According to new data from the Good Food Institute (GFI), America’s love affair with plant-based food products continues to grow stronger. The US market is now worth $5 billion and is expanding five times faster than overall food sales, the new figures show.
“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 behavior. This is a tipping point, with so much product innovation yet to hit the market.”
Caroline added: “Shifting consumer values have created a favourable market for plant-based foods, which have significantly outpaced overall grocery sales increases for three years running, making plant-based foods a growth engine for both manufacturers and retailers. This is really only the beginning: plant-based foods will continue to expand rapidly across the store in response to demand as consumers increasingly switch to foods that match their changing values and desire for more sustainable options. We expect further acceleration in 2020.”
The data, which reveals popular plant-based meat products, the second-largest category, now have a value close to $1 billion, was compiled by GFI in collaboration with the Plant Based Foods Association.
For more on this topic, read what the executive director of GFI, Bruce Friedrich, had to say in his recent article for Innovators Magazine.