New data has been released which shows the total market for plant based food sales has now reached over $3 billion, and shows a growth of over 8 per cent in the space of a year.
The recently released statistics from a study funded by the Plant Based Foods Association and The Good Food Institute with the data collected by Neilsen, shows the total market for plant based food sales has now reached over $3 billion, and shows a growth of over 8 per cent in the space of a year. Included in the data is sales information from merchandisers of mass products including dollar, drug, club, grocery, military shops and Whole Foods.
One area which is growing at a rapid rate is the dairy alternatives segment, which has seen a 20% sales rise. The data in this sector takes into account the total sales figure of vegan cheeses, yoghurts and ice cream. Vegan yoghurts have gone from strength to strength over the last year, and experienced a 56% growth in sales this past year. The sector topped $700 million in sales over the past year.
Sales of cow’s milk feel by around 5%, whilst the plant-milk sector sales has risen by 3.1% from the previous year.
The Good Food Institute, executive director, Bruce Friedrich, said:
“There is a revolution going on in the plant-based meat space. Right now, the sector is small, but growing, and we are working hard to create a viable market sector. It is especially impressive to see that all the plant-based companies are working cooperatively, because a rising tide will lift all boats.”
Michele Simon, Executive Director or the Plant Based Foods Association, added:
“It’s exciting to see the steady growth of the plant based foods industry. With this new baseline data, we have a solid foundation for this young industry to grow each year.”