Consumers, particularly Millennials and Gen Z, are motivated by an interest in foods that are better for their health and deliver on positive environmental impact and social responsibility. Plant-based foods are uniquely positioned to meet these consumer needs, and brands and retailers are swiftly responding to these trends and offering innovative new products and solutions.

More and more consumers are turning to plant-based options that align with their values and desire to have a positive impact on personal and planetary health. The data shows that, despite the challenges of the past two years, retailers and foodservice providers are meeting consumers where they are by partnering with brands across the entire store to expand space, increase assortment, and make it easier than ever to find and purchase plant-based foods.

The potential impact of these initiatives extends far beyond the store shelf: By taking consumer concerns to heart, the industry is actively embracing its role as a key driver of change that moves us closer to a secure and sustainable food system.

Getting more consumers to eat plant-based foods more often requires improved taste and texture to compete with animal products, more product diversity, and greater affordability and accessibility. As businesses recognize the staying power of plant-based foods, the food industry must seize these opportunities to maximize the vast potential of plant-based alternatives to compete with animal products.

SPINS data shows that plant-based products appear to be managing the economic issues in the U. better than many traditional retail products.

This is a trend we expect to continue throughout this year and encourage retailers to look to expand shelf space for all plant-based products. Explore deeper insights on the growth of plant-based foods in U.

retail in our blog and market research landing page. GFI, Maia Keerie, maiak gfi. PBFA, Kate Good, kate plantbasedfoods. SPINS, Michael Erwin, merwin spins. Point-of-sale data: To size the U. retail market for plant-based foods, GFI and PBFA commissioned retail sales data from the market research firm SPINS.

The dataset was further edited by adding plant-based private label categories and subcategories, and refining the plant-based eggs category. Inherently plant-based foods, such as chickpeas and kale, are not included. Due to the nature of these categories, the retail data presented in this report may not align with standard SPINS categories.

SPINS obtained the data over the week, week, week, and week periods ending December 26, , from the SPINS Natural Enhanced and Conventional Multi Outlet powered by IRI grocery channels.

SPINS defines these channels as follows:. This is generally considered the broadest available view of retail food sales, although not all retailers are represented. Consumer panel data: To understand consumer purchasing dynamics and demographics, GFI and PBFA also commissioned consumer panel data from SPINS based on the same custom plant-based categories.

SPINS acquires its panel data through the National Consumer Panel, a Nielsen and IRI joint venture composed of roughly , households. SPINS obtained the data over the week period ending December 26, , and the week period ending December 27, , from all U.

The Good Food Institute is a nonprofit think tank working to make the global food system better for the planet, people, and animals.

The Plant Based Foods Association is the only trade association in the U. PBFA empowers the industry by advocating for government policies that allow fair competition, while expanding market opportunities for retail, distribution, and foodservice to support the continued growth of the plant-based foods industry.

The Plant Based Foods Institute , our sister non-profit organization, is focused on driving a plant-based food system transition through policy and business strategies. SPINS LLC is a wellness-focused data company and advocate for the Natural Products Industry.

High demand from consumers with increasing purchasing power Sixty-two percent or 79 million U. Press Contacts GFI, Maia Keerie, maiak gfi. SPINS defines these channels as follows: Conventional Multi Outlet MULO : More than , retail locations spanning grocery, drug, mass, dollar, military, and club.

About The Good Food Institute The Good Food Institute is a nonprofit think tank working to make the global food system better for the planet, people, and animals. About the Plant Based Foods Association The Plant Based Foods Association is the only trade association in the U.

About SPINS SPINS LLC is a wellness-focused data company and advocate for the Natural Products Industry. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits.

Privacy notice COOKIE SETTINGS REJECT ACCEPT. manage consent. Close Privacy Overview This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website.

We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent.

You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience. Cookie notice.

Necessary Necessary. Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website.

These cookies do not store any personal information. Performance performance. These cookies measure how often you visit our sites and how you use them.

