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 $19 Billion by 2030
The US plant-based food market, valued at US$ 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.
Aaron Smith
Aaron Smith
Professor of Agricultural and Resource Economics at the University of California
Every five years, the Department of Agriculture takes a census of farms, all two million of them. The most recent census occurred in 2022, and USDA released the data this week.
Dr. Sylvain Charlebois
Dr. Sylvain Charlebois
senior director of the agri-food analytics lab and a professor in food distribution and policy at Dalhousie University.
‘Lab-grown’ animal-free dairy protein receives approval, paving the way for sustainable alternatives in the dairy industry.
February 2024
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