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.
“As consumers look to decrease their meat consumption, more and more people are choosing plant-based meat. In fact, 12 percent of households across the U.S. now purchase plant-based meat,” said Alison Rabschnuk, GFI Director of Corporate Engagement at the GFI. “[This is] a significant increase from last year, and I expect we’ll see that trend continue."
Certain areas of the country, in particular, are seeing an increase in demand for these retail products.
"For instance, refrigerated plant-based meat sales are growing fastest in the Pacific and Mountain regions, while frozen plant-based meat sales are growing fastest in the West South Central region, which includes Texas," writes GFI.
Plant-based meat still only accounts for one percent of total retail meat sales in the U.S. Plant-based milk, on the other hand, accounts for 13 percent of total retail milk sales. Plant-based milk is now a $1.8 billion market.
Read more about the plant-based food market at "The Good Food Institute."
Sales in this sector are expected to climb as more vegan and plant-based products become readily available at retailers.
Learn about the plant-based movement in the video below.