Danone’s New Vegan Brands Drive $760M Profit Spike

France-based international dairy company Danone released its third quarter (Q3 2017) earnings report this week which showed a significant increase in profits. The company revealed that it earned $1.5 billion this quarter—a sizeable increase from the $783 million Danone reported in earnings this time last year. The company’s Q3 report credited the growth to its recent $12.5 billion acquisition of WhiteWave—the parent company of vegan brands So Delicious, Silk, Vega, and Alpro. “Plant-based foods and beverages delivered positive growth driven by improved plant-based beverage velocities and a very strong sales performance from Vega and So Delicious frozen desserts,” the report said. “In the United States retail channel, plant-based beverages category growth accelerated in Q3 2017, driven by nut-based beverages.” Danone’s Q3 2017 earnings are consistent with market predictions for the plant-based milk sector, which place the industry at $35 billion by 2024.