Selling at the market allowed us to start our business slowly and focus on building our brand and customer base. It gave us confidence.

Entrepreneurial Outcomes and Enterprise Size in US Retail Farmers Markets. American Journal of Alternative Agriculture 18, Comparing the Structure, Size, and Performance of Local and Mainstream Food Supply Chains. Local and Regional Food Systems in Florida: Values and Economic Impacts.

Journal of Agricultural and Applied Economics , 2 May , — Retrieved from purl. and T. Consumers, vendors,and the Economic Importance of Iowa Farmers Markets: An Economic Impact Survey Analysis. Iowa State University, Leopold Center for Sustainable Agriculture.

Retrieved from www. Food Policy , 54 , 78— September Wyo Farmers Markets Make Big Economic Impact. A Community-Based Food System: Building Health, Wealth, Connection, and Capacity as the Foundation of Our Economic Future.

Revenue in the Food market amounts to US$1,bn in · The market's largest segment is the segment Confectionery & Snacks with a market volume of US The effect is inelastic once more. We find that the value implies that a 1% decrease in VIX increases demand for food sales (Z1) by %. Thus Economic Indicators · Total restaurant industry sales · Same-store sales and customer traffic · Total restaurant industry jobs · Total U.S. jobs · Food Costs · Menu

Economic food sales - January 17, — The U.S. Census Bureau announced the following advance estimates of U.S. retail and food services sales for December Revenue in the Food market amounts to US$1,bn in · The market's largest segment is the segment Confectionery & Snacks with a market volume of US The effect is inelastic once more. We find that the value implies that a 1% decrease in VIX increases demand for food sales (Z1) by %. Thus Economic Indicators · Total restaurant industry sales · Same-store sales and customer traffic · Total restaurant industry jobs · Total U.S. jobs · Food Costs · Menu

Food price increases were below the From —19, retail pricing strategies, efficient food supply chains, slow wage growth, and relatively low oil prices tempered food price inflation.

However, —21 were years of high food price inflation, due in part to shifting consumption patterns and supply chain disruptions resulting from the Coronavirus COVID pandemic. Food prices increased faster in than any year since , due in part to a highly pathogenic avian influenza outbreak and the conflict in Ukraine which compounded other economy-wide inflationary pressures such as high energy costs.

For a typical dollar spent in by U. consumers on domestically produced food, including both grocery store and eating-out purchases, For the remainder of the food dollar, retail trade Food processing Corn, wheat, and soybeans are the top three U.

field crops and comprise the majority of field crop inputs to the U. food supply. The average farm price of these crops, weighted by total production, regularly rises or falls by more than 10 percent from one year to the next.

However, these price swings have relatively small impacts on food prices. In , the production-weighted price of these crops increased by 83 percent, while food prices increased by 10 percent.

Intermediate foods and feeds price fluctuations generally range between swings in field crop and food prices. Food prices typically move in the same direction as fuel prices, often with a slight lag, as it takes time before fuel costs are incorporated into food prices.

Although the direction is often the same, the sizes of the price swings differ. Over the past two decades, motor fuel prices experienced double-digit annual price swings, and the average annual change in food prices 2.

Food prices grew 9. In , food spending by U. Food-away-from-home spending accounted for 56 percent of total food expenditures in consumers spent an average of The share of disposable personal income spent on food in was divided nearly equally between food at home 5.

The share of disposable personal income spent on total food has trended downward—driven by a decline in share of income spent on food at home. In , during the Coronavirus COVID pandemic, the share of disposable income spent on total food presented the sharpest annual decline 8.

In , the share of disposable personal income spent on total food had the sharpest annual increase As their incomes rise, U. households spend more money on food but it represents a smaller share of their income. High-income countries such as the United States and the United Kingdom have higher food spending in absolute terms, but the share of household consumption expenditures devoted to at-home food is low—less than 10 percent.

