North America Plant-Based Meat Market Research Report, 2027

North America Plant-Based Meat Market Research Report, 2027

Actual Market Research 23-09-2022 66 Pages Figures : 15 Tables : 28 Region : North America Category : Food & Beverages Food

1. Nestle SA

2. The Kraft Heinz Company

3. Unilever

4. Tyson Foods, Inc.

5. Kellogg Company


Plant-based diets are rapidly gaining traction in North America due to changing consumer eating habits, growing concern over the climate impacts of meat production, food innovations from start-ups, increasing investments, and consumer preferences for variety. While there is still a strong dominance of animal protein-based products among the North American population, plant-based food has gained high traction in the past few years. There is a rising popularity of vegetarianism, veganism, and flexitarian diets, which is conventionally diminishing the demand for animal products in this region. For instance, the number of vegetarian and vegan restaurants in the U.S. and Canada rose from 55 in 1993 to more than 4,300 in 2021. According to the research report "North America Plant-Based Meat Market Research Report, 2027" published by Actual Market Research, the plant-based meat products market is projected to grow at a diminishing growth rate of 10.89% over the forecast period. This is due to the American plant-based meat market being a more mature market while other countries are rapidly changing their eating habits. The Mexican plant-based meat market is expected to grow rapidly at a CAGR of 16.55%, as it is still a growing market. The North American market will be primarily driven by the growing consumption of plant-based meat in Canada and Mexico. The increased health awareness among consumers is expanding the demand for plant-based meat products, particularly meatballs and other products. In addition, the increasing number of product launches and innovations will drive the growth of plant-based meat products in the North America region, although factors such as increasing consumption of animal meat may disrupt the market’s growth. The U.S. and Mexico are the key markets for the plant-based meat market in North America. As a treat for adults and children during the forecast period, fish-style fillets, rice protein, and chia nuggets will go down well as a treat. Wheat holds a major share of the market of USD 1027 million, but it is projected that oat, hemp, and quinoa sources of protein will be used more in North America in the coming years. Increasing numbers of restaurants are adding plant-based meats to the menu, which leads to more consumers learning about this versatile ingredient. In fact, this rising interest has even led to more individuals making the product from scratch at home, meaning the product is becoming increasingly main stream. Plant-based meatballs are increasingly being demanded by the millennials and expected to continue trend in the future years. Consumers in North America are widely seeking to change their seafood eating habits to replace with mock fish products. This is largely due to the decreasing fish volumes and increasing toxins in the water. The various fish products launched in the market by companies made from healthy plant-based ingredients are in high demand. In Mexico, the surging consumer appetite for plant-based food products is driven by factors such as sustainable food options, on-going clean label trends, next-generation innovation to develop sustainable food processing, an organised retail sector, and changing food patterns. Additionally, according to the National Research Council Canada, in 2020, more than 40% of Canadians adopted flexitarian diet habits. Also, there has been an increase in the consumption of plant-based foods in the country. There is a growing awareness about the nutritional benefits of protein sources, such as oats, quinoa, beans, legumes, pulses, and tofu, amongst consumers in Canada. In 2021, about 12% of Canadians identified themselves as vegetarians or vegans. These factors are expected to boost the market for plant-based food in North America in the coming years. Companies are strategically indulging in business expansion and collaborations, specifically in the plant-based meat category, with the existing business opportunities in the plant-based food market. The growing developments provide significant opportunities for plant-based food manufacturers as they increase the demand for plant-based food in North America. During the COVID-19 pandemic, the food industry witnessed significant shifts, but plant-based companies adapted and continued to launch new products and grow sales. Foodservice channel distribution was significantly impaired, and pantry stocking and panic buying led to a sharp increase in retail sales over the prior year. The COVID-19 pandemic and lockdowns have encouraged consumers to order goods online, and this, in turn, has boosted the online sales channels. Major Companies present in the market Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, Quorn Foods, Amy’s Kitchen (US), Tyson Foods Inc., Nestle S.A., Kraft Heinz Company, Unilever (The Vegetarian Butcher), Kellogg NA Co., Conagra, Inc. Considered in this report • Geography: North America • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • North America plant based meat products market with its value and forecast along with its segments • Country-wise plant based meat products market analysis • Various drivers and challenges • On-going trends and developments • Five force models • Top profiled companies • Strategic recommendation Countries covered in the report • United States of America • Canada • Mexico By Sources in the report • Soy • Pea • Wheat • Others By products in the report • Burger Pattie • Sausages • Strips & Nuggets • Meatballs • Others By Type in the report • Beef • Chicken • Pork • Fish • Others (lamb, turkey) By End-User in the report • Retail • HoReCa The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to plant-based meat industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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