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
• taste
• 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.