New Report: Plant-Based Meat Poised for Growth, Despite Recent Challenges

CLEVELAND OH, September 3, 2024 -- According to Packaged Facts’ new report Meat, Poultry, & Seafood Alternatives: Plant-Based and Cell-Cultured Types, though the pandemic brought fast growth to the plant-based meat market as consumer adoption soared in 2020, plant-based meat has faced significant challenges in more recent years.

Despite a recent downturn, Packaged Facts expects that plant-based meat suppliers will take advantage of growth opportunities, reversing trends of decline in the forecast period. Overall, the plant-based meat market is forecast to grow at an average rate of 2.4% through 2029.

Additionally, Packaged Facts examines the uncertain landscape for cell-cultured (or cultivated, lab-grown) meat products. Two cultured chicken products were first approved for sale in the US in 2023, so cultivated meat products represent the next frontier of possibilities for meat alternatives.

Cell-cultured meat, poultry, and seafood products may go by many names in corporate and consumer culture, including “cultivated”, “cultured”, “lab-created”, “lab-grown”, “cell-based”, “slaughter-free”, “cruelty-free”, “clean”, “in vitro”, and “synthetic” meat.

Plant-based meat alternatives within the scope of this report include those that use plant proteins to attempt to replicate the flavors, functions, and/or textures of meat. These products’ naming and advertising conventions often incorporate terms such as:

• plant-based meat
• vegetarian/vegan meat
• meatless meat
• words that are clearly altered forms of the names of the meat products that they are imitating (e.g., chick’n, saus’ge)

Packaged Facts’ May 2024 National Online Consumer Survey reveals that 20% of consumers report using plant-based meat, poultry, or seafood products. Additionally, 42% of consumers say they are open to trying plant-based meat, poultry, or seafood products.

This Packaged Facts report analyzes the dynamics of the current landscape of the plant-based meat market, plant-forward diets and eating philosophies, and the up-and-coming cultured meat market. Consumers who eat plant-based meat, poultry, or seafood products and those who are open to trying cultivated meat products are examined. Trends including consumer usage of plant-based alternative products, reasons for diet and lifestyle choices, retail and restaurant trends, and the COVID-19 pandemic’s effects on consumers are also investigated.

Historical market size for the retail plant-based meat alternatives market is provided from 2018 through 2023. Forecasts for the plant-based meat market are provided from 2024 to 2029 and 2034. Numbers for the plant-based meat market include breakouts by meat type (beef, chicken, pork, seafood, turkey, fruit and vegetable non-analogs, non-specified meats, and other meat types), meat form, and storage method (refrigerated, frozen, or shelf-stable).

This report also provides foodservice market estimates for plant-based meat alternatives by meat type from 2018 to 2023 and forecasts from 2024 to 2029 and 2034.

Additionally, this report examines the uncertain landscape for cell-cultured (or cultivated, lab-grown) meat products. The reasons for and implications of shifts in consumer perception and behavior are analyzed in the context of future market opportunities.

Major competitors in the plant-based meat alternatives space, funding for plant-based meat alternatives and cultivated meat companies, and development of ingredients and new products are examined.

The report has dozens of tables showcasing numerical survey data on consumer demographics and psychographics and numerous marketing photographs. This report goes in-depth on historical COVID-19 and inflation trends that have affected the food and beverage market.

For more information, see the Meat, Poultry, & Seafood Alternatives: Plant-Based and Cell-Cultured Types report page.

About Packaged Facts  

Packaged Facts is a consumer research arm of The Freedonia Group. Packaged Facts publishes market intelligence on a wide range of market topics, including consumer demographics and shopper insights, the food and beverage market, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website.