Replacing animal products in the food system is a multi-billion-dollar industry, and it’s only getting bigger.
Today, The Good Food Institute and our friends at the Plant Based Foods Association (PBFA) released newly commissioned data about the market for plant-based meat, dairy, and eggs. The data comes from Nielsen, a leading research group.
[You can find the full release and details on Nielsen’s methodology – which is more interesting than you would think! – here. The data does not include restaurants or foodservice.]
Refrigerated plant-based meats and plant-based dairy products like coconut yogurt and cashew cheese (but excluding milks) won out as the fastest-growing categories with a 25% and 20% jump in sales, respectively.
As GFI's executive director, Bruce Friedrich, put it:
“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.”
Here are some other growth trends you should know:
-The plant-based foods category grew 8.1% in the past year, topping $3.1 billion in sales.
-Plant-based meat sales grew at a rate of 6%
-Plant-based milk sales continue to grow (3.1%), even as cow’s milk declined by 5% over the past year
Think your business could ride on this rising tide? Apply to join our GFIdeas entrepreneur group to collaborate with peers and get expert support.
To learn more about GFI’s work supporting the growth of the plant-based industry, check out what we do.