A new report released by market research firm The Nielsen Company found that various sectors of the plant-based industry posting increased sales. The report identified a boom in the plant-based dairy industry with cheese, yogurt, and ice cream posting a 45, 31, and 25 percent increase in sales, respectively, in the 52-week period ending in April 2018. Nielsen quantified the demographics driving the increase in sales and found that 48 percent of African-Americans, 47 percent of Asian-Americans, 47 percent of Caucasian millennials, and 46 percent of Hispanic consumers are more likely than the average American consumer to purchase vegan products. The report noted that consumers are not solely interested in plant-based foods such as fruit and vegetables, but are increasingly seeking foods such as vegan dairy alternatives and plant-based meat such as the Beyond Burger. The report advised food companies to adapt to the consumer shift, stating that there is a “notable opportunity for brands and retailers looking for ways to capitalize on specific needs and desires among consumers options for plant-based food and beverage option, particularly where no or few options currently exist.”
Photo courtesy of Happy Heart Vegan Gourmet
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