How big is the North America Meat Substitutes Market?

The North America Meat Substitutes Market size is expected to reach USD 2.77 billion in 2024 and grow at a CAGR of 10.75% to reach USD 4.62 billion by 2029. Read More

What is the current North America Meat Substitutes Market size?

In 2024, the North America Meat Substitutes Market size is expected to reach USD 2.77 billion. Read More

Who are the key players in North America Meat Substitutes Market?

Amy's Kitchen Inc., Beyond Meat Inc., Conagra Brands Inc., Impossible Foods Inc. and The Kellogg Company are the major companies operating in the North America Meat Substitutes Market. Read More

Which segment has the biggest share in the North America Meat Substitutes Market?

In the North America Meat Substitutes Market, the Textured Vegetable Protein segment accounts for the largest share by type. Read More

Which country has the biggest share in the North America Meat Substitutes Market?

In 2024, United States accounts for the largest share by country in the North America Meat Substitutes Market. Read More

What years does this North America Meat Substitutes Market cover, and what was the market size in 2023?

In 2023, the North America Meat Substitutes Market size was estimated at 2.77 billion. The report covers the North America Meat Substitutes Market historical market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. The report also forecasts the North America Meat Substitutes Market size for years: 2017, 2018, 2019, 2020, 2021, 2022 and 2023. Read More

North America Meat Substitutes Market Trends

Statistics for the 2023 & 2024 North America Meat Substitutes market trends, created by Mordor Intelligence™ Industry Reports. North America Meat Substitutes trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of north america meat substitutes Industry

Tempeh prices in the region are highly dependent on the global soybean market

Tempeh prices gradually increased over the years, mainly to combat inflation and rising soybean prices. The price of tempeh grew by 3.94% in 2022 from 2017. Since soybeans are the main ingredient used to make tempeh, the rising cost of soybeans in the global market is mostly contributing to increasing tempeh prices. With the rising production and raw material costs, regional manufacturers either import from their facilities in other producing countries or partner with a different manufacturer.
Prices of tempeh are comparatively similar in Mexico and Canada, which is almost 50% less than in the United States. The market has seen the presence of numerous variants of tempeh, with plain tempeh being sold at a lower price compared to other value-added products. Organic tempeh is the most popular value-added tempeh form currently present in the market and is sold at a premium price. Players are offering products in various packaging formats, such as cans and plastic packs, to serve different utilities.
The price of tempeh is directly linked to the price of soybeans in North America, and the market's future is highly dependent on soybean prices. In 2023, soybean prices weakened in May due to expected growth in supplies and a downward trend in outlook. Prices averaged 1,369 cents per bushel in May 2023, which was 8.0% lower than April’s price and also down by 17.6% from the same month in the previous year. Meanwhile, on May 31, 2023, the spot price was 1,300 cents per bushel, which was down by 10.0% from the same day of the previous month. Stricter customs checks in China, likely a government move to support demand for domestic soybean production, and weaker-than-expected economic data from China are expected to hinder market prices during the study period further.