US plant-based meat sales are tipped to hit $1 billion in 2020.
According to data from Nielsen, sales of plant meat grew by 10.2 percent in 2019, hitting $946.6 million.
Now the Good Food Institute, a non-profit focused on creating a sustainable food system, says sales could increase further, citing growing demand for more ethical, healthy, and sustainable food as a major factor.
‘Just the beginning’
“2019 was a big year for plant-based meat,” Caroline Bushnell, associate director of corporate engagement for the Good Food Institute, told USA Today.
“It really feels like the tipping point, but it’s just the beginning. We’re in the early days of a major shift.”
In a bid to capitalize on this growing demand, a number of major meat producers have created their own plant-based ranges, including pork giant Smithfield Foods, and Tyson Foods.
According to John Pauley, chief commercial officer at Packaged Meats at Smithfield Foods, the company expects consumer demand for meat-free foods to keep growing.
He said: “As a U.S. food company and global protein leader, providing choice to consumers and adapting to their preferences will remain an integral part of our business.”