Vegan Meat Sales Predicted To Reach $1 Billion In The US This Year
Vegan meat product sales could exceed $1 billion in the US in 2020, as consumer demand for animal-free products grows.
Sales of plant-based meat products increased by over 10 percent in the US last year, to reach $946.6 million.
“2019 was a big year for plant based meat’’ said Caroline Bushnell from the Good Food Institute — a non-profit organization working to create a sustainable food system.
“It really feels like the tipping point, but it’s just the beginning. We’re in the early days of a major shift” Bushnell added — signalling that the vegan meat market could soon smash the $1 billion mark.
Although more people are embracing totally meat-free diets, flexitarians are largely credited with this upward growth of animal-free meat sales.
Global market research firm Mintel claims that 38 percent of people in the US are looking to “add more plant-based foods to their diets,” and that 90 percent of people who consume “plant-based products are not vegetarian or vegan.”
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Capitalizing On Vegan Food
A growing number of meat producers and global fast food chains have recently jumped on the vegan bandwagon, creating new plant-based products for consumers.
“We believe the consumer demand for plant-based products will continue to grow as people continue to seek more choices in their diet” said John Pauley of Smithfield Foods.
“As a U.S. food company and global protein leader, providing choice to consumers and adapting to their preferences will remain an integral part of our business.”
Do you think vegan meat sales will smash $1 billion in 2020? Let us know your thoughts in the comments below!
Tags: Good Food Institute, Mintel, plant based food, plant based meat, vegan, vegan food, vegan food sales, vegetarian