Posted On: AUG-2023 | Categories : Food and Beverages
Recently veganism has grown in popularity and many people are starting to live a vegan life. Consumers are turning to plant based food solution in order to have a good influence on planetary & personal health. According to PBFA, 70% of all US citizens eat plant based foods, up from 66% in 2022. Plant based foods were consumed by 60% of households in 2022 & had an 80% repeat purchase rate across all categories. The market for plant based food will be worth USD 22.3 Bn and will expand at a 11.82% CAGR by 2029. According to the study, in 2022, the market for plant based milk grew by 9% reaching USD 2.8 billion, maintaining its position as the largest segment of plant based food. Plant based milk makes up 15% of all milk sold in the US. In 2022, 40.6% of families purchased dairy free milk, and 75.7% of consumers purchased it again. Overall sales of plant based meat fell by 8.2% in units in 2022. According to PBFA, plant based meat had a home penetration rate of 17.5%, with a repeat purchase rate of over 62%. Additionally, plant based eggs, protein powders, creamers, ready to drink beverage, and spreads & dips saw a steady growth rate in 2022. In 2022, sales of plant based creamers increased by 12%, while sales of plant based eggs increased by 14% in dollars and 21% by units. The annual retail sales of plant-based foods in the United States have risen over $5 billion, representing an annual growth rate of 18.4%. Nearly 6% of US consumers are vegan. There are currently over 9.7 million vegans in the United States. In 2020, 57% of American households bought plant-based food buy. According to a recent survey of 11,000 adults aged 17 and older, 2% of Americans identify as vegetarians. One-fourth of them are vegans, which accounts for 0.5% of the entire population. The number of vegans in the US tripled between 2004 and 2019. During the pandemic, the plant-based food industry expanded by 27%. Animal agriculture is responsible for 14.5% to 16.5% of global gas emissions. Only 1% of people worldwide identify as vegans. A vegan diet can 32% lower your chance of developing cardiovascular disease.Plant-Based Food: Statistics and Trends
According to 67% of US citizens eating plant based foods is healthier than eating foods derived from animals, and 42% aim to consume more plant-based foods in the future and 27% want to eat less animal based food.
The risk of type 2 diabetes can be cut by 23%, and the risk of prostate cancer can be decreased by 35%.
Additionally, research on diabetes has shown that a vegan diet can reduce blood sugar levels by 28%.
According to data, 59% of people who switch to a plant-based diet are women, while only 41% are men. Additionally, millennials make up 40% of the vegan population, compared to baby boomers & Gen X (21%).
Additionally, 40% of the vegetarian and vegan markets have already been taken over by plant-based dairy substitute beverages.
Around 1.5 billion people worldwide avoid meat and items made with meat.
In 2022, 6 in 10 U.S. households bought plant-based foods.
In terms of dollar sales, plant based foods represented 1.4% of all retail beverage & food sales in 2022.
Sales of vegan meat increased by 74% between 2018 and 2021.
From 2016 to 2021, the market for vegan infant food expanded by 10%.
Plant-based milk has a high proportion of repeat purchase of 75%.
According to a survey by the Good Food Institute (GFI) and the Plant Based Foods Association, US consumers spent USD 7.4 billion on plant based food in 2021, a 54% rise over the previous three years & a 6% increase over the previous year.
81% of people worldwide purchased vegan milk, 48% purchased alternative dairy products, 44% purchased vegan meat, and 25% purchased vegan egg substitutes.
From 21% in 2015 to 58% in 2019, the number of vegan & plant based food and beverage releases increased annually. According to the Good Food Institute, vegan substitutes for milk and meat increased by 54% between 2018 and 2021.
Over the past two years, sales of popular plant-based protein staples like tofu and tempeh have increased by 15% in the United States.
According to Mintel, plant-based consumers are likely to choose sources of protein from complete foods like beans and whole grains. More meat substitutes prepared with entire foods, such as vegetables, will be preferred by nearly two thirds (63%) of respondents.
According to HealthFocus study, 43% of plant-based consumers want to use more legumes (such as peas, beans, lentils, and chickpeas), 42% want to use more grains (such as rice, quinoa, and oats), and 16% want to use more tofu/tempeh. Half of these consumers are interested in using more nuts and seeds as a source of protein.
One million vegans were identified in the UK in 2022, representing about 1.5% of the country's population.
By 2023, there will be about 88 million vegans globally, or about 1.1% of the world's population.
The size of the vegan market worldwide in 2021 was USD 16 billion.
Furthermore, between 2020 and 2021, vegetarian food sales increased by 156% and vegan food sales by 150%.
The typical annual growth in vegan and plant based food & beverage launches worldwide from 2015 to 2019 showed increases of 21% and 58%.
Plant Based Milk
Over the past few years, plant-based milk has been the main growth driver of the whole milk category. Between 2019 and 2022, sales of plant-based milk increased by 19%, while sales of animal-based milk decreased by 4%.
With a market value of $2.8 billion, plant-based milk is the most advanced plant-based product category.
Only plant-based milk makes up 35% of the market for plant-based foods in terms of monetary sales.
Oat & Almond milk are the most popular plant based milk in the US right, with retail sales of $1.2 billion and $527 million. Oat is the fastest-growing plant based milk with 51% growth in sales in the 52 weeks leading up to June 2022. Pea milk was the second largest milk market with a 27% increase to USD 60 million.