Per capita calorie availability follows the reverse pattern. Combining the Nielsen data with data from the American Time Use Survey suggests that substituting leisure and paid employment for time spent in more intense shopping may help households smooth their consumption over the business cycle.

Real household median income declined by almost 10 percent from Real median household net wealth fell by 40 percent from Real household expenditure on food fell by 8. The authors conclude that the "ability to substitute between time and market expenditure can also play an important role in smoothing various non-food household consumption when households are faced with unanticipated income and wealth shocks.

NBER periodicals and newsletters may be reproduced freely with appropriate attribution. Periodical content may be reproduced freely with appropriate attribution. Home Research.

The Digest A free monthly publication featuring non-technical summaries of research on topics of broad public interest.

Share X LinkedIn Email. Summary of working paper Featured in print Digest. Related Researchers Aviv Nevo. Arlene Wong.

Topics Microeconomics. Households and Firms. Business Cycles. Labor Economics. Labor Supply and Demand. Programs Economic Fluctuations and Growth. Industrial Organization. Monetary Economics.

Economic food sales - January 17, — The U.S. Census Bureau announced the following advance estimates of U.S. retail and food services sales for December Revenue in the Food market amounts to US$1,bn in · The market's largest segment is the segment Confectionery & Snacks with a market volume of US The effect is inelastic once more. We find that the value implies that a 1% decrease in VIX increases demand for food sales (Z1) by %. Thus Economic Indicators · Total restaurant industry sales · Same-store sales and customer traffic · Total restaurant industry jobs · Total U.S. jobs · Food Costs · Menu

Note: The Federal COVID public health emergency declaration ended on May 11, Updates to this data product are discontinued. The Weekly Retail Food Sales series is based on proprietary scanner data from a nationally representative sample of retail food establishments collected by Circana formerly Information Resources Inc.

Sales data are reported weekly, beginning with the week ending October 6, Two publicly available summaries of the Weekly Retail Food Sales data are updated monthly by USDA's Economic Research Service ERS : One with national totals and totals by 51 product subcategories including alcohol , and the other with State totals for 39 States by 10 product categories including alcohol.

Data are not available for Alaska, Delaware, Hawaii, Idaho, Iowa, Kansas, Nebraska, New Jersey, North Dakota, Mississippi, Montana, and Washington, D. See Documentation for more information on product categories and subcategories and other variable definitions.

Data that are further disaggregated are available to researchers collaborating on USDA-sponsored projects. USDA-sponsored projects include USDA grants, USDA cooperative agreements, and direct collaboration with USDA researchers on an issue of interest to the Department of Agriculture contact information below.

Historical scanner data on retail food sales at the transaction level are available, with restrictions, to researchers. Callen JL, Fang X Institutional investor stability and crash risk: Monitoring versus short-termism? J Bank Finance 37 8 — Callen JL, Fang X Religion and Stock Price Crash Risk.

J Financ Quantit Anal 50 1—2 — Carriero A, Clark TE, Marcellino M Nowcasting tail risk to economic activity at a weekly frequency. J Appl Econom 37 5 — Carvalho VM, Nirei M, Saito Y, Tahbaz-Salehi A Supply chain disruptions: evidence from the Great East Japan earthquake.

Columbia Business School Research Paper, No. Cashin P, Mohaddes K, Raissi M, Raissi M The differential effects of oil demand and supply shocks on the global economy. Energy Econ 44 1 — Cavallo E, Galliani S, Nov I, Pantano J Catastrophic natural disasters and economic growth.

Rev Econ Stat 95 14 — Cho JS, Greenwood-Nimmo M, Shin YC Recent developments of the autoregressive distributed lag modelling framework. J Econ Surv. Cho JS, Kim TH, Shin Y Quantile cointegration in the autoregressive distributed-lag modeling framework.

J Econom — Ding R, Hou W Retail investor attention and stock liquidity. Glauber J et al COVID trade restrictions are the worst possible responses to safeguard food sales. IFPRI Blog Post, March IFPRI, Washington, DC. Greenwood-Nimmo M, Shin Y Taxation and the asymmetric adjustment of selected retail energy prices in the UK.

