Plant-Based Meat Substitutes: A Small Fraction of the US Meat Market

The Rise of Meat Substitutes

Over recent years, plant-based meat substitutes have increasingly mirrored the taste and texture of actual meat. Brands like Beyond Meat even managed to create a faux meat product that simulates bleeding. However, following an initial surge in popularity, the company has experienced a rapid decline.

Why the Hype Died Down

There are several factors contributing to the decreased enthusiasm for plant-based meat substitutes. One reason is the cost of living crisis, which has led many consumers to opt out of purchasing these often pricier items. Another factor is the politicization of plant-based meats. They have become a part of the U.S.'s cultural war, being labeled as a symbol of left-wing politics and contrasted with "real" meat.

Market Share of Plant-Based Meats

Data from Statista’s Market Insights reveals that plant-based meat substitutes made up a tiny fraction of the U.S. meat market in the previous year. Excluding insect-based meat alternatives or cultured, lab-grown meat, sales of meat substitutes totaled $1.4 billion in 2023. In contrast, sales of fresh and processed meat reached nearly $124 billion.

Bottom Line

Despite the advancements in creating plant-based meat substitutes, they still represent a small portion of the U.S. meat market. The decline in their popularity can be attributed to various factors, including economic issues and cultural politics. What are your thoughts on this trend? Do you think plant-based meat substitutes will ever gain a significant market share? Share this article with your friends and discuss. Also, don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.