Plant-based food & beverage by numbers, US retail, 2022: Milk, eggs, creamers up; meat, cheese, ice cream down – PBFA, GFI

Household data: NCP, All Outlets, 52 weeks ended January 1, 2023. Closing the quotation gap GFI analysis indicates that, in 2022, weight for weight, plant-based meat commanded a 67% rate premium versus animal-based meat, while plant-based eggs commanded a 122% premium, and plant-based milk attracted an 87% premium.

Notably, this is significantly less than price upticks for conventional meat in foodservice, which grew by 29 cents per pound, or 8%.” The GFI added: “After an unprecedented contraction in 2020, foodservice has returned as an attractive go-to-market strategy for plant-based firms. Launching into foodservice allows businesses greater control over how their product is prepared. It in addition plays an weighty role in ensuring plant-based products continue to become more accessible and familiar to buyers across regions.” The GFI estimates that combined US retail, foodservice, and e-commerce dollar sales of plant-based meat rose 2% while reckoned pound takings shrank by 4%.

Source: Circana, formerly IRI & NPD/SupplyTrack Global backing for plant-based meat, seafood, eggs, and dairy down 41% in 2022 Plant-based meat, seafood, eggs, and dairy businesses raised $1.2 billion in 2022, down 41% year-on-year, told reporters the GFI. “This modestly underperformed the overall global venture backing decline of 35% year-on-year. Global retail sales of plant-based milk widened 6% to $19.1 billion, with volumes up 3%. Global retail sales of plant-based yogurt were up 11% to $1.7 billion, with volumes up 6%.

Global retail sales of plant-based cheese were up 22% to $869 million with volumes up 11%. Read the PBFA report HERE and the GFI report HERE .