A growing plant milk market
Whether it’s vegan drinks, cheeses, or ice creams, the dairy alternatives market is booming. Across the board, more individuals are enjoying a larger range of delicious vegan products than ever before, and our access to data from Grand View Research shows that this is not slowing down.
Rising awareness of global issues – including animal rights, the environmental impact of milk, high levels of dairy intolerance and other health issues – have led to many reasons as to why consumers across the world are eschewing dairy.
This changing consumer preference, combined with innovative product development initiatives by major industry players, has led to huge market growth. In terms of global revenue, this is valued at $16,130.9 million in 2019 and is anticipated to reach $41,061 million in 2025 – advancing a forecasted CAGR rate of 16.7% between 2020 – 2025. In 2019, soy milk and almond milk each held approximately 40% of the global market revenue. Other plant milks such as rice, oat, hazelnut, coconut and even pea took the remaining 20%. By 2025, these global percentages look to remain fairly unchanged, with almond taking a few percentage points from soy.
Asia Pacific dominates the industry, accounting for 50% of the market in 2017 and likely to maintain a similar share throughout the coming years. High levels of lactose intolerance prevail throughout Asia, predominantly within the Southeast Asian community where the population percentage may be as high as 80%. Because of this, products such as soy and rice milk have been enjoyed for their freshness and versatility for many years – not just as a ‘dairy alternative’ but as delicious products in their own right.
Data from Grand View Research, Inc. Figures correct as of September 2019. For 2020 figures please see this report.
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