The growth in demand for plant-based foods is showing no signs of slowing. An impressive 57% of American households purchased plant-based foods in 2020, up from 53% in 2019. According to SPINS data released by the Good Food Institute and the Plant-Based Foods Association (PBFA), plant-based food retail sales were $7 billion in 2020, a 27% growth rate for products that specifically replace animal-based products. Plant-based meat replacers had $1.4 billion in sales, a 45% jump over 2019 numbers, and made up 2.7% of American retail packaged sales in the meat aisle.
Plant-based dairy replacers are no different. In a recent report published by market research firm Packaged Facts, “Dairy & Egg Alternatives: Outlook for Plant-Based & Cell-Cultured Consumer Products,” it was forecast that sales of plant-based dairy and egg products will continue to rise at an average annual rate of 6.0%, reaching $5.2 billion by 2024.