US Plant-Based Meat Sector Worth $2.2B, As Foodservice Sales Reach All-Time High

The plant-based meat sector in the US is thriving, with sales reaching $2.2 billion across retail, foodservice, and e-commerce. Despite a 2% increase in total sales revenue, pound sales for plant-based meat have declined due to inflation-induced price increases. Plant-based beef remains the most popular alternative protein, followed by tofu, grains/nuts/vegetable-based products, chicken, and pork. Consumer preferences have shifted towards meat analogues, with vegan chicken, pork, and seafood seeing significant rises in sales.

Foodservice locations, especially quick-service restaurants, lead in plant-based protein pound sales. Younger, male, and Black, Hispanic, and Asian consumers are more likely to purchase plant-based meat, with an increasing number of repeat customers showing eagerness for more alt-protein options. The report emphasizes the need to focus on taste and price to reach more meat-eaters and expand the plant-based market further.