Econ Lett 3 — Gao GX, Fan ZP, Fang X, Lim FY Optimal Stackelberg strategies for financing a supply chain through online peer-to-peer lending. Eur J Oper Res 2 — Habib A, Hasan MM, Jiang H Stock price crash risk: review of the empirical literature.

Account Financ — Hutton AP, Marcus AJ, Tehranian H Opaque financial reports R2 and crash risk. J Financ Econ 94 1 — Inder B Estimating long-run relationships in economics: a comparison of different approaches.

International Food Policy Research Institute COVID policy response CPR portal. Jin L, Myers S R2 around the world: New theory and new tests. J Financ Econ 79 2 — Joo K, Suh JH, Lee D, Ahn K Impact of the global financial crisis on the crude oil market.

Energy Strategy Rev Kahn ME The death toll from natural disasters: the role of income, geography, and institutions. Rev Econ Stat 87 2 — Kellenberg DK, Mobarak AM Does rising income increase or decrease damage risk from natural disasters? J Urban Econ 63 4 — Kilian L Not all oil price shocks are alike: disentangling demand and supply shocks in the crude oil market.

Am Econ Rev — Kim TH, White H Estimation, inference, and specification testing for possibly misspecified quantile regression. Emerald Group Publishing Limited. Book Google Scholar. Kim JB, Zhang L Financial reporting opacity and expected crash risk: evidence from implied volatility smirks.

Account Res 31 3 — Kim JB, Li Y, Zhang L a CFOs versus CEOs: equity incentives and crashes. J Financ Econ 3 — Kim, JB, Li Y, Zhang L b Corporate tax avoidance and stock price crash risk: Firm-level analysis.

Kim Y, Li H, Li S Corporate social responsibility and stock price crash risk. J Bank Finance — Kim JB, Wang Z, Zhang L CEO Overconfidence and Stock Price Crash Risk.

Contemp Account Res 33 4 — Koop G, McIntyre S, Mitchell J, Poon A Reconciled estimates of monthly GDP in the United States. J Bus Econ Stat. Kou G, Olgu Akdeniz Ö, Dinçer H, Yüksel S Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach.

Financ Innov 7 1 Lewis DJ, Mertens K, Stock JH, Trivedi M a Measuring real activity using a weekly economic index.

Am Econ Rev AEA Pap Proc — Lewis D, Mertens K, Stock JH, Trivedi M b Measuring real activity using a weekly economic index. J Appl Economet. Li X, Wang SS, Wang, X Trust and stock price crash risk: Evidence from China.

Li T, Kou G, Peng Y, Philip SY Integrated Cluster Detection Optimization and Interpretation Approach for Financial Data. IEEE Trans Cybern 52 12 — McNown R, Sam CY, Goh SK Bootstrapping the autoregressive distributed lag test for cointegration.

Appl Econ 50 13 — Mensi W, Rehman MU, Al-Yahyaee KH a Time-frequency co-movements between oil prices and interest rates: evidence from a wavelet-based approach. North Am J Econ Finance Mensi W, Sensoy A, Vo XV, Kang SH b Impact of covid outbreak on asymmetric multifractality of gold and oil prices.

Mogues T Food markets during COVID Pandemic. Fiscal Affairs, Special Series by the International Monetary Fund. Noy I The macroeconomic consequences of disasters. J Dev Econ 88 2 — Pesaran MH, Shin Y, Smith RJ Bounds testing approaches to the analysis of level relationships.

J Appl Economet 16 3 — Sam CY, McNown R, Goh SK An augmented autoregressive distributed lag bounds test for cointegration. Econ Model — Schmidhuber J et al COVID Channels of transmission to food and agriculture. FAO, Rome. Google Scholar.

Shapiro AH, Sudhof M, Wilson DJ Measuring news sentiment. J Economet — Shin Y, Yu B, Greenwood-Nimmo M Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework.

