If you weren’t convinced that veganism is here to stay, perhaps this will provide a little bit of context.
According to figures provided by The Good Food Institute, plant-based food sales have increased by approximately 11 percent in the past year alone, with a total market valuation of $4.5 billion. That’s five times faster than the total United States retail food sales in just last year alone.
Of all the plant-based products, plant-based yogurt surprisingly saw the most growth at 39%, while traditional yogurt sales decreased by 3%. Refrigerated plant-based meat alternatives were the second-best performing plant-based group, with a total spike in sales of 37%. However, sales in the traditional meat industry (animal products) rose by only 2%.
Similarly, sales of plant-based ice cream and frozen sweet products rose by nearly 25% and plant-based cheese sales rose by nearly 20%. At the same time, plant-based milk products have spiked in sales by at least 6%, while dairy-based milk dropped by 3%.
As you can see, the plant-based industry is quickly becoming one of the fastest-growing and best-performing sectors in the food industry.
As big-league players in the industry continue to increase their reach and efforts, we can only expect to see traditional companies expand their offerings to accommodate the changing times.