The US’ burgeoning plant-based industry contributes $13.7 billion to the country’s economy annually, according to a new report.
The data was compiled by the Plant Based Foods Association – a trade association representing 52 of the nation’s leading plant-based food companies.
The report also estimates that the industry creates more than 60,000 jobs that pay a total of $3.6 billion in income each year.
According to report author Jon Haveman of Marin Economic Consulting: “The plant based foods industry is a fast growing industry creating good, high-paying jobs.”
He added that incomes in the plant-based foods sector average $59,400, which is about $13,000 higher than the average U.S. income.
Looking at current rate of growth, the reported predicted that the plant-based food industry will add more than 2,000 jobs to the economy each year.
A spokesperson said: “According to the report, economic activity in the plant-based foods industry leads to sales of $13.7 billion a year throughout the U.S. economy.
“In addition, the analysis estimates that plant-based food companies pay $1.1 billion in federal and state taxes each year, which represents 20 percent of the industry’s revenues.
“The report predicts that at current growth rates, the plant-based food sector will generate $13.3 billion in tax revenues over the next 10 years.”
Michele Simon, Executive Director of the Plant Based Foods Association, added: “This new data, combined with recent environmental research showing that meat substitutes produce 10 times fewer greenhouse gas emissions than similar beef products, points to why public policies should support the growing plant-based foods industry.
“Plant-based foods are not only great for the nation’s economic health, they’re better for your own health and have a lighter environmental footprint.”