How big is the United States Meat Substitutes Market?

The United States Meat Substitutes Market size is expected to reach USD 2.25 billion in 2024 and grow at a CAGR of 10.88% to reach USD 3.77 billion by 2029. Read More

What is the current United States Meat Substitutes Market size?

In 2024, the United States Meat Substitutes Market size is expected to reach USD 2.25 billion. Read More

Who are the key players in United States 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 United States Meat Substitutes Market. Read More

Which segment has the biggest share in the United States Meat Substitutes Market?

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

Which is the fastest growing segment in the United States Meat Substitutes Market?

In 2024, the Tempeh segment accounts for the fastest growing by type in the United States Meat Substitutes Market. Read More

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

In 2023, the United States Meat Substitutes Market size was estimated at 2.25 billion. The report covers the United States Meat Substitutes Market historical market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. The report also forecasts the United States Meat Substitutes Market size for years: 2017, 2018, 2019, 2020, 2021, 2022 and 2023. Read More

United States Meat Substitutes Market Trends

Statistics for the 2023 & 2024 United States Meat Substitutes market trends, created by Mordor Intelligence™ Industry Reports. United States 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 united states meat substitutes Industry

Rising soybean prices have resulted in increasing prices of tempeh

The prices of tempeh have been gradually increasing over the years, mainly to combat inflation and the rising soybean prices. The price of tempeh in the United States grew by 4.86% in 2022 from 2017. Since soybeans are the main ingredient used in the processing of tempeh, the rise in the price of soybeans impacted the segmental market price. This can also be linked to the 25% tariff imposed by the US government on soybean trade. 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 of more than 20%. Players are offering products in various packaging formats, such as cans and plastic packs, to serve different utilities.
Soybean prices surged above USD 15.5 per bushel, reaching their highest level since June 2022, driven by mounting concerns over supply shortages as production of soybeans in the United States totaled 4.28 billion bushels in 2022, a 4% decrease from 2021. The estimated production per acre was 49.5 bushels, which was 2.2 bushels less than in 2021. Compared to 2021, the harvested area increased slightly to 86.3 million acres. Meanwhile, on May 31, 2023, the spot price was USD 1,300 cents per bushel, which was down by 10.0% from the same day of the previous month. May 2023 had a 4.4% decline in farm-level soybean prices, which were 11.0% lower than May 2022. The projected range for farm-level soybean prices in 2023 was between -14.8 and 8.0%, with a predicted fall of 4.8%. This was expected to have an impact on the temporary adjustment of the prices of tempeh by 10-15%.