Capitalism

Sales of plant-based food 'products' grew 20% in past year

Daiya Cheezy Mac© Photabulous!

The plant-based food industry is seeing monumental growth this past year, outpacing sales of all retail foods by a 10x.

Total retail growth for the 52 weeks ending in June 2018 showed a 20% increase for all plant-based foods compared to just 2% for the sales of all foods.

Overall, industry sales topped $3.3 billion over the past year according to data the Plant Based Foods Association (PBFA) commissioned from Nielsen.

The data suggests impressive growth across all elements of plant-based meat and dairy alternatives:

By category, here are the growth rates for some plant-based products for the 52 weeks ending June 2018:

The plant-based milk category is up 9% with total sales at $1.6 billion, now comprising 15% of the total milk market.

(Conversely, cowâ€™s milk dollar sales are down 6% for the same period.)

(Conversely, cowâ€™s milk dollar sales are down 6% for the same period.) Plant-based meats grew 24% topping $670 million in sales.

Sales of plant-based creamers clocked in at $109 million in sales, a 131% increase.

Plant-based cheeses grew 43% to $124 million.

Plant-based yogurts grew at 55%, at $162 million in sales.

Companies are increasingly seeing the potential to tap into a rapidly growing market. A recent Gallup poll shows that the number of vegans is up 50% in the past six years. There is also a growing demand from non-vegan health conscious individuals.

PBFA is an American trade association that represents over 100 leading plant-based food companies. The data in this report is for "plant-based foods" which is defined as "foods that directly replace animal products, including meat, seafood, eggs, and dairy, as well as meals that contain direct replacements for these animal products".





Â© The Vegan Authority