Plant-Based Food Skyrocketing
This whole area of the food industry just continues to grow and grow. Take a look:
New data released today by the Plant Based Foods Association (PBFA) and The Good Food Institute (GFI) shows U.S. retail sales of plant-based foods have grown 11.4 percent in the past year, bringing the total plant-based market value to $5 billion. The total U.S. retail food market has grown just 2.2 percent in dollar sales during this same period—and was flat in unit sales—showing that plant-based foods are a key driver of growth for retailers nationwide. This data covers the total grocery marketplace and was commissioned from SPINS, a wellness-focused data technology company and leading retail analytics provider.
The leading drivers of plant-based sales continue to be plant-based milks, meat, dairy alternatives in general, and plant-based meals. Sales of plant-based milks grew 5 percent over the past year, now making up 14 percent of the entire milk category. Meanwhile, cow’s milk sales are nearly flat.
The total plant-based meat category alone is worth more than $939 million, with sales up 18 percent in the past year. Refrigerated plant-based meat is driving growth, up 63 percent.
14% of the milk market is now plant-based. I'm guessing most of that is oat milk and almond milk?
Strong gains. Big growth.
Wowzas.
Grace & Peace & Love to you all -
Matt
