GFI: Plant-Based Milk Market is Worth $1.86 billion

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The Good Food Institute has published a study which shows that the plant-based milk category is worth $1.86 billion. Plant-based milk is shown to account for almost half the total plant-based food market in total, with dollar sales of plant-based milk growing by 6% in the past year and 14% over the past two years.

This is the third part in a series reflecting the GFI’s findings into the plant-based market in the USA. Read below for information on sales of PB milk and other dairy alternatives such as ice cream, yogurt and cheese.

For part one on the market as a whole click here, for the data on plant-based meat click here, and for other categories including meals, eggs click here.

Plant-Based Milk Sales

Of all U.S. households, 37% purchase plant-based milk, equating to over 45 million homes, with a projected number of household trips to purchase plant-based milk at 335 million per annum.

The study shows that over 566 million units of plant-based milk were sold in the past year, and that, at present, the PB milk category accounts for 13% of all dollar sales of retail milk.

Refrigerated plant-based milk makes up 89% of all plant-based milk dollar sales, while shelf-stable plant-based milk now makes up just 11%

Almond milk is the current category leader, while oat milk is the fastest-growing variety, with dollar sales of oat milk growing 222% in the past year and 284% over the past two years.

Other Plant-Based Dairy

Combined dollar sales of other plant-based dairy categories including ice cream, yogurt and cheese, grew 26% in the past year and 73% in the past two years.

The plant-based ice cream and frozen novelty category has a value of $304 million, with sales of plant-based ice cream and frozen novelty growing 26% in the past year and 67% over the past two years.

The plant-based yogurt category is worth $230 million, with sales of plant-based yogurt growing 39% in the past year and 129% over the past two years.

Following ice cream and yogurt, the most developed categories in PB dairy are:

  • Butter – Value of $189 million with growth of 5% in the past year and 9% over the past two years.
  • Cheese – Value of $160 million with growth of 19% in the past year and 69% over the past two years.
  • Creamer – Value of $226 million with growth of 40% in the past year and 193% over the past two years.
  • Ready to drink beverages – Value of $103 million with growth of 23% in the past year and 38% over the past two years.
  • Spreads, Dips, Sour Cream, and Sauces – Value of $21 million with growth of 52% in the past year and 146% over the past two years.

Click for further parts of the study as below:

With thanks to the GFI.