The plant-based milk market is currently worth $38.9 billion, making it 7.7 times larger than the market for plant-based meat, and it’s only going to continue growing.
In fact, the market is expected to quadruple over the next decade after doubling in the previous five years. According to Data Bridge Market Research, the market is projected to climb at a CAGR of 15.5% to reach a value of $123.2 billion by 2029.
One key factor driving market growth is the rising prevalence of dairy intolerance, in fact, more than 70% of the planet is intolerant to dairy proteins. Plant milks provide a product that functions in cooking and coffee like dairy milk, but without the allergenic proteins. Another is a concern for the planet, given the high environmental stress from cultivating and feeding livestock and the ancillary methane/CO2 etc. Although plant milk alternatives like almond milk are still stressful agriculturally on the planet with high water usage and damage to bee populations, new alternatives like sesame milk use 95% less water than almond milk and thrive in arid climates around the globe, from South America to Africa to Asia.
Add to that rising consumer awareness of animal health and you can see why the plant-based milk industry is primed to continue experiencing rising success in the coming years.
Of course, it remains to be seen which plant-based alternative will hold onto the largest share of the market.
Plant-Based Milk Market Constantly Evolving
As the market grows and evolves, new plant-based formulations replace old ones as consumer favorites, meaning new products and new companies are consistently entering the market looking to take the top spot.
First, soy milk became extremely popular, but it gave way to almond milk. Now oat milk is quickly rising in popularity.
Almond m...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube