News

Dairy-Free Milk Market to Hit $16 Billion

Dairy alternatives are booming around the world, particularly in China, as people seek out more plant-based options.

A new report compiled by market research firm Innova Market Insights (IMI) revealed that the global plant-based milk sector will be worth $16.3 billion in 2018—up from $7.4 billion in 2010. According to IMI, dairy alternatives—which comprised seven percent of all new global product launches in 2016—grew at a compound annual growth rate (CAGR) of 20 percent between 2012 and 2016. During the same period, the firm identified that meat substitutes had a CAGR of 14 percent, and the use of vegan labeling on new products in the global food and beverage industry tripled. The report stated that China is a key country for the growth of dairy alternatives, predicted to boom at a CAGR of 18.7 percent until 2018—compared to 10 percent in the US. IMI’s director of innovation, Lu Ann Williams, explained that the dairy alternative market has broken free from a niche industry that serves those with dairy allergies, and now encompasses a broader range of customers who specifically seek out vegan options as healthy lifestyle choices. “The category has been further boosted by the growing availability and promotion of plant-based options to traditional dairy lines,” Williams said. “Particularly beverages, but also cultured products such as yogurt, frozen desserts and ice cream, creamers and cheese.” IMI’s report bolsters Grand View Research’s recent prediction valuing the plant-based milk market at $35 billion by 2024.

More News

Pinterest Names Vegan Food Top Wedding Trend

According to the social media platform's 2018 Wedding Report, interest in vegan nuptials is on the rise.
Read More »

Chef Chloe Coscarelli Opens New Café in Miami

Beloved vegan chef Chloe Coscarelli is back with new eatery, Chef Chloe and the Vegan Café, in highly anticipated St. Roch food hall in Miami's design district.
Read More »

Team Canada Wears All-Vegan Uniforms at Olympics

Animal-rights activists praise apparel brand Hudson's Bay Company for outfitting this year's Olympians in animal-free outwear.
Read More »

Photographer Creates the Most Vegan Proposal Ever

Popping the question with the help of an avocado is gaining traction thanks to Amsterdam food stylist Colette Dike.
Read More »

Tyson to Launch Plant-Based Meal Bowls

The meat company is disrupting itself to stay competitive as consumer habits shift toward animal-free foods.
Read More »

This Week on VegNews TV: The secret to these delightful sweet treats is white beans! Aylin Erman shows you how to make these simple blondies.

More Videos »