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2023 Plant-Based Foods State of the Marketplace Report [May 2024]

2023 Plant-Based Foods State of the Marketplace Report [May 2024]

The Plant Based Foods Association’s latest Plant-Based Foods State of the Marketplace report represents the most comprehensive analysis of the plant-based foods industry, designed to illuminate stakeholders across the marketplace on the most up-to-date retail and e-commerce sales data, emerging foodservice trends, and consumer insights. The report also features the critical perspectives of leading industry decision-makers from Sodexo, Whole Foods Market, and Earth Fare about their strategies to expand their plant-based foods offerings.

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Key takeaways from the report illustrate what can happen in channels where barriers are removed and plant-based options are expanded:

  1. Boosting foodservice sales: 41% choose plant-based menu items when dining out weekly, and 88% maintained or increased their consumption over the past three months.

  2. E-commerce boom: E-commerce sales of plant-based foods reached $394 million in 2023, with a 16.4% annual growth rate over three years, and a 6.8% online market share, surpassing the 3.8% in retail – and outpacing animal-based food sales online.

  3. Plant-based is here to stay: Retail sales of plant-based foods reached $8.1 billion in 2023. A notable 62% of U.S. households buy plant-based products, with 81% returning for more. When plant-based foods are easy for consumers to find with ample space and signage, both units and dollar sales outpace all other plant-based categories.

More of What's Inside: Preview the report here

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