United States Plant Based Food Analysis Report 2024: A $19+ Billion Market by 2030 - Industry Set to Expand with Focus on Nutrition and Sustainability

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Jan 30, 2024, 13:30 ET

DUBLIN, Jan. 30, 2024 /PRNewswire/ -- The "United States Plant Based Food Market, Size, Forecast 2024-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.

The US plant-based food market was valued at US$ 8.88 Billion in 2023 and is predicted to reach a value of US$ 19.07 Billion by 2030, growing at a CAGR of 11.54% between 2024 and 2030

Plant-based ingredients are an increasingly more famous meals choice this is crafted from plant based sources and free from dairy or meat. These components are gaining traction due to their nutritional value, excessive protein content, abundance of minerals and vitamins, and their environmentally-pleasant nature. Similarly, meat alternatives, which are products made to flavor, smell, and seem like real meat however are healthier than meat, also are gaining a popularity. The substances used in these meat alternatives are soy, wheat, and peas.

The plant-based food market in the United States is predicted to grow steadily because of the growing demand for nutritious and eco-friendly options. Many companies have recounted this demand and are introducing plant-based meals items with clean labels and plant-based components. However, the increasing cost of plant based food may additionally avoid growth, especially in countries with low consumer per capita income.

The reputation of plant-based products is on the upward thrust, and it is a trend that is in all likelihood to continue within the United States. With its numerous benefits, along with environmental sustainability and dietary value, this meals choice is increasingly turning attractive to customers.

The US plant based food industry has visible an upward thrust in recent decade due to consumer' growing awareness on decreasing animal product intake. Plant-based meat is gaining more significance, specifically in the context of vegan diets, which involve avoiding animal based foods altogether.

People adopt this way of life for numerous motives, consisting of fitness and ethical issues, promoting sustainability, and preventing animal cruelty in their food and beverages. The market for plant based food is rising, pushed by factors like health concerns, environmental focus, and changing consumer possibilities. The trend towards plant based diets and alternative proteins have been gaining momentum within the United States, and the market is expected to develop even more in the coming years.

The food market is currently experiencing a surge in preference for plant-based diets, along with vegetarian, vegan, and flexitarian, fueled by rising health cognizance and interest in sustainable meal alternatives. According to Amy's Kitchen in April 2023 confirmed that 52% of Americans expressed an interest in vegan food.

Meat alternatives will represent maximum share in the plant-based food market in the United States

The plant-based meat industry inside the US is anticipated to increase appreciably because of the rising reputation of vegetarian and vegan diets. Soy based meat alternatives are becoming increasingly renowned because of their meat-like texture and flavors. Brands and startups inside the US are introducing soy-based products to cater to the developing demand, driven through consumer' desire for allergen-loose ingredients, health interest, sustainability problems, and advanced taste and availability of plant-based products in grocery stores.

Lion's revenue share in the United States plant-based food market is held by Quick Service Restaurants (QSR)

The QSR industry in the US is booming, thanks to the factor including fast urbanization, growing disposable income, and advancement in flavors and capabilities. There has been an extensive growth inside the popularity of plant based meat, with several fast food chains globally leaping on the trend.

KFC, for instance, has become the first fast food chain to introduce a plant based chicken product to its menu. In January 2022, KFC delivered Beyond Fried Chicken nuggets made from plant-based meat to its menu in the US, marking a substantial milestone within the food market journey towards sustainable and ethical meals manufacturing.

Company Analysis: Overviews, Recent Developments, Revenues

Beyond Meat Inc.
Conagra Brands
Maple Leaf Food Inc.
Archer Daniels Midland
US Foods Holding Corp
Kellanova
Tyson Foods
Hormel Foods Corporation

Segments - Market breakup from 14 Viewpoints

Milk
Meat
Meals
Ice Cream
Yogurt
Creamer
Butter
Cheese
Tofu and Tempeh
Ready to Drink Beverages
Condiments, Dressings and Mayo
Spreads, Dips, Sour Cream and Sauces
Eggs
Others

Food Services - Market breakup from 8 Viewpoints

Quick Service Restaurants (QSR)
Full Service Restaurants
Education
Healthcare
Lodging/Casino
Recreation
Business and Industry
Others

For more information about this report visit https://www.researchandmarkets.com/r/1qzi1v

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