According to “Plant-Based Dairy Market,” a report from Fact.MR, global sales of plant-based dairy products are expected to grow 11% until 2031, with an estimated market value of $32 billion. Increased preference for naturally sourced food products is majorly spurring demand.
With the growing adoption of a vegan diet, the dairy alternatives market has witnessed a significant growth in recent years. Historically, from 2016 to 2020, consumption of plant-based dairy flourished at a CAGR of around 9%, reaching a valuation of $11 billion. Furthermore, rising awareness about the health benefits associated with plant-based foods has boosted the demand for dairy alternative products worldwide.
Developed regions such as North America and Europe will dominate the global plant-based dairy market share, with a combined figure of 53% in 2021. The importance of plant-based dairy was further highlighted with the onset of COVID-19, as consumers increasingly shifted towards consumption of non-animal based food products.
Other takeaways from the report include:
- Almond milk remained the top selling category in 2020, clocking a value of $6.5 billion
- Two out of five sales of plant-based dairy products occur via online retail platforms.
- Organic plant-based dairy products sales to surge at 13% CAGR
- Organic dairy sales in China topped $1 billion in 2020, with a forecast to expand at nearly 14% CAGR.