GFI’s 2023 Industry Report Highlights Dynamics and Challenges in Plant-Based Sector
The Good Food Institute (GFI) has released its comprehensive 2023 State of the Industry Report, providing valuable insights into the plant-based food sector, which encompasses plant-based meats, seafood, eggs, and dairy. This year’s report reveals a dynamic industry landscape marked by both growth and setbacks amid fluctuating global markets and consumer trends. Here are the key insights from the report. Market dynamic and consumer trends The industry saw a slight contraction in the US, with total retail sales of plant-based foods dipping to $8.1 billion from $8.2 billion in 2022. Data from SPINS, commissioned by the Good Food Institute and the Plant Based Foods Association, shows a decline in the US retail sales of plant-based meats both in terms of dollars (down 12 percent) and …