Research firm Market and Research (M&R) released a report titled Dairy Alternative Market —Global Opportunity Analysis and Industry Forecast on Monday that predicts the dairy-alternative industry will grow to $21.7 million by 2022. M&R found that over the course of five years, plant-based alternatives will exhibit a 13-percent compounded annual growth rate (CAGR). The report identified key companies—including So Delicious and Silk parent company Whitewave Foods, almond milk ingredient suppliers Blue Diamond Almond Growers, and Earth Balance parent company Hain Celestial—as essential to the growth of the animal-free dairy industry. Almond milk was singled out as the fastest growing segment, while soy milk generated the most revenue. Reports such as this one are often used by investment firms and large corporations to identify favorable investment opportunities. Coupled with market research firm Grand View Research’s August prediction that plant-based milk alternatives will reach $35 billion by 2024, the non-dairy sector has undoubtedly become a lucrative market in which to invest. To that end, multi-national corporate Danone acquired Whitewave in July for $12.5 billion.
Love the plant-based lifestyle as much as we do?
Get the BEST vegan recipes, travel, celebrity interviews, product picks, and so much more inside every issue of VegNews Magazine. Find out why VegNews is the world’s #1 plant-based magazine by subscribing today!