New data collected by market research firm Nielsen suggests that the plant-based meat industry could soon become a $10 billion industry.
The data shows that sales of plant-based foods totalled $3.7 billion in the past 12 months, which is a growth of 17%.
While plant-based sales increased by 17%, all US retail sales only grew by an average of 2%.
Plant-based meat enjoyed the biggest growth, with sales up 23% from the previous 12 months.
It is estimated that the US retail market for plant-based meat is now $684 million.
The huge increase in demand for plant-based meat is similar to the demand for plant-based milk in recent years.
Caroline Bushnell, Senior Marketing Manager at GFI, said:
“The plant-based meat category today is reminiscent of the plant-based milk category about 10 years ago, when growth began to really take off,”
“As it follows that trajectory, reaching share of market parity with plant-based milk would make the retail plant-based meat category worth almost $10 billion.”
Beyond Meat was the plant-based business that enjoyed the largest growth, with sales up by 70%.
Gardein also experienced a rise in sales by 51%.
Although the data looked at plant-based meat sales in the US, similar sales in the UK have also been increasing.
Supermarkets such as M&S, Tesco, Waitrose, and Sainsbury’s have all recently added to their plant-based meat collections.
The Beyond Burger has also been launched in 413 pubs across the UK.