US Plant-based Proteins Market Report 2023
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Description
This report covers the plant-based proteins market in extensive detail, with a focus on plant-based meat alternatives (PBMAs). Discussing consumer trends derived from Mintel’s independent research, our analyst breaks down the strategies and opportunities that brands can follow to find success in the market.
Below, we summarise the key topics analysed and offer handpicked insights from the full report.
Key Topics Analysed
- Barriers to PBMA product trial.
- How brands can reengage lapsed PBMA consumers.
- Why clean label product innovation can boost consumer perception towards PBMAs.
- PBMA product development trends.
- Why consumers purchase refrigerated vs frozen PBMA products.
US Plant-Based Meat Alternative Market Overview
The Plant-Based Meat Alternative (PBMA) market in the US has hit a standstill due to economic uncertainties and a reversion to pre-pandemic behaviours. Despite over a third of flexitarians ceasing PBMA purchases, potential for market rebound exists, with emphasis on enhancing taste and achieving meat price parity.
- Plant-based meat substitutes market size: The estimated total retail sales in 2023 is $1.462bn, indicating a % change of -3.6% year-on-year.
A full market size breakdown including five prior years and a five-year forecast, with analysis, is available in the report. Market share analysis is also available in the report.
PBMA Market Insights: Capitalising on Consumer Trends and Overcoming Barriers
With economic uncertainties and consumer shifts challenging the industry, it will be pivotal for brands to capitalise on current consumer trends going forward.
Economic Impact and Consumer Behaviour
As the US faces economic uncertainties, consumers are retracting from reduced meat diets and therefore PBMAs, gravitating towards familiar, more affordable dietary choices. Immediate hurdles for the PBMA market are evident, with consumers hesitant to invest in unfamiliar products amidst financial instability.
Nonetheless, the future growth of the market hinges on the broader acceptance of reduced meat diets.
Overcoming Market Challenges
Persistent negative perceptions about PBMA products’ taste and value are significant barriers to market expansion. To reengage with lapsed consumers, it’s crucial for brands to enhance taste, affordability, and health attributes.
Find an in-depth exploration of strategies for brands to respond to consumer trends in the full report. Alternatively, browse our expansive food market research, or more specifically our vegan and plant-based food market research, to find more relevant reports.
Definitions and Brands Discussed
For the purposes of this Report, Mintel has used the following definitions:
Plant-based proteins (PBP) are plant or vegetable-sourced proteins, such as beans/legumes, nuts, seeds, and grains. Also includes semi-processed protein sources (tofu, seitan), processed veggie burgers (Morningstar Farms), and processed meat alternatives (Beyond Meat).
Plant-based meat alternatives (PBMAs) are processed plant-based products designed to replicate the taste, texture, and appearance of meat. This includes brands such as Beyond Meat, Impossible Foods, Lightlife Foods, Tofurky and Gardein.
The Market Size and Forecast and Market Share sections of this Report only include sales of PBMAs and semi-processed PBP such as tofu, tempeh, and seitan.
A number of brands relevant to the scope of the report sector and segments mentioned are covered, such as Yo! Egg, Neat Burger, Taco Bell, and more.
Additional Features Included in Your Report
Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Infographic and an Excel Databook.
Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.
Expert Analysis from a Food Specialist
This report, written by Caleb Bryant, a leading food and drink analyst, delivers in-depth commentary and analysis to highlight current trends in the US plant-based proteins market, adding expert context to the numbers.
PBMA sales have slid from their peak in 2020 as consumers abandon the category in favor of less expensive protein options. The category continues to struggle with negative perceptions even among those who follow a reduced meat diet. Yet silver linings still exist, the frozen PBMA category remains relatively resilient and new product innovation may expand the market by bringing PBMAs into new consumption occasions. Brands must address consumers’ concerns around product taste, nutrition, and price in order to achieve real market growth.
