Food Dive: Plant-based sales hit $8B in 2022
Plant-based food sales reached $8 billion in 2022, an increase of 6.6% from the previous year according to statistics from SPINS and reported by the Plant Based Foods Association and the Good Food Institute.
Most categories saw sales increase. Plant-based milk, which is the largest category in the space by far, grew 8.5%, tallying $2.8 billion in sales. Three categories saw sales drop: plant-based meat, which decreased 1.2%; ice cream, which fell 4.5%; and cheese, which was down 2%.
Last year was difficult for all food makers, as intense inflation and supply chain issues increased prices and impacted supplies. Many plant-based meat companies had an especially bad 2022, with layoffs, operating losses and company closures.
In its report, PBFA said the numbers from 2022 show plant-based food is a resilient category with real staying power.
Last year was not easy for any food company, and inflation hit the plant-based sector especially hard. Because these companies are relatively small and don’t have the same massive scale as more traditional items, plant-based prices tend to be more expensive. As inflation led consumers to cut back on spending, the report shows they didn’t cut out plant-based items.
“This success is a testament to the dedication of consumers who are looking for plant-based options for every eating occasion, and the innovative brands and marketplace partners who are working to meet growing demand for sustainable, healthy, and delicious options,” PBFA CEO Rachel Dreskin said in a written statement.
The study, which includes several different data points on plant-based sales and consumer behavior, shows plant-based consumers have grown more entrenched through the years. Overall, plant-based foods have a 60% household penetration, and an 80% repeat purchase rate.
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