The US plant-based proteins market in 2024 is experiencing a gradual decline, influenced by inflation and evolving consumer preferences. Despite this trend, there are opportunities for brands to innovate through flavor enhancements and partnerships, while emphasizing the nutritional and environmental benefits of plant-based products.
US Plant-based Proteins Market – Current landscape
The environment, cost of living and general wellness all put pressure on consumers’ meat consumption, yet enthusiasm for plant-based replacements can be hit or miss – seen in generally declining markets, post-2020 boom. Comparing products to meat from satisfaction, environmental and wellness standpoints gives brands a reference point to help consumers contextualize plant-based advantages; but brands can go beyond comparisons.
Consumers’ quest for easy variety guides increased plant-based protein purchase nearly as much as health. Beyond flavor innovation, assisting with meal building through sides and sauce suggestions can take products from healthful to indulgent based on consumers’ moods. Brand and foodservice collaborations can tap into existing audiences, and incremental habit improvements can build on frequency. Letting plants speak for themselves and capitalizing on innate nutritional qualities can further let products shine on their own rather than struggle in meat’s shadow.
US Plant-based Proteins Market Report – What’s Inside?
Key topics analysed
- External factors impacting the plant-based protein market.
- Plant-based protein market size and forecast.
- Key players and market innovation.
- Consumer dietary preferences and protein choices.
- Changes in plant-based protein consumption, reasons for increasing and decreasing.
- Plant-based purchase priorities, purchase incentives and interest in innovation.
- Attitudes toward plant-based proteins.
Report Scope
For the purposes of this Report, Mintel has used the following definitions:
- Plant-based proteins: 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: refers exclusively to natural, non-processed or lightly processed (seasoned canned beans) plant proteins such as lentils, beans and chickpeas.
- Plant-based meat alternatives: 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.
Meet the Expert
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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Executive Summary
- What you need to know
- Market size & forecast
- Market predictions
- What consumers want & why
- Opportunities
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Market Dynamics
- Market context
- Market drivers
- Evolving legal landscape between animal products and alternatives
- Graph 1: attitudes toward cultivated meats, by US census region, 2024
- Public health and processing debates intertwined
- GLP-1s enter food and beverage landscape
- Market size and forecast
- Initial market decline to peter into neutral growth
- Retail sales and forecast of plant-based proteins
- Market segmentation
- Stronger predictions for frozen meat substitute segment
- Retail sales of plant-based proteins, by segment
- Graph 2: retail sales and forecast of plant-based proteins, by segment, at current prices, 2019-29
- Retail sales of plant-based proteins, by segment
- Market share/brand share
- Private label takes biggest hit in total plant-based market
- Sales of plant-based proteins, by company
- Strongest frozen performances among Impossible, Beyond Meat
- Sales of frozen meat substitutes, by company
- Struggles across refrigerated market board
- Sales of refrigerated meat substitutes, by company
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Consumer Insights
- The plant-based proteins consumer: fast facts
- Consumer dietary patterns
- A quarter of consumers say they limit or eliminate animal products
- Graph 3: dietary preferences, 2024
- Plant-based meat replacements lead over tofu
- Graph 4: protein purchase, 2024
- Room to build on plant-based frequency
- Graph 5: plant-based protein replacement frequency, 2024
- Changes in plant-based protein consumption
- Eight in 10 plant-based consumers maintaining or increasing purchase
- Graph 6: changes in plant-based protein purchase, 2024
- Variety is the spice
- Graph 7: reasons for increasing plant-based protein purchase, 2024
- Consider varying packaging sizes to improve odds of trial
- Graph 8: reasons for not purchasing plant-based proteins more often, 2024
- Who is purchasing more?
- What motivates them?
- What’s getting in their way?
- Plant-based protein priorities
- Nutrition comes first
- Graph 9: plant-based protein priorities, 2024
- Protein differentiators may especially resonate with younger consumers
- Graph 10: plant-based protein priorities, by generation, 2024
- Brand influence limited, even among deeply engaged consumers
- Graph 11: plant-based protein priorities, by repertoire of plant-based protein purchase, 2024
- Plant-based protein purchase incentives
- Think outside the box with palate parity
- Graph 12: plant-based protein incentives, 2024
- “Healthier or just as satisfying” would capture over half of consumers
- Wrap together convenience and nutrition to join Gen Z’s + Millennials
- Graph 13: plant-based protein purchase incentives, by generation, 2024
- Interest in plant-based protein innovation
- Convenient flavor innovation is tempting
- Graph 14: interest in plant-based protein innovation, 2024
- Pre-seasoned products made from “whole” proteins may have traction
- “Simple” and elevated nutrition appeal to plant-forward consumers
- Graph 15: interest in plant-based protein innovation, by diet type, 2024
- Attitudes toward plant-based proteins
- Plenty of opportunity for brand education
- Graph 16: attitudes toward plant-based proteins, 2024
- Environmental momentum may increase with younger consumers…
- Graph 17: attitudes toward plant-based proteins, by generation, 2024
- …along with tech-forward innovation
- Graph 18: attitudes toward plant-based proteins, by generation, 2024
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Innovation and Marketing Trends
- Launch activity and innovation
- The Better Meat Co works on accessibility
- “Whole cut” options appeal to nutritional minimalism
- Speak up about wellness advantages
- Make environmental advantages tangible
- Evolve to meet consumers’ preferences
- Opportunities
- Foodservice and brand collaborations can liven interest
- Nutrition advantages of plant-based in GLP-1 context
- Two-pronged flavor innovation
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Appendix
- Market definition
- Consumer research methodology
- TURF methodology
- Generations
- Forecast methodology
- Forecast fan chart methodology
- Retail sales and forecast of plant-based proteins, at inflation-adjusted prices
- Retail sales and forecast of frozen meat substitute, at inflation-adjusted prices, 2019-29
- Retail sales and forecast of refrigerated meat substitute, at inflation-adjusted prices, 2019-29
- Changes in plant-based protein purchase, by protein purchase
- Attitudes toward plant-based proteins, by dietary preferences
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