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.
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