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World 31.01.2024

United States Plant-Based Food Market Projected to Surpass $19 Billion by 2030

Source: The DairyNews
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ResearchAndMarkets.com to presents the "United States Plant-Based Food Market Analysis Report 2024-2030: A Prognosis of the $19+ Billion Market by 2030.
United States Plant-Based Food Market Projected to Surpass $19 Billion by 2030
Freepik.com
The US plant-based food market, valued at US$ 8.88 Billion in 2023, is anticipated to soar to US$ 19.07 Billion by 2030, with a remarkable compound annual growth rate (CAGR) of 11.54% between 2024 and 2030.

As the demand for plant-based alternatives continues to rise, driven by factors such as nutritional benefits, high protein content, and eco-friendly appeal, plant-based ingredients are increasingly becoming the preferred choice for health-conscious consumers. Meat alternatives, using ingredients like soy, wheat, and peas, are gaining popularity for mimicking the taste and texture of real meat while offering a healthier alternative.

The steady growth of the plant-based food market in the United States is attributed to the increasing preference for nutritious and eco-friendly options. Recognizing this demand, numerous companies are introducing plant-based products with clear labels and plant-based components. However, the potential hindrance to growth lies in the rising cost of plant-based food, particularly in regions with lower consumer per capita income.

The surge in popularity of plant-based products, driven by their environmental sustainability and nutritional value, is expected to persist in the United States. The plant-based food industry has witnessed a significant uptrend over the last decade, propelled by heightened consumer awareness and a desire to reduce animal product consumption.

The growing significance of plant-based meat, especially within vegan diets, reflects a broader shift in consumer preferences towards health, ethical considerations, sustainability, and a commitment to preventing animal cruelty in food and beverages. With health concerns, environmental consciousness, and evolving consumer preferences driving the trend, the market for plant-based food is poised for continued expansion.

A surge in the adoption of plant-based diets, including vegetarian, vegan, and flexitarian lifestyles, is evident, fueled by increasing health consciousness and a growing interest in sustainable meal alternatives. According to a report by Amy's Kitchen in April 2023, 52% of Americans expressed interest in vegan food, underscoring the burgeoning appeal of plant-based options in the food market.
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February 2024
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