After analyzing sales figures from 13 countries: Austria, Belgium, Denmark, France, Germany, Italy, the Netherlands, Poland, Portugal, Romania, Spain, Sweden, and the UK, GFI announced that plant-based sales grew by 22% since 2020 with the category now reaching a record value of $5.7 billion.
Plant-based meat sales grew 21% between 2020 and 2022. Meanwhile, conventional meat sales decreased by 8%. Despite slower growth in 2022 compared to 2021, recent market research points to expected growth for plant-based meat globally. Interestingly, inflation caused a 1% rise in plant-based meat prices, while conventional meat prices rose 11%.
When looking at other categories, plant-based milk is the most developed plant-based category, comprising 11% of the total milk market. Plant-based seafood, on the other hand, is the least developed category but proves to be the fastest growing, with sales up over 300% and prices per unit dropping by 4% last year.
Senior Corporate Engagement Manager at GFI Europe said, “These figures show Europe’s appetite for plant-based foods is continuing to grow – but these sustainable options still represent a tiny proportion of the market. European companies and governments have a critical role to play in supporting consumers to make more sustainable choices. Companies must continue investing in product innovation to develop delicious and affordable plant-based options. And governments must invest in the research and infrastructure we need to reduce prices and improve the quality of plant-based options, in order to deliver on their climate targets and enhance food security.”