Plant-based Foods Are Hot, Getting Hotter

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Originally Appeared in Presence Marketing News, February 2020
By Steven Hoffman

The growth of plant-based foods will continue to skyrocket into the new decade, resulting in a continued decline in traditional meat and dairy products, reports Forbes Magazine. The article cites SPINS data commissioned by The Good Food Institute showing that retail sales of plant-based foods in the U.S. increased 31% over the two-year period ending July 2019 to reach nearly $4.5 billion. According to Forbes, plant-based milk is driving the category with total dollar sales of $1.86 billion in April 2019; plant-based meat alternatives totaled $801 million, followed by ready to drink beverages at $103 million. According to Forbes, investment bank UBS predicts that U.S. sales of plant-based protein and meat alternatives will grow from $4.6 billion in 2018 to $85 billion in 2030, and sales of plant-based dairy alternatives could reach $27.5 billion by 2025. Forbes noted that U.S. chocolate company Hershey recently launched two plant-based jerky varieties under the Krave brand, a meat snacks company it acquired for $200 million in 2015.