Plant-Based Food Sales Up 90% In March: Report
U.S. retail sales of plant-based foods rose a whopping 90% during the peak panic buying period in mid-March, the Plant Based Foods Association and market analytics firm SPINS said in a press release.
The PBFA analyzed retail sales of total plant-based foods, including plant-based meats, plant-based cheese, tofu and tempeh, over a 16-week period ending on April 19.
The data makes it clear that consumers are eating plant-based alternative options "now more than ever," PBFA senior director of retail partnerships Julie Emmett said in the press release.
The surge in sales was followed up with 27% sales growth in plant-based foods during the four week period after mid-March.
"Since the beginning of the pandemic, there has been a continued shift in consumer purchasing toward natural and organic products that enhance health and immunity," said Tony Olson, owner and CEO of SPINS. "Our data shows, the plant-based meat boom of last year continues and as reports of animal-based meat shortages increase, we can expect plant-based meat to gain even more traction."
Why It's Important
The data suggest potential good news for Beyond Meat Inc (NASDAQ: BYND), the plant-based meat alternative food marker.
Retail sales of plant-based meat products were higher by nearly 150% during peak panic buying in March and stayed above 50% through late April. In fact, animal-based meat sales declined on a year-over-year basis from late March through April.
Refrigerated plant-based meat was the top-selling product as sales were higher by 241% year-over-year during the peak panic buying period.
The strong sales growth proves the plant-based industry is "here to stay and will only continue to grow," PBFA executive director Michele Simon said in the press release. The industry remains committed to providing consumers with "nourishing foods during these difficult times and beyond."
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Photo courtesy of Beyond Meat.
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