Sales of plant-based food grew five times faster than total food sales in the United States in the last year, according to data recently released by advocacy group Good Food Institute (GFI) and trade group Plant Based Food Association (PBFA). Compiled by analytics firm SPINS over a 52-week period ending on April 29, 2019, the data shows that while the retail food market in the United States grew by two percent, sales in the plant-based food sector—which is now worth $4.5 billion—have grown by 11 percent. “Plant-based foods are a growth engine, significantly outpacing overall grocery sales,” Julie Emmett, PBFA Senior Director of Retail Partnerships, said. “We are now at the tipping point with the rapid expansion of plant-based foods across the entire store, so it is critical for retailers to continue to respond to this demand by offering more variety and maximizing shelf space to further grow total store sales.” This data is supported by financial reports released by individual vegan companies, including Beyond Meat which reported a net revenue of $67.3 million last week, attributing it to an increase in sales volumes—representing an increase of 287 percent from this time last year. “This is just the beginning of a massive growth period for plant-based foods,” GFI Director of Corporate Engagement Caroline Bushnell said. “Consumer appetite for plant-based foods is surging as consumers increasingly make the switch to foods that match their changing values and desire for more sustainable options. This growth will continue as more companies bring next-generation innovations to market that really deliver on the most important driver of consumer choice: taste.”
Photo credit: Beyond Meat
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