Report Shows Milk Alternatives Market Worth $2.09 Billion And It’s Still Growing

Take one look at the dairy aisle in your local supermarket. and its clear customers are steering away from cow’s milk. It begs the question: with the myriad of milk alternatives, does anyone even drink the real thing any more?

According to the data, less people consume the bovine liquid than ever before. A new report “Dairy Alternatives Market by Type, Formulation, Application, & by Region – Global Forecast to 2020” (by MarketsandMarkets) catalogs the massive growth in the non-dairy market, and how it’s attributable to people’s changing tastes and dietary needs.

“The dairy alternative market in U.S. is expected to mark a growth of 13.2% between 2015 and 2018 based on the strength of diversification in market,” says Shivani Mishra, research analyst in the food & beverage domain for MarketsandMarkets. “In 2015, the U.S. market size of dairy alternatives is estimated to be worth $2.09 billion and is one of the largest markets in the North American food & beverage industry.” As far as the global market, it’s projected to reach about $19.5 Billion by 2020, growing about 15.5% from 2015 to 2020.

“Increase in health awareness, growing preference towards vegan diet, and change in the lifestyles have stimulated growth in the dairy alternatives market,” Mishra adds.

The report discusses the different kinds of milk alternatives, and outlines what the data says about people’s preferences. According to the report, “flavored-unsweetened” options are the most popular formulations in the U.S. market.

“Soy milk is the most widely used dairy alternative, followed by other types of dairy alternatives such as almond milk, rice milk, oats milk, and hazelnut milk.” Almond comes next.

 

Via