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Plant Based Milk Market Expected to Be Worth $34 Billion by 2024

The plant based milk market is expected to be worth $34 Billion by 2024, according to a new report published by Renub Research. The population of people who are lactose intolerant has risen. In fact, “roughly two thirds of the world’s populations are lactose-intolerant. The dairy alternatives market is mostly dominated by Asia-Pacific region due to the growing number of vegan and lactose intolerant population in the region.”

Rather than veganism and plant based diets taking the focus of the report, lactose intolerance is at the forefront of the reason behind the increase of the market. “In Asia and Africa the figure is around 90%. Thus, an increasing number of consumers are choosing non-dairy milk and products which are lactose-free because of its benefits over conventional milk.”

The market is growing with a double digit CAGR (Compound Annual Growth Rate), with the milk alternative market including soya milk, rice milk, almond milk, coconut milk and hemp milk. The market is also growing with the addition of products that are dairy-free, and gaining more momentum including cheeses, desserts and snacks.

Soya milk holds the biggest market share for plant based milk alternatives, with the report also studying the dairy alternatives market on the basis of its applications as food and beverages. Other reports have highlighted that veganism and the popularity of plant based diets are the reason for plant based milks increasing, with over 500,000 vegans in the UK.

 

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