Plant-Based Dairy Sees Rapid Growth in Western Europe & North America Due to “Profound Shift” in Consumer Preferences
According to insights from strategy consultancy Roland Berger, the plant-based dairy market in Western Europe and North America is growing at an unprecedented rate as consumers increasingly prioritize health and sustainability. In 2023, the size of the plant-based dairy retail market reached $11.55 billion (€10.7 billion), up from $7.34 billion (€6.8 billion) in 2019. This reflects a compound annual growth rate of 12%. The growth is primarily driven by plant-based beverages, which make up 60% of the total market, followed by yogurt and cheese alternatives. The horeca sector is also increasingly embracing dairy alternatives, providing a foundation for continued growth in the industry. However, plant-based dairy still only accounts for a fraction of the traditional dairy market. Milk alternatives are the most successful product type, …