Vegan Dairy Alternatives to Be Worth $30 Billion by 2023

The dairy alternatives market—which includes products such as non-dairy milk, ice cream, and yogurt—is projected to almost double by 2023, according to market research firm MarketsandMarkets. The report predicts that the booming industry, which is currently worth $17.3 billion, will increase to $29.6 billion in the next four years. Yogurt is the fastest-growing segment and is opening up new opportunities for applications within the market. Almond-based products will also see a significant increase in demand due to the various benefits they offer and convenient availability of almonds. According to the report, the major factors driving the increase in consumption of dairy alternatives include the perceived health benefits of plant-based products, consumers’ preference of plant-based milk alternatives to dairy milk, and increasing cases of lactose intolerance and milk allergies. Last year, food company Cargill—the leading animal-feed producer in the world—revealed that global dairy consumption is declining and that the sales of dairy alternatives have tripled between 2000 and 2016. Additionally, data collected by market research firm Nielsen in 2018 found that plant-based milk represents 13 percent of total milk sales nationwide, and sales growth in categories within the dairy-free sector include ice cream (40 percent), cheese (41 percent), yogurt (54 percent), and creamers (62 percent).