Plant-based foods continue to boom in US
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.”
Food Manufacture is running a conference on The Future of Plant-based Proteins: Roots of Future Growth at the Park Plaza Hotel, Amsterdam Airport, on 27-28 May 2020.
Speakers already confirmed include Dr Peter Hynes, head of research and development at TheMeatless Farm Company, and Zak Weston, foodservice analystat the Good Food Institute.
Sponsors of the conference include Radicle by Kerry and Roquette. Atlantic Natural Foods is also a sponsor while other supporters include Symrise, Ingredion and Firmenich.
