New data has been released which shows the total market for plant based food sales has now reached over $3 billion.
The recently released statistics from the Plant Based Foods Association and the Good Food Institute shows a growth of over 8 per cent in the space of a year.
One area which is growing at a rapid rate is the dairy alternatives segment, which excludes milk but includes cheese, yoghurts and ice cream. It topped $700 million in sales over the past year with a 20 per cent growth.
The Good Food Institute, executive director, Bruce Friedrich, said: “There is a revolution going on in the plant based meat space. Right now, the sector is small, but growing, and we are working hard to create a viable market sector.
“It is especially impressive to see that all the plant based companies are working cooperatively, because a rising tide will lift all boats.”
Michele Simon, Executive Director or the Plant Based Foods Association, added: “It’s exciting to see the steady growth of the plant based foods industry. With this new baseline data, we have a solid foundation for this young industry to grow each year.”