The dairy alternative market continues to grow, according to new research. In 2017 the global dairy alternative market was worth $9.8 billion USD, with a CAGR of 12.4 per cent for the forecast period of 2018 to 2025.
The report published by Data Bridge Market Research identifies the rising consumer preference to a vegan diet as one of the reasons for an increase in sales for dairy alternative products. Growing cases of lactose intolerance and milk allergies also accounts for the increase in sales and market worth, along with inadequate availability of raw materials.
Growth of the beverage industry has also been identified as a reason for the growth of the dairy alternative market. For example, Starbucks recently launched a new plant based coffee drink: the Dark Chocolate Banana double-shot coffee smoothie, made using almond milk.
For decades, the dairy industry has been in steady decline, and veganism continues to rise. Younger generations are driving the growth of veganism, with social media contributing massively to this increase, as reported by the BBC last week.