Vegan Milk Market Expected to Reach $28 Billion Within 4 Years

According to the latest market research by Packaged Facts, Dairy and Dairy Alternative Beverage Trends in the U.S., 4th Editionthe market for both dairy-based and dairy-alternative beverages is projected to skyrocket up to $28 billion before 2021.

That’s only four years of plant based milk-glass jugging away!

LIVEKINDLY recently reported how plant based sales, particularly non-dairy beverages are increasing. “Plant-based milk has itself grown 3.1% and now accounts for nearly 10% of all milk sales in the USA. At the same time, cow’s milk sales have reduced by 5% in the past year.”

The growth of this milky marketplace is accredited significantly to the vegan and dairy-alternative sector – which represents 40% of the total dairy and plant based alternatives. This figure alone has already risen 15% within the last year, up from 2016’s value of $25 – previously comprising $6 billion of retail sales.

Additionally, farmers are worried about the threat of veganism. “In the last decade, the number of dairy farms across the UK has halved, with predictions that less than 5,000 will remain in 10 years’ time.” 

As consumers are becoming increasingly conscious of the environmental and ethical impacts of dairy, many more are becoming aware that plant based milks contain less fat, no cholesterol, often a lower sugar percentage and are free of animal cruelty; reasons why most consider them an optimal milk choice.

This increased demand is also reflected across the entire food system, so much so that many people among younger generations are eating 57% more tofu and paving the way for a $5 billion vegan meat industry.

Increased availability of in-demand products is another leading factor of dairy-alternatives soaring – especially as consumers are no longer limited to just soy or almond milk.

Nowadays, the alternatives to dairy milk and animal based products are extensive. From milks such as oat, rice, hemp, nut and banana, it is becoming strides easier to pick up a carton of vegan-friendly milk in mainstream retailers (or you can easily make your own!).

Heck, even pea and cassava milk are a thing!

As stated by the research director of Packaged Facts, “[v]egetarians and vegans together account for less than 15% of all consumers and their numbers do not grow very rapidly, but a growing number of consumers identify themselves as flexitarian or lessitarian, meaning that they’ve cut back on their consumption of animal-based foods and beverages.”

He adds, “It is this group that is most responsible for the significant and ongoing shift from dairy milk to plant-based milk.” 

So, dairy-alternative beverage of choice, anyone?