Plant-based food sales in the US retail sector grew by 27 percent in 2020, and exceeded $7 billion.
The data*, commissioned by the Plant Based Foods Association (PBFA) and The Good Food Institute (GFI), was published today.
Plant-based food sales
It found the plant-based food market grew almost twice as fast as the total US retail food market. Which, increased 15 percent in 2020 due to COVID-19 shutting down restaurants.
The report also says the value of plant-based meat – the second-largest plant-based category – hit $1.4 billion last year.
Moreover, plant-based milk (the largest plant-based category) reached $2.5 billion and accounts for 35 percent of the total plant-based food market.
‘A fundamental shift’
Moreover, Julie Emmett is the Senior Director of Retail Partnerships at PBFA. In a statement sent to PBN, she said: “The data tells us unequivocally that we are experiencing a fundamental shift… An ever-growing number of consumers are choosing foods that taste good and boost their health by incorporating plant-based foods into their diet.
“As this industry surpasses the $7 billion threshold… PBFA is excited to continue our work to help build a sustainable infrastructure, including domestic ingredients sourcing, for this growing demand to expand access to plant-based foods.”
‘A breakout year for plant-based foods’
Kyle Gaan is a Research Analyst at GFI. He added: “2020 was a breakout year for plant-based foods across the store.
“The incredible growth we saw in plant-based foods overall, particularly plant-based meat, surpassed our expectations and is a clear sign of where consumer appetites are heading.
“Almost 40 percent of households now have plant-based milk in their fridge. And, at this rate, it won’t be long until we see just as many households purchasing plant-based meat.”
*GFI and PBFA commissioned the data from SPINS and custom refined the data to reflect only plant-based products that directly replace animal-based products