Pheonix Research - Editorial Index
Editorial analysis anchored to industries, segments, and the market intelligence behind them.
US plant-based meat retail fell 10% in dollars and 11% in units in 2025 while the American soybean crush is being built to a record 2,780 million bushels. Textured soy protein is attached to the second number, not the first: it is where a feed-grade co-product of an oil-driven crush gets upgraded into a food ingredient.
Hormel sold 2.3% fewer pounds in fiscal 2025 and took 1.6% more money for them, while Tyson's branded retail volume grew 2.4% against a category down 1.5%. Branded, prepared protein is now the only part of the meat business that grows while the category shrinks — and the commodity underneath still sets the margin.
