US Plant-Based Food Sales Skyrocket: Industry Now Worth $4.5 Billion

Growth of plant-based food sales outpaced conventional animal products and are 'a key engine for growth in the retail sector'
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The vegan food sector is growing (Photo: Beyond Meat)

Plant-based food sales skyrocketed by 11 percent in the US over the last year, bringing the value of the sector to $4.5 billion.

This is according to new data released by The Good Food Institute (GFI) and the Plant Based Foods Association (PBFA).

The stats also show that the total U.S. retail food market has grown just two percent in dollar sales over the same time period.

'Just the beginning'

"This is just the beginning of a massive growth period for plant-based foods," Good Food Institute Associate Director of Corporate Engagement, Caroline Bushnell, said in a statement sent to Plant Based News.

"Consumer appetite for plant-based foods is surging as consumers increasingly make the switch to foods that match their changing values and desire for more sustainable options.

"This growth will continue as more companies bring next-generation innovations to market that really deliver on the most important driver of consumer choice: taste."

Tofurky

The plant-based foods sector is significantly outpacing overall grocery sales (Photo: Tofurky)

'Retailers must respond to demand'

"Plant-based foods are a growth engine, significantly outpacing overall grocery sales," added PBFA Senior Director of Retail Partnerships, Julie Emmett.

"We are now at the tipping point with the rapid expansion of plant-based foods across the entire store, so it is critical for retailers to continue to respond to this demand by offering more variety and maximizing shelf space to further grow total store sales."