In: Sickles R, Horrace W eds Festschrift in Honor of Peter Schmidt. Springer, New York. Chapter Google Scholar. Singh DR, Ghimire S, Upadhayay SR, Singh S, Ghimire U Food insecurity and dietary diversity among lactating mothers in the urban municipality in the mountains of Nepal.

PLoS ONE 15 1 :e Smales LA News sentiment and the investor fear gauge. Financ Res Lett 11 2 — Stučka T The effects of exchange rate change on the trade balance in Croatia.

Toya H, Skidmore M Economic development and the impacts of natural disasters. Econ Lett 94 1 — Wen F, Xu L, Ouyang G, Kou G Retail investor attention and stock price crash risk: Evidence from China.

Int Rev Financ Anal World Bank Three impediments to keep food moving in a time of fear and confusion. World Bank Blog. Xu N, Jiang X, Chan KC, Yi Z Analyst coverage optimism and stock price crash risk: Evidence from China.

Pac Basin Financ J — Zaremba A, Kizys R, Aharon DY, Demir E Infected markets: novel coronavirus, government interventions, and stock return volatility around the globe. Financ Res Lett — Download references.

Economists for Peace and Security- Australia Chapter, Sydney, Australia. You can also search for this author in PubMed Google Scholar. Both the authors have read and approved the final version of the manuscript. Correspondence to Narasingha Das. The authors whose names are listed immediately below certify that there is no form of Conflict of Interests with any kind of organization or entity.

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. See Tables 7 , 8 , 9 and Open Access This article is licensed under a Creative Commons Attribution 4.

The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material.

If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder.

Reprints and permissions. Das, N. Did weekly economic index and volatility index impact US food sales during the first year of the pandemic?. Financ Innov 9 , 57 Download citation. Received : 01 April Accepted : 29 January Published : 10 February Anyone you share the following link with will be able to read this content:.

Sorry, a shareable link is not currently available for this article. Provided by the Springer Nature SharedIt content-sharing initiative. Skip to main content. Search all SpringerOpen articles Search.

Did weekly economic index and volatility index impact US food sales during the first year of the pandemic? Download PDF. Research Open access Published: 10 February Did weekly economic index and volatility index impact US food sales during the first year of the pandemic?

Narasingha Das ORCID: orcid. Abstract We explore the impacts of economic and financial dislocations caused by COVID pandemic shocks on food sales in the United States from January to January Introduction The COVID pandemic hereafter pandemic has caused an unprecedented global health crisis, causing millions of people to become ill or die.

Footnote 5 The remainder of this paper is as follows. Background literature and empirical strategy COVID has caused severe supply shocks, similar to the effects of natural disasters on supply chains.

COVID and commodity markets The following summarizes the effects of economic disruptions on commodity markets during the pandemic: First, the outbreak lowered most commodity prices, particularly crude oil.

Variables and data This study employs the WEI Footnote 6 data for the United States and the CBOE VIX to model the short- and long-run effects of a pandemic from January to January Empirical models Baseline ARDL model For assessing the impacts of VIX and WEI , we postulate an empirical relationship using the standard ARDL model.

Results and discussion Table 7 illustrates the descriptive statistics of the data: the mean, median, and standard deviation of LnZ 1.

Table 1 ARDL results Full size table. Table 2 NARDL results Full size table. Table 3 QARDL results Full size table.

Table 4 Wald test results Full size table. Table 5 Results from first stage regressions of Bewley transformation Full size table. Table 6 Results of Bewley transformation from instrument variable estimation Full size table. Cumulative effects of LNVIX and WEI on Food Insecurity LNZ 1.

Full size image. Conclusion From the baseline ARDL model, we find that the US food sales Z 1 , during the first phase of the pandemic, had a long-run relationship or cointegration with both VIX and WEI and the causality runs from VIX and WEI to Z 1.

