US Protein Report: Meat and Meat Alternatives Market Report 2022

Overview

• What you need to know
• This Report looks at the following areas
• Definition
• Market context

Executive Summary

• Top takeaways
• Market overview
  • Figure 1: Total US sales and fan chart forecast of protein, at current prices, 2017-27
  • Figure 2: Total US sales and forecast of protein, at current prices, 2017-27
  • Figure 3: Total US sales and fan chart forecast of plant-based protein, at current prices, 2017-27
  • Figure 4: Total US sales and forecast of plant-based protein, at current prices, 2017-27
• • Figure 5: Category outlook, 2022-27
• Opportunities and challenges
• Affordable high-protein products can pique younger consumers’ interest
  • Figure 6: Protein consumption, by type, by generation, 2022
  • Figure 7: Important protein attributes, by generation, 2022
• Carve out space for indulgence
  • Figure 8: Correspondence analysis – Symmetrical map – Protein associations, 2022
• Leverage transparency whenever possible
  • Figure 9: Animal-based protein priorities, NET any rank, 2022
• Expand healthful options to retain animal protein-preferring consumers
  • Figure 10: Reasons for plant-based protein consumption, 2022

Market Size and Forecast

• Inflation to keep animal protein sales temporarily elevated
  • Figure 11: Total US sales and fan chart forecast of protein, at current prices, 2017-27
  • Figure 12: Total US sales and forecast of protein, at current prices, 2017-27
• Plant-based protein’s sprint slows to a jog
  • Figure 13: Total US sales and fan chart forecast of plant-based protein, at current prices, 2017-27
  • Figure 14: Total US sales and forecast of plant-based protein, at current prices, 2017-27

Segment Performance

• Inflation and home cooking buoy all protein segments
• Poultry’s position as affordable protein provides slight advantage
• Red meat’s year-over-year increase in part due to CPI bump
• Fish and shellfish to coast through 2027
  • Figure 15: Total US retail sales and forecast of protein, by segment, at current prices, 2017-27
• Consumers pursuing value through cost savings opportunities
  • Figure 16: Total US retail sales of protein, by channel, at current prices, 2020 and 2022
  • Figure 17: Poultry, fish and meat product releases, by store type, rolling quarters 2021-22

Market Factors

• Animal proteins crowned a core feature of American diets
  • Figure 18: Dietary preferences, 2022
  • Figure 19: Poultry consumption frequency, by dietary preference, 2022
• • Figure 20: Red meat consumption frequency, by dietary preference, 2022
• Health concerns may tip the scale in favor of animal meat reduction
  • Figure 21: Age-adjusted prevalence of overweight, obesity and severe obesity among people aged 20 or older, 2001-02 to 2017-18
  • Figure 22: Reasons for plant-based protein consumption, 2022
• A perfect storm leads to record-high meat prices
  • Figure 23: Changes in Consumer Price Indexes for food, 2019 through 2022

Market Share/Key Players

• Private label absorbs some market share
• Sales of protein, by company, 2021 and 2022
  • Figure 24: Multi-outlet sales of protein, by leading companies, rolling 52 weeks 2021 and 2022
• Just Bare Chicken answers calls for simplicity
  • Figure 25: Just Bare Chicken Instagram post
  • Figure 26: Multi-outlet sales of poultry, by leading companies and brands, rolling 52 weeks 2021 and 2022
• Wahlburgers blends appeal to full range of red meat-loving consumers
  • Figure 27: Wahlburgers Flex Blend
  • Figure 28: Multi-outlet sales of red meat, by leading companies and brands, rolling 52 weeks 2021 and 2022
• Aquamar becomes second-largest North American surimi producer
  • Figure 29: Multi-outlet sales of fish and shellfish, by leading companies and brands, rolling 52 weeks 2021 and 2022

Competitive Strategies and Market Opportunities

• Cellular meat advancing toward mainstream consumer accessibility
• Advancements in alternative proteins expand consumer options, but not all meat eaters are impressed
  • Figure 30: Beyond Burger Plant-Based Patties
  • Figure 31: Beyond Meat Facebook post
• Lean into consumer preference for savory, smoky flavors
  • Figure 32: Top 10 meat and meat alternative release flavors, May 2021-May 2022*
  • Figure 33: Cold-Smoked Everything Bagel Sockeye Salmon

