Sales of plant-based foods are growing at five times the rate of total food sales and have a market value of $4.5 billion, according to new data released by the Plant Based Foods Association and the Good Food Institute. According to the organizations, U.S. retail sales of plant-based foods have grown by 11% in the past year while total U.S. retail food sales have grown just 2%. The market data was supplied by SPINS, a provider of retail analytics focused on wellness foods.
The plant-based meat category is valued at $800 million, with sales up 10% in the past year. Plant-based meat now accounts for 2% of retail packaged meat sales, according to the organizations. Growth in this area is driven by the refrigerated plant-based meat sector, where sales are up 37%.
The leading drivers of plant-based food and beverage sales are plant-based milks; plant-based alternatives to cheese, yogurt, and ice cream; and plant-based meats. Sales of plant-based milks have climbed 6% over the past year and now represent 13% of the milk category, according to the Plant Based Foods Association. Plant-based yogurt and frozen dessert sales are also growing strongly—up 39% and 27%, respectively.
Source: IFT
