US retail sales of plant-based foods grew by 11.4% to $5 billion in 2019, according to new research by the Plant Based Foods Association and the Good Food Institute.
Plant-based milk is the leading sector, comprising 40% of sales. Annual sales increased by 5% to $2 billion. Almond milk is the main product. Oat milk is showing the highest growth, expanding by 686% in 2019. Plant-based milk now comprises 14% of total milk market. The plant-based creamer market is worth $287 million, plant-based yogurt valued at $283 million. Both segmented expanded by over 90% in 2019.
The plant-based meat sector expanded by 18% in 2019 to $939 million. Refrigerated plant-based meats are fast growing, increasing by 63% to generate a third of plant-based meat sales. Frozen plant-based meat grew by 4% in 2019.
“Plant-based foods remain a growth engine, up 29 percent over the last two years,” said PBFA Senior Director of Retail Partnerships Julie Emmett. “Growth is fueled by innovation in categories across the store and retailers are responding by expanding shelf space to satisfy the rapidly expanding consumer base seeking more plant-based foods.”
Ecovia Intelligence Comment
Sales of plant-based foods are showing a positive trajectory all over the world. Consumers are turning to dairy and meat alternatives because of personal, health and environmental reasons. A major challenge however is innovation: creating novel plant-based foods that do not replace dairy and meat products. The consumer expects, can the industry deliver?
Related Insights: Investment Pouring into Plant-Based Foods
Source: Press Release (31/03)