes
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- Already growing meat substitutes market sees sales surge in 2020
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- Figure 6: Total US sales of plant-based meat substitutes, 2015-20
- Figure 7: Total US sales and fan chart forecast of plant-based meat substitutes, at current prices, 2015-25
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- Figure 8: Total US retail sales and forecast of plant-based meat substitutes, at current prices, 2015-25
- Impact of COVID-19 on plant-based proteins
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- Figure 9: Short-, medium- and long-term impact of COVID-19 on plant-based proteins, May 2021
- Lockdown
- Re-emergence
- Recovery
- COVID-19: US context
Market Factors
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- Plant-based protein brands must strive for price parity
- Putting plant-based in perspective
- Environmental concerns support market growth and innovation
Market Opportunities
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- Mix up the meat alternatives
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- Figure 10: Meat alternative examples – Good & Green, Good Catch, and No Evil Foods
- Offer convenient, kid-friendly options
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- Figure 11: Kid-friendly plant-based product examples
- Plant-based protein consumers have diverse priorities
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- Figure 12: Burger substitute examples: Hodo, Good Seed, Big Mountain Foods
- Brands strive to meet plant-based consumers halfway
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- Figure 13: Burger substitute examples: Dr. Praeger’s, Applegate Well Carved
- Focus on flavor
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- Figure 14: Prepared plant-based proteins with international flavors: Hodo, Fillo’s, Purple Carrot
Companies and Brands – Key Takeaways
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- Brands of diverse size and scope thriving in plant-based meat market
- Partnerships and line expansion can help brands ensure long term loyalty
Market Share – Meat Substitutes
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- Emerging and legacy brands find success in a competitive market
- Sales of meat alternatives by company
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- Figure 15: Multi-outlet sales of plant-based meat substitutes, by leading companies and brands, rolling 52 weeks 2020 and 2021
Competitive Strategies
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- Plant-based brands continue to garner major investments
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- Figure 16: Impossible Foods campaign ad – We love meat
- Brands create plant-based partnerships across categories, channels
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- Figure 17: Cross-brand collaborations – Prepared meals featuring leading plant-based meat substitutes
- Figure 18: Cross-channel collaborations – Foodservice menu options featuring leading plant-based meat substitutes
- Private label brands hitting all the key trends
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- Figure 19: Private label meat alternative examples
The Consumer – Key Takeaways
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- Most consumers engaged with plant-based proteins
- Meat substitutes are just one piece of the puzzle
- Consumption of plant-based proteins shows no signs of slowing
- Versatility key to keeping plant-based proteins on at-home menus
- Burgers are just the beginning
- Increase engagement among plant-based protein consumers
- Brands need to contend with conflicting consumer demands
The Plant-based Proteins Consumer
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- Most consumers are open to plant-based proteins
- Targeted messaging required for consumers with diverse motivations
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- Figure 20: Dietary preferences, by age, February 2021
- Plant-based proteins for all
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- Figure 21: Plant-based protein consumption, by dietary preferences, February 2021
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- Figure 22: Plant-based protein and plant-based meat alternative eaters, by age, February 2021
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- Figure 23: Plant-based protein and plant-based meat alternative eaters, by dietary preferences, February 2021
Plant-based Protein Sources
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- Plant-based proteins consumed in vast majority of households
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- Figure 24: Plant-based protein sources, February 2021
- Expanding variety is the path to consumer loyalty
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- Figure 25: Repertoire of plant-based protein sources eaten, February 2021
- Parents more prone to using a variety of sources
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- Figure 26: Repertoire of plant-based protein sources eaten, by parental status, February 2021
Plant-based Protein Consumption Changes
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- Plant-based protein consumption is growing
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- Figure 27: Plant-based protein consumption changes, February 2021
- Focus on families now for long-term loyalty
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- Figure 28: Plant-based protein consumption changes, by parental status, February 2021
- Half of meat alternative users eating plant-based proteins more often
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- Figure 29: Plant-based protein consumption changes, by total plant-based protein eaters and meat alternative eaters, February 2021
- Health halo encourages increased consumption
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- Figure 30: Reasons for eating plant-based proteins more often, February 2021
- Cost, taste continue to be top barriers to plant-based eating
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- Figure 31: Reasons for eating plant-based proteins less often and not at all, February 2021
Plant-based Protein Meal Types
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- Cooking at home a boon for plant-based proteins
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- Figure 32: Plant-based protein meal types, February 2021
- Versatility can help plant-based brands get to plates more often
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- Figure 33: Repertoire of plant-based protein meal types, by total and parental status, February 2021
Meat Alternative Format Preferences
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- Time to move beyond the burger
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- Figure 34: Meat alternative formats, February 2021
- Parents, especially dads, keen on meat alternatives of all types
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- Figure 35: Use/interest of select meat alternative formats, by gender and parental status, February 2021
Plant-based Proteins Experience
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- Increased engagement can support long term growth
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- Figure 36: Plant-based proteins experience, February 2021
- Parents more prone to use plant-based proteins in all proportions
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- Figure 37: Plant-based proteins experience, by parental status, February 2021
- Flexitarians on the lookout for plant-based options
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- Figure 38: Look for new plant-based proteins, by dietary preference, February 2021
Attitudes toward Plant-based Proteins
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- Meat alternatives still not universally embraced as healthier
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- Figure 39: Attitudes toward meat alternatives, by dietary preferences, February 2021
- Offer convenient options to appeal to parents…
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- Figure 40: Select opinions on convenience and plant-based proteins, by gender and parental status, February 2021
- …but remain mindful of parent’s keen eye on ingredients
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- Figure 41: Select opinions on plant-based proteins ingredients, by gender and parental status, February 2021
- Product placement is key to reaching wider customer base
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- Figure 42: Select opinions on plant-based meat alternative retail placement, by dietary preference, February 2021
Appendix – Data Sources and Abbreviations
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- Data sources
- Sales data
- Forecast
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Abbreviations
- Terms – dietary preferences as defined in consumer survey
Appendix – The Market
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- Figure 43: Total US retail sales and forecast of plant-based meat substitutes, at current prices, 2015-25
- Figure 44: Total US retail sales and forecast of plant-based meat substitutes, at inflation-adjusted prices, 2015-25
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