Over the past few years, plant-based meat substitutes have come closer and closer to mimicking the real thing, with brands like Beyond Meat having even sussed out how to create fake meat that “bleeds”.
But, as Statista's Anna Fleck details below, after an initial boom, the company has rapidly come down from its peaks.
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There are several reasons for the hype having died down, one of which being that many consumers decided to move away from buying the often more expensive items amid the cost of living crisis.
Another reason cited is that plant-based meats have become a part of the U.S.’s culture war, labeled as a symbol of left-wing politics and a binary to "real" meat.
According to data from Statista’s Market Insights, plant-based meat substitutes accounted for a mere sliver of the U.S. meat market last year.
Not counting insect-based meat alternatives or cultured, i.e. lab-grown meat, meat substitute sales amounted to $1.4 billion in 2023, while sales of fresh and processed meat added up to almost $124 billion.
