While food sales rose just 2% year-over-year, plant-based food sales saw an increase of 20% over last year, topping $3.3 billion, according to Nielsen and the Plant Based Foods Association (PBFA).
“The plant-based foods industry has gone from being a relatively niche market to fully mainstream,” said Michele Simon, PBFA executive director. This is the second year PBFA released Nielsen retail sales data. Last year, plant-based foods grew 8%
Plant-based dairy alternatives, excluding milks, are experiencing explosive growth, up 50%. This includes plant-based cheeses, creamers, butter, yogurt and ice creams.
In addition, the plant-based milk category is up 9%, compared to 3% in 2017, and comprises about half the total dollar volume, at $1.6 billion. By comparison, cow’s milk dollar sales are down 6%. Of total milk sales, plant-based milk comprises 15%.
The growth in plant-based creamers was 131%, with $109 million in sales. In addition, cheeses jumped 43% and had $124 million in sales, while yogurts soared 55% and had $162 million in sales.
Plant-based meats grew 24%, compared to 6% last year, topping $670 million in sales.
Branded and private-label products were included in each plant-based category, and researchers divided the market into these segments: tofu and tempeh, meat alternatives, milk alternatives, other diary alternatives, egg substitutes and mayo, and meals.
For the full story, go to this week’s Food Institute Report.
In The Food Institute's recent webinar "Achieving a self-sustaining business model: Top 3 trends companies need to think about post-COVID-19," Greg Wank, CPA, CGMA, partner and leader of Anchin's food and beverage group, as well as David Eben founder and CEO of Carrington Farms, discussed how to have a more successful business while burning less capital and attaining self-sustainability. The following summarizes the salient points highlighted during the webinar.read more
Chris is a business writer and market analyst that focuses on the Markets, Legal and Washington sections of the Food Institute Report. In addition, he assists in compiling data for various Food Institute publications throughout the year. He invites you to contact him via email at email@example.com to talk about anything food-related.
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