The sale of plant-based foods in US supermarkets has grown by 11% over the last 12 months, according to new research. The data, which came from a study conducted by the Good Food Institute, outlined that the market is now worth $4.5bn, and is growing at a much faster rate than the overall retail food market, which is growing at 2% a year.

Within the overall plant-based market, plant-based meat alternatives were identified as one of the key drivers of growth. The plant-based meat alternatives market is worth over $800m and is growing at a rate of 10% per annum. The study found that refrigerated plant-based alternative meat grew by a massive 37% over the year. Overall, plant-based alternative meat products now account for 2% of all retail packaged meat sales in the US.

Other drivers of growth examined were plant-based dairy alternatives that compete directly with milk, yoghurt and ice-cream.

Shares in Beyond Meat, the Los Angeles based company behind the Beyond burger hit a record high on Tuesday, rising by 10% during the day. The company is due to release its updated quarterly report next week. Stock is up 720% since its initial public offering in May. Shares hit $208.48 on Tuesday, giving Beyond Meat a market value of $1bn.