Availability of data and materials The Datasets are available from the following sources: Food Sales Z 1 : US Department of Agriculture USDA ; Weekly Economic Index WEI : Federal Reserve Bank of New York; CBOE Volatility Index VIX : Chicago Board Options Exchange. Notes We choose a simple indicator, or proxy, to measure the economic consequences of the pandemic mitigation strategy, or what is called lockdowns, during the initial phase of the outbreak of the pandemic in the US from January to January we use the US weekly economic index WEI as an indicator to gauge economic disruptions and supply shocks caused by the COVID mitigation strategy in the United States.

retail sales of plant-based foods grew 6. Overall, plant-based food retail sales grew three times faster than total food retail sales, with most plant-based categories outpacing their conventional counterparts.

Meanwhile, the conventional protein market has been rocked by supply chain disruptions and escalating inflation. Conventional meat dollar sales grew three times faster than its unit sales over the past three years, indicating that the apparent growth is driven solely by price hikes.

As the largest category in the plant-based market, plant-based milk continues to benefit from product innovation and expanded merchandising space and assortment. Plant-based milk now serves as the innovation leader in the milk category, supported by key advancements in ingredient diversification and product development to improve taste, functionality, and nutrition.

Across the store, plant-based dairy dollar sales are growing faster than those of many conventional animal products. Plant-based burgers continue to lead the plant-based meat category as the top-selling product type.

At the same time, the industry is responding to consumer desire for more variety within the meat category. The fastest-growing plant-based meat product types in were plant-based meatballs, chicken nuggets, tenders, and cutlets, and deli slices.

In fact, plant-based chicken was a growth leader in as more products that match the taste, texture, and appearance of animal-based chicken hit retail shelves.

In the past few years, the food industry has seen multiple supply chain disruptions and broad volatility. Notably, after an overstimulated , the unit sales of almost every single animal-based category experienced negative growth in , and to a lesser extent, so did a couple of select plant-based categories.

Conventional meat dollar sales increased three times faster than its unit sales over the past three years—this is inflation in a nutshell—indicating that apparent growth is driven by higher unit prices. With the rapid scale-up of the plant-based industry, plant-based products may soon be able to compete with animal products on price, further stimulating consumer demand.

Sixty-two percent or 79 million U. households are now buying plant-based products. Consumers, particularly Millennials and Gen Z, are motivated by an interest in foods that are better for their health and deliver on positive environmental impact and social responsibility. Plant-based foods are uniquely positioned to meet these consumer needs, and brands and retailers are swiftly responding to these trends and offering innovative new products and solutions.

More and more consumers are turning to plant-based options that align with their values and desire to have a positive impact on personal and planetary health. The data shows that, despite the challenges of the past two years, retailers and foodservice providers are meeting consumers where they are by partnering with brands across the entire store to expand space, increase assortment, and make it easier than ever to find and purchase plant-based foods.

The potential impact of these initiatives extends far beyond the store shelf: By taking consumer concerns to heart, the industry is actively embracing its role as a key driver of change that moves us closer to a secure and sustainable food system.

Getting more consumers to eat plant-based foods more often requires improved taste and texture to compete with animal products, more product diversity, and greater affordability and accessibility.

As businesses recognize the staying power of plant-based foods, the food industry must seize these opportunities to maximize the vast potential of plant-based alternatives to compete with animal products.

SPINS data shows that plant-based products appear to be managing the economic issues in the U. better than many traditional retail products. This is a trend we expect to continue throughout this year and encourage retailers to look to expand shelf space for all plant-based products.

Explore deeper insights on the growth of plant-based foods in U. retail in our blog and market research landing page. GFI, Maia Keerie, maiak gfi. PBFA, Kate Good, kate plantbasedfoods. SPINS, Michael Erwin, merwin spins. Point-of-sale data: To size the U.

retail market for plant-based foods, GFI and PBFA commissioned retail sales data from the market research firm SPINS. The dataset was further edited by adding plant-based private label categories and subcategories, and refining the plant-based eggs category.

Video