Plant-based Proteins - US - May 2021

OVERVIEW
What you need to know 
Key issues covered in this Report
Definition 
Economic and other assumptions
COVID-19: US context
EXECUTIVE SUMMARY 
Top takeaways
Market overview – meat substitutes
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
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
Figure 3: Reasons for eating plant-based proteins more often, February 2021
Convenient options can keep consumers cooking with plant-based proteins
Figure 4: Plant-based protein meal types, February 2021
Time to move beyond the burger
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 
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
Already growing meat substitutes market sees sales surge in 2020 
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
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
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 
Plant-based protein brands must strive for price parity 
Putting plant-based in perspective 
Environmental concerns support market growth and innovation
MARKET OPPORTUNITIES 
Mix up the meat alternatives
Figure 10: Meat alternative examples – Good & Green, Good Catch, and No Evil Foods
Offer convenient, kid-friendly options 
Figure 11: Kid-friendly plant-based product examples
Plant-based protein consumers have diverse priorities
Figure 12: Burger substitute examples: Hodo, Good Seed, Big Mountain Foods
Brands strive to meet plant-based consumers halfway
Figure 13: Burger substitute examples: Dr. Praeger’s, Applegate Well Carved
Focus on flavor
Figure 14: Prepared plant-based proteins with international flavors: Hodo, Fillo’s, Purple Carrot
COMPANIES AND BRANDS – KEY TAKEAWAYS 
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 
Emerging and legacy brands find success in a competitive market
Sales of meat alternatives by company
Figure 15: Multi-outlet sales of plant-based meat substitutes, by leading companies and brands, rolling 52 weeks 2020 and 2021
COMPETITIVE STRATEGIES
Plant-based brands continue to garner major investments 
Figure 16: Impossible Foods campaign ad – We love meat
Brands create plant-based partnerships across categories, channels
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  
Figure 19: Private label meat alternative examples
THE CONSUMER – KEY TAKEAWAYS  
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 
Most consumers are open to plant-based proteins
Targeted messaging required for consumers with diverse motivations
Figure 20: Dietary preferences, by age, February 2021
Plant-based proteins for all 
Figure 21: Plant-based protein consumption, by dietary preferences, February 2021
Figure 22: Plant-based protein and plant-based meat alternative eaters, by age, February 2021
Figure 23: Plant-based protein and plant-based meat alternative eaters, by dietary preferences, February 2021
PLANT-BASED PROTEIN SOURCES
Plant-based proteins consumed in vast majority of households 
Figure 24: Plant-based protein sources, February 2021
Expanding variety is the path to consumer loyalty
Figure 25: Repertoire of plant-based protein sources eaten, February 2021
Parents more prone to using a variety of sources
Figure 26: Repertoire of plant-based protein sources eaten, by parental status, February 2021
PLANT-BASED PROTEIN CONSUMPTION CHANGES
Plant-based protein consumption is growing
Figure 27: Plant-based protein consumption changes, February 2021
Focus on families now for long-term loyalty
Figure 28: Plant-based protein consumption changes, by parental status, February 2021
Half of meat alternative users eating plant-based proteins more often
Figure 29: Plant-based protein consumption changes, by total plant-based protein eaters and meat alternative eaters, February 2021
Health halo encourages increased consumption 
Figure 30: Reasons for eating plant-based proteins more often, February 2021
Cost, taste continue to be top barriers to plant-based eating 
Figure 31: Reasons for eating plant-based proteins less often and not at all, February 2021
PLANT-BASED PROTEIN MEAL TYPES
Cooking at home a boon for plant-based proteins
Figure 32: Plant-based protein meal types, February 2021
Versatility can help plant-based brands get to plates more often
Figure 33: Repertoire of plant-based protein meal types, by total and parental status, February 2021
MEAT ALTERNATIVE FORMAT PREFERENCES
Time to move beyond the burger
Figure 34: Meat alternative formats, February 2021
Parents, especially dads, keen on meat alternatives of all types
Figure 35: Use/interest of select meat alternative formats, by gender and parental status, February 2021
PLANT-BASED PROTEINS EXPERIENCE
Increased engagement can support long term growth
Figure 36: Plant-based proteins experience, February 2021
Parents more prone to use plant-based proteins in all proportions 
Figure 37: Plant-based proteins experience, by parental status, February 2021
Flexitarians on the lookout for plant-based options
Figure 38: Look for new plant-based proteins, by dietary preference, February 2021
ATTITUDES TOWARD PLANT-BASED PROTEINS
Meat alternatives still not universally embraced as healthier 
Figure 39: Attitudes toward meat alternatives, by dietary preferences, February 2021
Offer convenient options to appeal to parents…
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 
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 
Figure 42: Select opinions on plant-based meat alternative retail placement, by dietary preference, February 2021
APPENDIX – DATA SOURCES AND ABBREVIATIONS
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 
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