The Good Food Institute (GFI) has also released market data from Nielsen showing that the consumer demand for plant-based products is at an all-time high.
The sales of this sector have recently exceeded $3.7 billion.
"While total U.S. retail food sales grew just two percent over the previous 12 months, retail sales of plant-based foods grew a phenomenal 17 percent during the same time period," writes the GFI.
Specifically, plant-based meat, which has increased in popularity thanks to companies like Impossible Foods and Beyond Burger, saw a 23 percent spike in the last year. In the previous year, veggie-based meats only saw 6 percent growth.
Beyond Meat saw sales spike by 70 percent.Read More