New data released by The Good Food Institute (GFI) and the Plant Based Foods Association showed that plant-based food sales bucked the trend as the total US retail food market grew by just 2% in dollar sales during the same period.
The value of plant-based meat, which was the second-largest category, was revealed to be worth $939m (£734m), with sales growth of 18% in 2019. This grew over six times faster than conventional meat and now accounts for 2% of retail packaged meat sales.
According to data analysis from IRI, 14% of US households now purchase plant-based meat. The growth was driven mostly by placing new plant-based meat products adjacent to conventional meat in the refrigerated segment, the research said.
Growth of refrigerated plant-based burgers had been especially robust, with sales up 123% and reaching $283m (£221m) in 2019
The largest category was plant-based milk, which it revealed had now surpassed $2bn (£1.5bn) and accounted for 40% of the total plant-based food market.
Plant-based milk grew 5% in dollar sales and sold 7% faster last year, while cow milk sales were flat. Almond milk was the category leader with 65% of dollar sales, while oat milk was the fastest-growing type of plant-based milk, with dollar sales rising by 686% in 2019.
“Clearly plant-based is a lasting trend that is gaining power over time,”said The Good Food Institute associate director of corporate engagement Caroline Bushnell.
“We see a steady rise in plant-based products year-over-year across regions, which indicates that this is not a bubble or a fad, but a real change in consumer behaviour. This is a tipping point, with so much product innovation yet to hit the market.”
Source: Thanks https://www.foodmanufacture.co.uk/Article/2020/03/04/Plant-based-food-grows-in-US