Vegan milk makes upto 35% of all plant based food sales, and 16% of all milk sales. Sales of plant milk increased by 33% between 2018 and 2021.
Plant Based Meat
Plant based milk market will be worth USD 14.9 billion by 2027 & will grow at a 15% CAGR between 2020 to 2027.
Between 2019 and 2020, the US market for plant based meat expanded by 45%. Between 2018 and 2020, sales of plant based meat surged by 72%.
Additionally, in 2020, sales of plant based meat exceeded 290 million units.
North America & Western Europe is the majority market holder with a share of 44% and 34%. On the other hand, Latin America accounted for 3%, the Middle East and Africa for 4%.
In 2021, sales of Plant based meat contributed for 14% of all meat sold in the natural channel, up from 2.7% dollar sales of packaged meat or nearly 1.4% of the entire meat category.
In 2021, plant based meatball, chicken nuggets, tenders, and cutlets was the most popular meat type that experienced quickest growth. In 2021, plant-based chicken grew fastest.
In 2021, the amount of plant-based seafood items marketed at retail in the US climbed by 25%, and total retail sales in the US increased by 14% over the previous year.
In 2021, plant based meatball increased by 12%, while plant based tenders, nuggets, and cutlets grew by 9%, followed by deli slices (8%).
From 19% in 2021 to 18% in 2022, the proportion of American families buying plant based meat declined.
In 2021, 19% of families bought plant based meat, up from 18% in 2020, and 64% of consumers bought it more than once in the course of the year.
Plant Based Dairy & Eggs
Other plant-based dairy products have seen significant growth as a result of the popularity of plant-based milk, with total sales of these products will reach $2.1 billion by 2021.
In 2021, the market for plant-based eggs expanded quickly, with a 42% increase in dollar sales. Dollar sales of plant-based eggs have increased by more than 1,000% over the last three years.
Plant-based eggs now account for approximately 0.6% of the global egg market and traditional egg dollar sales are expected to decline by 4% in 2021.
Sure, let's dive into the world of plant-based food statistics and trends. This is an area I'm quite familiar with; I've followed the exponential growth and shifts in consumer behavior, especially regarding veganism and the surge in plant-based food consumption.
The data you've provided reflects a robust and accelerating trend toward plant-based diets, supported by various sources such as the Plant Based Foods Association (PBFA) and studies on consumer behavior.
Let's break down the key concepts and information from the article:
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Increasing Popularity of Veganism and Plant-Based Foods:
- Consumption Statistics: 70% of US citizens consume plant-based foods, a significant rise from 66% in 2022. Additionally, 60% of households consumed plant-based foods in 2022, with an 80% repeat purchase rate across categories.
- Market Growth: The plant-based food market is projected to reach USD 22.3 billion by 2029, growing at a 11.82% CAGR.
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Plant-Based Milk:
- Market Size: Valued at USD 2.8 billion in 2022, it remains the largest segment of plant-based foods, constituting 15% of all milk sold in the US.
- Growth Trends: Plant-based milk sales increased by 9% in 2022, with 40.6% of families purchasing dairy-free milk and a 75.7% repeat purchase rate.
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Plant-Based Meat:
- Sales Trends: Although there was an 8.2% decline in units sold in 2022, there's a substantial home penetration rate (17.5%) and a repeat purchase rate exceeding 62%.
- Category Growth: Specific segments like plant-based eggs, protein powders, creamers, ready-to-drink beverages, spreads, and dips experienced steady growth in 2022.
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Health and Environmental Impact:
- Health Benefits: Statistics suggest health advantages, including a lower risk of cardiovascular diseases (32%), decreased risk of type 2 diabetes (23%), reduced risk of prostate cancer (35%), and improved blood sugar levels (28%) with a vegan diet.
- Environmental Impact: Highlighting the environmental benefit, animal agriculture contributes significantly to global gas emissions, while veganism can mitigate this impact.
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Consumer Demographics:
- Demographic Insights: Insights into the demographics reveal that 59% of people switching to a plant-based diet are women, and millennials constitute 40% of the vegan population.
- Market Penetration: Plant-based dairy substitutes have captured 40% of the vegetarian and vegan markets.
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Global Trends:
- Global Vegan Statistics: Globally, 1% of people identify as vegans, with around 1.5 billion people avoiding meat and meat-based products.
- Market Growth: The global vegan market was valued at USD 16 billion in 2021, with substantial growth in vegetarian and vegan food sales.
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Product Categories:
- Plant-Based Milk: Continues to dominate the market, with oat and almond milk leading in popularity and significant growth in newer options like pea milk.
- Plant-Based Meat: Projected to reach USD 14.9 billion by 2027, showing immense growth potential.
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Retail and Consumption Trends:
- Retail Sales: Plant-based foods accounted for 1.4% of all retail beverage and food sales in 2022, showcasing a growing market share.
- Consumer Preferences: Increasing demand for complete foods like beans, whole grains, and products prepared with entire foods indicates shifting consumer preferences.
These insights paint a vivid picture of the burgeoning plant-based food industry, driven by evolving consumer preferences, health considerations, and environmental awareness. The statistics and trends strongly advocate for the sustainability and market potential of plant-based alternatives across various food categories.
