Plant-based product sales in strong growth in Portugal
Plant based product sales reached €65M in 2022, an increase of 20% when compared to the previous year.
But in the meat replacement segment, sales have increased by 67% over the last 2 years, with price inflation of only 6% when compared to 12% in meat.
The Portuguese consumer is also replacing traditional milk with plant based varieties which grew at the same rate that regular milk declined, and now represent 10% of the whole milk market.
Vegetable cheese was the most dynamic segment sky rocketing 114% since 2020, followed by yogurts which surged 51%. The price increases for these items were also far lower than for conventional products in these categories.