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Industry NewsPlant-based dairy market to expand nearly 3x by 2031: Study

Plant-based dairy market to expand nearly 3x by 2031: Study

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Global sales of plant-based dairy products are expected to grow 11 per cent until 2031 with an estimated market value of US$ 32 B, according to a report by Fact.MR.

Increased preference for naturally sourced food products is spurring demand.

With the growing adoption of the vegan diet, the dairy alternatives market has witnessed significant growth in recent years. Historically, from 2016 to 2020, consumption of plant-based dairy flourished at a CAGR of around 9 per cent, reaching a valuation of US$ 11 Bn. Furthermore, rising awareness about the health benefits associated with plant-based foods has boosted the demand for dairy alternative products worldwide.

Developed regions such as North America and Europe will dominate the global plant-based dairy market share, with a combined figure of 53 per cent in 2021. The importance of plant-based dairy was further highlighted with the onset of COVID-19, as consumers increasingly shifted towards the consumption of non-animal-based food products. 

Key takeaways:

  • The global plant-based dairy market is anticipated to add almost 3x value by 2031
  • Almond milk remained the top-selling category in 2020, clocking a value of US$ 6.5 Bn
  • 2 out of 5 sales of plant-based dairy products occur via online retail platforms
  • By nature, organic plant-based dairy products sales to surge at 13% CAGR
  • Sales across the U.S market to compound at a CAGR of over 10% until 2031
  • Organic dairy sales in China topped US$ 1 Bn in 2020, forecast to expand at nearly 14% CAGR

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