Retail sales of plant-based foods have grown 11.4% in the past year, bringing the total market value of plant-based foods to $5 billion, according to data from two trade organizations in that space.
The Plant Based Food Association and the Good Food Institute releaseddata commissioned from SPINS, a consumer research company that specializes in wellness-based foods. The SPINS data shows that the growth rate of plant-based food is roughly five times that for food products as a whole.
“Plant-based foods remain a growth engine, up 29 percent over the last two years,” said PBFA Senior Director of Retail Partnerships Julie Emmett. “Growth is fueled by innovation in categories across the store and retailers are responding by expanding shelf space to satisfy the rapidly expanding consumer base seeking more plant-based foods.”
Highlights of the report include:
- Plant-based milks grew 5% over the past year and now make up about 14% of the entire milk category. Cow’s milk sales, by contrast, are nearly stagnant;
- Plant-based analogue meat grew 18% in the past year, with refrigerated analogue meat up 63%, while conventional meat was up 3%;
- Plant-based yogurt has grown 31%, while conventional yogurt declined 1%;
- Plant-based cheese has grown 18%, while conventional cheese grew 1%.