Dairy alternatives market to reach USD19.45 billion

THE APPEAL of plant-based ingredients, a source of protein among others, remains strong among a growing number of consumers worldwide. Dairy alternatives for one accounted for USD8.51 billion in 2016, according to Stratistics MRC. By region, Asia Pacific represented the largest share.

Developments in this segment have soared in recent years, giving not only the lactose-intolerant, but also vegans much more product choices. Even consumers of regular dairy and meat products are attracted to the novelty of plant-based beverages, adding drinks made of soy, almond, rice, and walnut to their diets. Demand for functional food and beverage applications continues to fuel growth.

There is competition between dairy and dairy alternatives, but will the high cost of dairy alternative milk hold back its growth? It remains to be seen although Stratistics MRC forecasts this market to reach USD19.45 billion by 2023. Given the many flavors and sources for alternatives, there is wider room for growth in this segment.

In its report titled Power to the plants – the booming market for plant-based dairy, AAK expounds on the trends impacting this new segment.