A recent study conducted by Grand View Research, Inc. found that the global dairy-alternatives market—which includes plant-based milk, cheese, ice cream, and yogurt—is expected to grow by 16.6 percent to $35 billion by 2024. According to the study, “Changing consumer dietary habits has resulted in increasing adoption of a vegan diet which is expected to have a positive impact on the market growth.” The US is a key market—which has a strong preference for almond milk over soy—for dairy alternatives, with an expected market increase of 10 percent by 2024. However, the industry is not limited to North America, with Asian markets, the United Kingdom, Germany, New Zealand, and Australia poised for growth in the coming years due to both increasing lactose intolerance among world populations and public awareness of the ethical and environmental issues connected to dairy production. Key companies contributing to the growth of the industry include The Hain Celestial Group, Vitasoy International, and Danone—which recently acquired Silk and So Delicious umbrella company WhiteWave Foods. This study comes after a similar forecast report that determined the growth of meat-free alternatives will reach $5.2 billion by 2020.
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