The global plant-based dairy market is projected to witness lucrative growth during the forecast period, more so amid the COVID-19 pandemic, as plant-based dairy products offer numerous health benefits, thereby boosting the human immune system.
In addition, initiatives taken by governments and other organizations to promote the consumption of plant-based protein products have also contributed significantly to market growth. For instance, the Government of Canada has launched the Protein Industries Canada (PIC) Supercluster in order to grow the plant-based food & beverage business in the country.
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Under this project, the Canadian government invests in various plant-based businesses. Apart from this, global animal rights organizations such as People for the Ethical Treatment of Animals (PETA) promote the consumption of plant-based food & beverages by conducting various awareness events and campaigns.
According to a recent report published by Fact.MR, the global plant-based dairy market will expand at a value CAGR of 11.5%, and account for US$ 32 billion by the end of the forecast period (2020–2030).
Key Takeaways from Plant-based Dairy Market Study
- The global plant-based dairy market is expected to progress at a CAGR of 8% in terms of volume.
- Plant-based milk products will hold the maximum share in terms of value, and are projected to create an absolute dollar opportunity of US$ 5.7 billion during the forecast period.
- Organic plant-based dairy products are expected to progress at a CAGR of 13% in terms of value, and are expected to gain 406 BPS in their market share by the end of the forecast period.
- By end use, the business to consumer (B2C) segment is expected to account for a majority share in terms of value, projected to create an absolute $ opportunity of US$ 14.6 billion during the forecast period.
- The retail sales channel is expected to a hold majority value share in the global plant-based dairy market, and is expected to be valued 2.6X than direct sales at the end of forecast period.
- North America is expected to lead the market share in terms of value. However, the region is expected to lose 314 BPS from its market share in terms of value by the end of forecast period.
“In the long run, the outbreak of COVID-19 is expected to trigger market growth, as it has increased awareness about the various health benefits of plant-based dairy products,” says a Fact.MR analyst.
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Key Manufacturers Focus on New Product Development to Drive Growth
The global plant-based dairy market is fragmented in nature. With the entry of leading food FMCG players, the market is witnessing tough competition. Therefore, key players are introducing new products to acquire a larger customer base.
For instance, in January 2024, Danone’s plant-based dairy brand Silk launched a new plant-based cream alternative made with oatmilk. Also, in February 2024, another plant-based dairy company – Forager Project – launched a new line of organic oatmilk, organic plant-based yogurt, and organic probiotic drinkable cashewmilk yogurt in blackberry flavour.
More Valuable Insights on Plant-based Dairy Market
Fact.MR, in its new offering, presents an unbiased analysis of the global plant-based dairy market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2024-2030. The study divulges essential insights on the plant-based dairy market on the basis of product (milk, frozen desserts, butter, creamers, yogurt, and cheese), nature (organic and conventional), end use (B2B and B2C), and sales channel (direct sales and retail sales), across six major regions.
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