Plant-Based Meat Estimated To Become $10 Billion Industry

Sales of plant-based meats in the US increased by 23% in the past 12 months.

plant-based meat

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.

8% Of Young Brits Believe UK Will Be Meat-Free By 2030

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.

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