US Plant-Based Food Retail Market Worth $4.5 Billion
The US plant-based food retail market has hit a whopping $4.5 billion, according to a recent report published by the Good Food Institute (GFI).
The report cites an 11% growth in the market between year ending April 2018, and April 2019 — five times the rate for total food retail sales in the US.
Included in the report are numbers for plant-based meats, dairy, meals, eggs and condiments and dressings, as well as tofu and tempeh.
The report also shows that the plant-based dairy alternative category has hit over $3 billion in the US.
The milk alternative market alone is worth $1.8 billion — in part the result of the approximate 37% of US households choosing animal-free milk alternatives. Other dairy listed, such as yogurt, cheese, butter and creamer, are worth $1.2 billion.
The report recommends that retailers “capture this momentum” for their own bottom line by offering a wide selection of dairy alternatives.
The plant-based meat market has also seen significant growth and now is reportedly worth $800 million, a number which accounts for approximately 2% of all packaged meat sales across the US.
What’s your favorite met or dairy alternative? Let us know in the comments below.
Tags: dairy, dairy alternative, growth, meat, meat alterntive, plant based, vegan