This report offers a comprehensive review of the US plant-based protein industry. Data-backed market performance analysis provides the background for consumer preference statistics and expert insights. Below, we’ve provided the topics analyzed and offer hand-selected findings from the full document.
Plant-based protein product sales are expected to continue dipping to pre-2020 levels. At $1.2B in 2024, current forecast indicators show a downward trend to 2029. Inflation plays a part here, yet continued attention on the role of protein in consumer health will maintain general satisfaction.
While all industry players in the plant-based market experienced sales declines from 2023-24, private label and smaller brands’ steeper loss afforded major players market share (+2.5%). Kellogg Company retains nearly a quarter of the total market thanks to MorningStar Farm’s frozen line.
Consumers are gradually changing their protein consumption habits, with many falling under a “flexible” or omnivorous dietary preference. Appealing to this change—whether or not consumers eliminate animal-based protein—involves encouraging the continuation of adding plant-based products to diets. Health is a known positive factor for incorporating plant-based proteins over environmental motivators, and counts toward the dietary variety already appreciated by consumers.
Expensiveness still tops the list of barriers to buying plant-based, yet there’s more to consider. Consumers don’t want to waste money on products they dislike, and as smaller packaging has less potential food and dollar waste, there is a chance to encourage trial by reducing packaging size. With 36% disliking the taste, side and seasoning suggestions can boost temptations for those on the fence.
In the next couple of years, climate and supply chain challenges will continue to put pressure on meat production and provide opportunities for plant-based brands. Though limited by accessibility, cultivated meats may become less fringe, with 40% of consumers agreeing they are a good solution to problems with animal agriculture.
Browse our Future of Animal Proteins and Meat Alternatives 2024 Report for a forward-looking analysis of proteins. For a review of the wider protein industry, including meat, browse our US Protein Market Report 2024.
For the purposes of this Report, Mintel has used the following definitions:
Plant-based proteins are plant or vegetable-sourced proteins, such as beans/legumes, nuts, seeds and grains. Also includes semi-processed sources (tofu, seitan), processed veggie burgers (Morningstar Farms) and processed meat alternatives (Beyond Meat).
Natural PBPs refer exclusively to natural, non-processed or lightly processed (seasoned canned beans) plant proteins such as lentils, beans and chickpeas.
Plant-based meat alternatives are processed plant-based products designed to replicate the taste, texture and appearance of meat. It includes brands such as Beyond Meat, Impossible Foods, Lightlife Foods, Tofurky and Gardein.
Adriana is a Registered Dietitian with a Masters in Nutrition and Dietetics from Benedictine University. She blends her interests in nutrition and consumer behavior to analyze topics within the food, drink & nutrition landscape through a research-informed lens.
In a category saddled with comparisons to “the real thing,” knowing when to stand completely apart or team up with smart partnerships can keep brands moving forward.
Adriana Chychula
Food, Drink & Nutrition Analyst
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