Sales growth of plant-based foods continues unabated, even during the coronavirus pandemic when some industry observers expected consumers to revert back to less healthy eating behavior.
A SPINS retail sales data study from March 2020 revealed that plant-based options are out-pacing overall food growth by more than five times, growing 29% in the past two years to $5 billion. The industry is expected to reach $85 billion by 2030.
Furthermore, at the peak of grocery “panic buying” in mid-March, plant-based food sales spiked 90% over the prior year, 25% higher than other food sales, according to a May study by the Plant Based Food Association. Beef and other shortages during the pandemic also helped spur sales of plant-based meat alternatives.
Here are some of the latest new entries into the plant-based segment.