Move over cow’s milk, plant-based dairy alternatives such as soy, almond, coconut, rice, and hazelnut are taking center stage! A new report by Report Buyer found that the global dairy alternatives market is expected to surpass $34 billion by just 2024.
The report found that the soy segment accounts for the largest share of the dairy alternatives market, due to the many varieties of flavors, blends, and fat content. Almond milk is one of the fastest segments in the dairy alternatives market (almond milk sales have increased by 250 percent from 2000-2015 to almost $895 million!), with rice milk holding the third-highest share in the dairy alternatives market.
The report also noted that geographically, the global dairy alternatives market is dominated by the Asia-Pacific region. North America is the second largest market for dairy alternatives, followed by the European region. Latin America, Brazil, Mexico, and Argentina are “observing high demand for dairy alternatives,” the report stated.
The reasons for consumers opting for plant-based alternatives are numerous. From animal welfare concerns, the rise in lactose intolerance, milk allergies, and the milk industry’s destruction of the environment, more and more consumers are saying “Bye!” to dairy milk. Following this shift, many dairy producers are even investing in dairy alternative companies. For instance, Dean Foods invested in Good Karma Foods. Not to mention some dairy farmers are even swapping their operations to be plant-based milk facilities! The future is looking bright for plant-based milk.
For more information on the impact of our food choices on the planet, check out the #EatForThePlanet book!
Image Source: bigfatcat/Pixbay