Plant-based dairy alternatives soaring
The global market for plant-based dairy alternatives has been forecast by Czarnikow to jump from $15.8 billion in 2019 to $35.8 billion in 2026, representing annual growth of 12.4%.
The reasons cited include:
- allergies and intolerances
- environment and sustainability
- animal welfare
- vegan diets
- perceived health benefits.
With the global dairy market valued at $450 billion and increasing by 1.8% a year, this puts plant-based at currently 3.5% of the dairy total, rising to 7.0% in 2026.
Also of note, projected plant-based growth of $20 billion compares with predicted dairy growth of $60 billion.