Caleb Bryant
Associate Director of Food and Drink Reports
Table of Contents
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Market context
- What you need to know
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Executive Summary
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- Top takeaways
- Consumer trends
- Consumers pull back from PBMAs and return to the familiar
- Figure 1: Trended dietary preferences, 2020-23
- Poor PBMA product perceptions persist
- Figure 2: Reasons for not purchasing plant-based meat alternatives, by lapsed consumers and non-trial consumers, 2023
- PBMAs struggle to gain acceptance among mass market consumers
- Figure 3: Meat attitudes, any agree, by dietary preferences, 2023
- Competitive strategies
- Product innovation remains strong as brands focus on the freezer and move to center of store
- Figure 4: PBMA product launches, 2013-22
- Figure 5: PBMA product launches, by storage type, 2019-22
- PBMAs expand in foodservice despite market contraction
- Figure 6: Penetration of meat substitutes at restaurants, Q4 2019-Q4 2022
- Brands clean up the PBMA category’s image with familiar ingredients
- Figure 7: Clean label PBMA product examples
- Market predictions
- Figure 8: Total US retail sales and forecast of plant-based meat substitutes, at current prices, 2018-28
- Figure 9: Category outlook, 2023-28
- Opportunities
- Core consumers want cleaner labels
- Figure 10: Plant-based meat alternative purchase motivators, by dietary preferences, 2023
- Consumers are hungry for more variety in their diets
- Figure 11: Reasons for purchasing plant-based meat alternative products more often, by dietary preferences, 2023
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Market Size and Forecast
- PBMA market stalls as reality sets in
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- Figure 12: Total US retail sales and forecast of plant-based meat substitutes, at current prices, 2018-28
- Figure 13: Total US retail sales and forecast of plant-based meat substitutes, at current prices, 2018-28
- PBMA market stalls as reality sets in
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Segment Performance
- Refrigerated PBMAs slump, while frozen remains (somewhat) resilient
- Figure 14: Total US retail sales and forecast of plant-based meat substitutes, by segment, at current prices, 2018-28
- Figure 15: Total US retail sales and forecast of plant-based meat substitutes, by segment, at current prices, 2018-28
- Refrigerated PBMAs slump, while frozen remains (somewhat) resilient
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Market Drivers
- Reduced financial security hits the PBMA market hard
- Figure 16: Trended financial health situation, 2020-23
- Sustainability takes a backseat to price as consumers tighten their spending
- Figure 17: Trended consumer food and drink priorities, price vs sustainability, 2022-23
- Gen Z, Millennial interest suggests future category strength
- Figure 18: US population by generation, 2018-28
- Lab-grown meat passes a major hurdle
- Reduced financial security hits the PBMA market hard
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Key Players
- Impossible Foods emerges as the winner in the PBMA market’s contraction
- Figure 19: Multi-outlet sales of plant-based proteins, by leading companies, rolling 52 weeks 2022 and 2023
- Impossible Foods emerges as the winner in the PBMA market’s contraction
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Competitive Strategies and Market Opportunities
- Product innovation remains strong despite market downturn
- Figure 20: PBMA product launches, 2013-22
- Figure 21: PBMA product launches, by launch type, 2013-22
- Brands retreat back to the freezer and venture into center of store
- Figure 22: PBMA product launches, by storage type, 2019-22
- Figure 23: Shelf stable plant-based meat alternative products launched in 2022
- New products highlight nutrition claims, downplay certain free-from claims
- Figure 24: Top 15 growing and declining claims in PBMA product launches, 2019-22
- Keep ingredient labels short and familiar
- Figure 25: Clean label PBMA product examples
- Restaurants can put a fun indulgent spin on plant-based proteins
- Figure 26: Penetration of meat substitutes at restaurants, Q4 2019-Q4 2022
- Figure 27: Penetration of meat substitutes at restaurants, by segment, Q4 2019-Q4 2022
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- Figure 28: Plant-based burger concepts
- Egg market’s turbulence benefits plant-based eggs
- Figure 29: Plant-based egg products
- Plant-based seafood category expands into novel formats
- Figure 30: Plant-based seafood alternative purchases, 2023
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- Figure 31: Plant-based seafood products
- Product innovation remains strong despite market downturn
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The Consumer – Fast Facts
- Consumers return to meat
- PBMAs primarily appeal to younger high income consumers
- A sizable share of consumers are lapsed PBMA customers:
- Taste and nutrition concerns prohibit product trial
- Refrigerated PBMAs are perceived as high quality, fresh, and great tasting
- Interest in health and a desire for variety drives PBMA consumption
- Products must deliver on taste, price, and nutrition
- Positive perceptions toward meat remain despite rising prices
- Inflation reduces interest in new product trial
- Consumers return to meat
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Trended Dietary Preferences
- Adoption of reduced meat diets stalls, challenging the PBMA market’s future
- Figure 32: Trended dietary preferences, 2020-23
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- Figure 33: Dietary preferences, by financial health situation, 2023
- Adoption of reduced meat diets stalls, challenging the PBMA market’s future
