Plant-Based Industry Bolsters US Economy by $13.7 Billion
New report reveals that growing plant-based sector is aiding US economy.
September 20, 2016
A new report compiled by trade organization Plant Based Food Association (PBFA) found that the plant-based food industry contributes $13.7 billion annually to the United States economy. The report utilized the 2016 IMPLAN model—a standard system that estimates the impact of any given industry on the economy—and deduced that not only did the plant-based sector create more than 60,000 jobs to date, but those employed within the industry are paid $13,000 more per year than the average American salary. The report cited that the sector contributes $1.1 billion annually to the US economy through the payment of federal and state taxes—which is estimated to reach $13.3 billion over the next decade. “This new data, combined with recent environmental research showing that meat substitutes produce 10 times fewer greenhouse gas emissions than similar beef products,” PBFA executive director Michele Simon says, “points to why public policies should support the growing plant-based foods industry.” The PBFA is a trade group representing the $4.9 billion plant-based market category, with founding members such as The Tofurky Co., Daiya Foods, and Follow Your Heart, amongst others.