Plant-based food retail sales have risen three times faster than overall food sales, according to new data published in a research by The Good Food Institute (GFI), the Plant-Based Foods Association (PBFA), and SPINS.
Despite the turbulent economic conditions brought on by the pandemic, sales of plant-based items such as milk, meat, and eggs outperformed those of the non-vegan alternatives.
When it comes to the plant-based industry, the egg category has seen the most rise. Plant-based eggs were determined to be the fastest-growing vegan category, with a 42 percent increase. Dairy-free creamers had a 33 percent increase, while ready-to-drink drinks saw a 22 percent increase.
The Challenge on Dairy
Non-dairy milk currently has a 16 percent share of the plant-based market, up from 12 percent in 2018, resulting in $105 million in revenue increase. Dairy milk, on the other hand, had a $264 million loss.
Almond milk was found to be the category leader, accounting for 59 percent of total plant-based milk sales, followed by oat milk at 17 percent.
Upcoming Growth
Plant-based meats, the second-largest plant-based category, remained robust at $1.4 billion. Over the last three years, sales have increased by 74%, nearly double those of animal-based meat.
Meat-free burgers continue to be the most popular product type within the plant-based meat category. Vegan meatballs, chicken nuggets, tenders, and cutlets were the most popular products.
According to the survey, 62% of US households now buy plant-based goods, up from 61% in 2020, indicating that the plant-based market will continue to grow in the coming years.
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