U.S. Plant-Based Food Industry Sees Boost In Annual Sales to $5 Billion
The plant-based food and beverage industry is seeing a vast improvement in sales this past year. According to the retail sales data company SPINS, the total market of the plant-based industry was $5 billion in total sales last year. The executive director of Plant Based Food Association, Michele Simon, noted that that the growth of the plant-based food sector is stable and it is all thanks to the shift of consumers from animal products. In fact, the total sales of meat alternatives grew by 15.9% last year.
This is the reason why products like plant-based milk and refrigerated products have shown growth over the last few years. It seems that there is a steady increase in milk and cheese alternatives with 31.4% sales increase observed. Aside from plant-based cheeses, the market is also dominated by smaller categories of meat options like meatless jerky, mayonnaise and other types of condiments.
What Factors are Growing Plant-Based Food Sales?
So what are the factors boosting plant-based food products? One of the factors influencing sales was the bill introduced by Congress that imposed non-dairy alternatives to omit the milk, yogurt, and cheese on the label. The proper labeling has resulted in less confusion and the public embracing plant-based food choices.
But more than the proper labeling, the change was driven by health, animal, and environmental concerns. While there is still a significant number of people who eat a predominantly carnivorous diet, there is an increasing number of individuals who want to eat more plant-based foods.
The Market: Vegans, Vegetarians, and Flexitarians
This lifestyle movement has caught the attention of many leading food brands. They have incorporated plant-based products to cater to the needs of the growing population of vegans, vegetarians, and flexitarians. Today, many food companies believe in the mantra that catering to the health of the customers is also essential to the health of the enterprise. But aside from people who have embraced the plant-based lifestyle, the plant-based food industry is also popular among people who follow certain strict diets such as the Paleo diet. Plant-based food products are catering to a broad spectrum of consumers.
This is the reason why companies like Daiya Foods, maker of non-dairy cheese substitutes like cheese and yogurt dominated the plant-based food industry. In fact, they sell their products in over 35,000 stores in the country and make more than $100 million in sales each year.
Many people are becoming more aware of the benefits of a plant-based diet, and they embrace it because it is not only good for the health but the environment too. Unlike other food trends, the plant-based diet will never go out of style. It is a significant shift in people’s lifestyle.
Plant-based food products are currently enjoying consumer acceptance. With the rise of the plant-based foods in the United States, consumers are finding healthier options and manufacturers are finding healthy profits.
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