Plant-Based Sales Are Rising. If Only We Could Pick a Definition
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Even before vegan burger maker Beyond Meat Inc. became this year’s standout initial public offering, it was clear that plant-based food is booming. What’s less clear: how to define “plant-based.”
U.S. retail sales in the category rose 11% to $4.5 billion in the past year, far outpacing the 2% growth in the food sector overall, according to a report released Tuesday from the Plant Based Foods Association and The Good Food Institute. Sales of dairy alternatives grew faster than animal-based milk products in every category, and plant-based milks now account for 13% of the total milk market, the groups said.