Plant-based products have sales soaring
At the recent Expo West 2017, innovative plant-based food and beverage products showed strong demand for meat and dairy-free options. Contributing to the rise in these plant-based items are environmental concerns, demand for clean labels, better accommodation for vegetarian and vegan lifestyles and allergen avoidance.
According to the National Business Journal (NBJ), US retail sales in organic and natural products were up 7.7% to $195 billion in 2016. Specifically, natural and organic foods were up 8.5% to $74.8 billion. These significant numbers mean consumers are speaking with their wallets – they’re increasingly demanding natural and organic types of products.
The plant-based market is strongly driven by frozen and refrigerated meat alternatives, non-dairy beverages, tofu and cheese alternatives, which account for more than 90% of sales altogether. Plant-based milks, cheese and meat are becoming more popular with consumers than ever before.
This growth is fueling diversification of offerings and increasing penetration in new venues. In-demand plant based milks are diversifying to offer an even broader range of alternatives. For example, the well-known Silk brand now offers coconut, almond and cashew milk varieties. Individually bottled ready-to-drink almond and coconut milks are convenient for consumers looking for dairy-free on-the-go options, contributing to the growth in this segment and expansion at c-stores.
Meatless jerky substitutes and tofu bars are growing faster than traditional meat snacks. And cheese substitutes are among the fastest growing categories in plant-based foods, with cultured almond milk leading the way as a popular swap for the traditional dairy-based product.
The desire for healthier and more wholesome foods is in full swing. Ranging from a variety of plant-based milks, cheese and meat products. By providing these healthier options, it paves the way for more choices offered to vegans, vegetarians and healthy product seeking consumers.
For more information on how to keep up with food and beverage trends, contact donovan connective marketing at: 717.560.1333 or http://www.donovanadv.com.