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The sector will grow at a Compound Annual Growth Rate of 24 percent over the next five years says the data from Research & Markets.
The major vendors in the US plant-based meat market are identified as Beyond Meat; Impossible Foods; Greenleaf Foods; Hungry Planet; and Next Level.
Vegan meat growth
“The exponential growth of food trucks, delivery, and takeaway and the increasing number of consumers experimenting with new kinds of foods is driving the growth of the US market,” says the report.
“In the US plant-based meat market, leading vendors are drawing the attention of consumers and creating appeal for plant-based meats. Many players are leveraging various possibilities and definitions of meat substitutes and are expected to gravitate towards creating a pull in the US market.
“The top manufacturers are trying to layer flavor over flavor, color over color, texture over texture to attract the maximum number of consumers in the US market. Strategic partnerships are vital for expansions in the US plant-based meat market.”
Vegan food sales in the US
The vegan meat sector is growing slightly faster than the vegan food market as a whole, which saw sales skyrocket by more than 20 percent between 2017 and 2018, topping $3.3 billion, according to data from the Plant Based Foods Association.
Michele Simon, Executive Director of the Plant Based Foods Association (PBFA), said: “The plant-based foods industry has gone from being a relatively niche market to fully mainstream.
“Plant-based meat and dairy alternatives are not just for vegetarians or vegans anymore; now even mainstream consumers are enjoying these delicious and innovative options in the market today.”