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Protein Purchases and Consumption Frequency
- PBMAs are on the backburner
- Figure 34: Protein purchases, by dietary preferences, 2023
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- Figure 35: Protein consumption frequency, any animal protein and any plant-based meat alternative, 2023
- Focus on holistic lifestyle positioning
- Figure 36: Protein purchases, by dietary preferences, 2023
- PBMAs are on the backburner
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Previous Plant-based Meat Alternative Trial
- Low PBMA product trial suggests category skepticism
- Figure 37: Previous plant-based meat alternative trial, by generation, 2023
- Reengage lapsed flexitarians
- Figure 38: Previous plant-based meat alternative trial, by dietary preferences, 2023
- Low PBMA product trial suggests category skepticism
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Reasons for Not Purchasing Plant-based Meat Alternatives
- Taste and nutrition concerns abound
- Figure 39: Reasons for not purchasing plant-based meat alternatives, by lapsed consumers and non-trial consumers, 2023
- Attract critically important consumers through clean label product innovation
- Figure 40: Reasons for not purchasing plant-based meat alternatives, by dietary preferences, 2023
- Nutritional benefits may trump processed stigmas
- Figure 41: Reasons for not purchasing plant-based meat alternatives, by age and income, 2023
- Taste and nutrition concerns abound
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Frozen vs Refrigerated Plant-based Meat Alternatives
- Refrigerated products garner strong positive associations but frozen products offer simplicity
- Figure 42: Primary PBMA product type purchased, refrigerated vs frozen, 2023
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- Figure 43: Reasons for purchasing primary PBMA product type, refrigerated vs frozen, 2023
- Refrigerated products garner strong positive associations but frozen products offer simplicity
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Change in Plant-based Meat Alternative Purchases
- Interest in health and a desire for variety drives increased PBMA purchases
- Figure 44: Change in plant-based meat alternative purchases, by select demographics and dietary preferences, 2023
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- Figure 45: Reasons for purchasing plant-based meat alternative products more often, by dietary preferences, 2023
- Environmental claims are important…to a point
- Figure 46: Reasons for purchasing plant-based meat alternative products more often, among Alternative Aficionados, 2023
- Market may experience a boost as Older Millennials enter middle age
- Figure 47: Reasons for purchasing plant-based meat alternative products more often, among Alternative Aficionados, 2023
- Interest in health and a desire for variety drives increased PBMA purchases
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Plant-based Meat Alternatives Vs Vegetables
- PBMAs offer consumers excitement
- Figure 48: Preference: dishes made with PBMAs vs vegetable-forward dishes, 2023
- Figure 49: Reasons for preferring PBMAs vs reasons for preferring vegetable-forward dishes, 2022
- PBMAs offer consumers excitement
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Plant-based Meat Alternative Purchase Motivators
- Focus on the basics and provide consumers convenience
- Figure 50: Plant-based meat alternative purchase motivators, by Aspirational Eaters and Passive Eaters, 2023
- Primary consumers want more clean label products
- Figure 51: Plant-based meat alternative purchase motivators, by Aspirational Eaters and Passive Eaters, 2023
- Price parity with meat will bring back lapsed consumers
- Figure 52: Plant-based meat alternative purchase motivators, by previous plant-based meat alternative product trial, 2023
- Provide Gen Z simple meal solutions
- Figure 53: Plant-based meat alternative purchase motivators, by Aspirational Eaters and Passive Eaters, 2023
- Focus on the basics and provide consumers convenience
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Plant-based Protein Attitudes
- Americans remain meat-lovers despite rising prices
- Figure 54: Meat attitudes, any agree, by dietary preferences, 2023
- Reality takes the wind out of PBMAs sails
- Figure 55: plant-based meat alternatives attitudes and other topics, any agree, by dietary preferences, 2023
- Americans remain meat-lovers despite rising prices
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Appendix – Data Sources and Abbreviations
- Data sources
- Sales data
- Forecast
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Data sources
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Appendix – The Market
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- Figure 56: Total US retail sales and forecast of plant-based meat substitutes, at inflation-adjusted prices, 2018-28
- Figure 57: Total US retail sales and forecast of frozen plant-based meat substitutes, at inflation-adjusted prices, 2018-28
- Figure 58: Total US retail sales and forecast of refrigerated meat substitute, at inflation-adjusted prices, 2018-28
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Appendix – Companies and Brands
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- Figure 59: Multi-outlet sales of frozen meat substitutes, by leading companies and brands, rolling 52 weeks 2022 and 2023
- Figure 60: Multi-outlet sales of refrigerated meat substitutes, by leading companies and brands, rolling 52 weeks 2022 and 2023
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Appendix – Consumer Segment Definitions
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About the report
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