US Plant-Based Food Retail Sales Hit $7.4 Billion, Outpacing Total Retail Sales
Diversifying a food system with plant-based meat, dairy, and eggs provides an opportunity for sustainable food system security in a retail world shaken by supply-side volatility and inflation
Amidst turbulent economic conditions amplified by the pandemic, supply chain issues, and inflation, new data released today by the Plant Based Foods Association (PBFA), The Good Food Institute (GFI), and SPINS, shows US retail sales of plant-based foods grew 6.2% in 2021 over a record year of growth in 2020, bringing the total plant-based market value to an all-time high of $7.4 billion. Overall, plant-based food retail sales grew three times faster than total food retail sales, with most plant-based categories outpacing their conventional counterparts. Meanwhile, the conventional protein market has been rocked by supply chain disruptions and escalating inflation. Conventional meat dollar sales grew three times faster than its unit sales over the past three years, indicating that the apparent growth is driven solely by price hikes.
Plant-based milk's share continues to grow Plant-based milk dollar sales grew 4% and 33% in the past three years to reach $2.6 billion —while animal-based milk sales declined 2% in 2021. Plant-based milk, which now accounts for 16% of all retail milk dollar sales, is the growth engine of the milk category, contributing $105 million in growth, while animal-based milk's decline equated to a loss of $264 million. In the Natural Enhanced Channel, plant-based milk represents 40% of all milk sold, up from 34% in 2018. Forty-two percent of households purchase plant-based milk, and 76% of plant-based milk buyers purchased it multiple times in 2021.