Alt Dairy Expected to TRIPLE in Value to $32BN, Thanks To Cheese and China?
A new market study reveals that the plant-based dairy market is predicted to expand by nearly 3X over the next ten years from $11 bn to an estimated $32 bn. China is identified as a key market which is described as “flourishing” and cheese is identified as the next frontier in terms of innovation. “Cheese alternatives are predicted to be the “next frontier” in plant-based innovation, advancements in ingredient technology are estimated to fire dairy-alternatives market” The report finds that plant-based dairy reached a valuation of $11bn in 2020, when plant-based milk expanded twice as fast as cow’s milk. Almond milk remains the category leader at US$ 6.5 Bn, followed by fast-rising oat milk, then soy milk. Two out of five sales of plant based …