The Protein Consumer: Fast Facts

• Nearly all consumers eat meat
• Health consciousness is the main hurdle to sustained meat engagement
• Younger consumers will shop around for the best deal
• Consumers seek to reconnect with food source

Protein Consumption

• Animal-based proteins reign as focal point of consumer diets
  • Figure 34: Protein consumption, by type, 2020-22
• Plant-based protein options speak to younger consumers’ values
  • Figure 35: Protein consumption, by type, by generation, 2022
• Protein affordability woes put “value” definitions in question
  • Figure 36: Protein consumption, by type, by household income, 2022

Protein Consumption Frequency

• Lean into chicken’s dynamic versatility to maintain momentum
  • Figure 37: Protein consumption frequency, 2022
• • Figure 38: Protein consumption frequency, by protein type, 2022
• Target younger plant-curious consumers with familiar favorites
  • Figure 39: Plant-based meat substitute consumption, by age, 2022
• • Figure 40: Plant-Based Chick’n Nuggets
  • Figure 41: Perdue Chicken Plus

Important Protein Attributes

• Coax hesitant consumers with familiar flavors, transparent pricing
  • Figure 42: Important protein attributes, 2022
• Consumers want affordable proteins from brands they trust
  • Figure 43: Important protein attributes, TURF analysis, 2022
• Premiumizations reassure consumers of unfamiliar products’ quality
  • Figure 44: Important protein attributes, by protein consumption, 2022
• Younger consumers receptive to processed protein products
  • Figure 45: Important protein attributes, by generation, 2022

Animal-Based Protein Priorities

• Consumers look for healthful simplicity from animal proteins
  • Figure 46: Animal-based protein priorities, NET any rank, 2022
  • Figure 47: 100% Grass-Fed Ground Bison
• • Figure 48: Ingredients of an All-Natural Egg
• Urban consumers want to reestablish connections to food source
  • Figure 49: Animal-based protein priorities, by area, 2022

Reasons for Plant-Based Protein Consumption

• Plant-based eating motivations born from animal-based shortcomings
  • Figure 50: Reasons for plant-based protein consumption, any rank, 2022

Protein Associations

• Consumers have distinct uses for different proteins
• Poultry satisfies cravings for affordable convenience
• Give permission for guilty pleasures
  • Figure 51: Meyer Natural Facebook post
  • Figure 52: Laura’s Lean Facebook post
• Plant-based protein struggles against “mystery meat” factor
  • Figure 53: Correspondence analysis – Symmetrical map – Protein associations, 2022
• • Figure 54: Protein associations, 2022

Protein Attitudes

• Consumers (reluctantly) warming up to plant-based options
  • Figure 55: Protein attitudes, 2022
• Dads look forward to a future of guilt-free meats
  • Figure 56: Protein attitudes, by gender, by parental status, 2022

Appendix – Data Sources and Abbreviations

• Data sources
• Sales data
• Forecast
• Consumer survey data
• Abbreviations and terms
• Abbreviations

Appendix – The Market

• • Figure 57: Average annual household spending on protein, 2017-22
  • Figure 58: Total US retail sales and forecast of protein, at inflation-adjusted prices, 2017-27
  • Figure 59: Total US retail sales and forecast of plant-based meat substitutes, at inflation-adjusted prices, 2017-27
  • Figure 60: Total US retail sales of protein, by segment, at current prices, 2020 and 2022
• • Figure 61: Total US retail sales and forecast of poultry, at current prices, 2017-27
  • Figure 62: Total US retail sales and forecast of poultry, at inflation-adjusted prices, 2017-27
  • Figure 63: Total US retail sales and forecast of red meat, at current prices, 2017-27
  • Figure 64: Total US retail sales and forecast of red meat, at inflation-adjusted prices, 2017-27
• • Figure 65: Total US retail sales and forecast of fish and shellfish, at current prices, 2017-27
  • Figure 66: Total US retail sales and forecast of fish and shellfish, at inflation-adjusted prices, 2017-27
  • Figure 67: Per capita consumption of poultry and livestock, 1965 to forecast 2022

Appendix – TURF Analysis Methodology

• • Figure 68: Table – TURF Analysis – Important protein factors, 2022

Appendix – Correspondence Analysis Methodology