A detailed market research report by Global Market Insights has explored the global market for plant-based milk alternatives and forecasts robust growth rates in virtually every segment in the coming years.
According to industry analysis, new launches of plant-based dairy products grew by over 20% between 2012 and 2016. Industry experts say global per capita consumption of liquid milk fell by nearly 23% between 2000 and 2016, whilst consumption of milk substitutes grew at three-digit rates over the same period. The analysis says that the milk alternatives industry exceeded $16 billion by the end of 2018.
Consumer preferences are shifting towards more lactose-free and vegan alternatives as awareness of healthy eating increases. This will significantly drive the growth of the plant-based milk market. The growing consumer base for plant-based food products and the increasing number of product launches in this area are important factors in the growth of demand.
Intense competition amongst manufacturers, which is leading to lower production costs, will also improve the prices of plant milks. Meanwhile, improved production processes, including extraction from raw ingredients, have promoted product development. Improved distribution networks and sourcing processes, supported by online distribution channels, are also key factors supporting the growth of the industry.
More information on the report can be found at www.gminsights.com.