Sales of vegan meat are trending downward in the US, with companies scrambling to win back customers.
Over the past three years, the plant-based meat industry has experienced a major reversal in vibes. Sales boomed in the early months of the pandemic, as slaughterhouse shutdowns disrupted conventional meat supply chains and shoppers started trying out meatless burgers, sausages, and seafood instead. Between 2018 and 2021, total sales of plant-based foods in the US grew from $4.8 billion to $7.4 billion, with much of that growth driven by plant-based meat in particular.
Plant-based milks alone make up nearly a third of the entire plant-based food category in the US, as defined by the Good Food Institute. If you add together all other adjacent sectors, including plant-based butter, ice cream, yogurt, and cheese, then US sales of plant-based dairy alternatives accounted for nearly $5 billion in 2023. Dollar sales of plant-based milk grew by 9 percent through 2021–23, although unit sales declined by 10 percent over the same period.
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