Experts expect the value of the milk alternatives market to exceed US $ 24 billion by 2025. In 2017, the market for milk alternatives was estimated at 9.8 billion US dollars. The milk alternatives sector is growing with a compound annual growth rate (CAGR) of 12.4 percent, whilst global demand for dairy products is increasing by 2.5 percent, according to analyst Tom Bailey.
Soya, rice, almond, coconut and hemp milk are increasingly in demand. The reasons for this growth rate are complex and varied. On the one hand, the clear trend towards veganism is largely responsible for consumers’ reduced milk consumption. On the other hand, many consumers suffer from lactose intolerance, which makes milk consumption impossible. Other factors are milk allergies and Generation Y. This generation stands out because of its conscious lifestyle, and it reaches for vegan milk much more frequently than older generations. A study by Barclays in the UK showed that people between the ages of 16 and 24 consume vegan milk 550 percent more frequently than other generations.
Even if the demand for dairy products does continue to rise, liquid milk is not primarily responsible. Non-liquid products compensate for the weak sales of liquid milk, fuelling the growth trend in the dairy industry.