'Shifting consumer values have created a favorable market for alternatives to animal-based foods, and we have already seen fast-paced growth in this space across retail and foodservice markets'

Beyond Meat has raised millions in recent years (Photo: Beyond Meat)

A staggering $13 billion was invested in vegan meat, egg, and dairy companies in the US in 2017 and 2018.

New data from The Good Food Institute (GFI) reveals a total of 16 billion was invested since 2019 - with the last two years accounting for the bulk of the sum.

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The increased investment ties in with growing consumer demand for vegan alternative products - Nielsen data compiled by GFI shows that retail sales of plant-based meat grew 23 percent between 2017-2018 and exceeded $760 million. In comparison, total U.S. retail food sales grew just two percent.

'Global shift away from meat'

"Investors and entrepreneurs are capitalizing on a global shift in the way meat is produced. The market opportunity here is massive," GFI Executive Director, Bruce Friedrich, said in a statement sent to Plant Based News.

"Shifting consumer values have created a favorable market for alternatives to animal-based foods, and we have already seen fast-paced growth in this space across retail and foodservice markets."

Investment and momentum

"These industries are accelerating rapidly, and we are about to see them take off," added GFI Director of Innovation Brad Barbera. "There is a great deal of momentum, which has been brought about by product innovation, greater emphasis on quality, more investment, and a change in consumer values.

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"There is still so much growth possible, and there are great opportunities that come with that. Investors and entrepreneurs recognize the vast market opportunity on offer to get involved while these industries take form."