Major opportunities remain in meat and poultry, though not in the usual ways or for the usual players, according to U.S. Food Market Outlook 2019, a report by market research firm Packaged Facts. Leading players have done much to innovate in meat and poultry with new and acquired products that offer premium farm-to-table experiences with authentic stories; organic ingredients; or grass-fed, free-range, and locally raised animals.
Nevertheless, meat substitutes and alternatives have garnered much of the recent attention in the market, causing major producers to rethink their protein opportunities and take action. Packaged Facts estimates retail sales of meat substitutes at about $1 billion, with sales traditionally driven by vegans and vegetarians. With more people embracing plant-based foods, the market has expanded from the popular turkey and veggie burgers to meat-like burgers that “bleed” and offer taste and texture characteristics similar to meat.
“Major food industry players have taken notice of shifting consumer trends regarding protein sources, and are acquiring or investing in plant-based brands to strengthen their competitive edge,” said David Sprinkle, Research Director for Packaged Facts.