Alternatives Plant-based food retail sales are growing
Plant-based milk continues to set the curve for plant-based food retail sales. This category now makes up 13% of total retail milk sales, growing 6% in the past year. In the same time period, cow’s milk sales declined 3%.
Emerging plant-based dairy categories like yogurt, cheese, and ice cream are growing even faster as more households discover these other plant-based dairy options:
- Plant-based yogurt grew 39% in the past year (conventional yogurt declined 3%);
- Plant-based cheese grew 19% (conventional cheese remained flat);
- And plant-based ice cream and frozen novelty grew 27% (conventional ice cream and frozen novelty grew 1%).
The accelerating interest in plant-based products is pushing the industry into the mainstream market. Retailers can capture this momentum in their own bottom line by increasing the variety and accessibility of plant-based foods. For plant-based meat, eggs, and dairy, accessibility includes adjacency to conventional animal products, where they are easy for everyone to find.
Total plant-based meat is now worth $800 mill., accounting for 2% of US retail packaged meat sales. Retailers increasingly shelve plant-based meat in the refrigerator section, alongside conventional animal meat, introducing a wider range of consumers to these products and putting all “center of plate proteins” in one convenient place. Consequently, refrigerated plant-based meat sales have taken off to the tune of 37% growth over the past year.