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The data, which showed that the plant-based sector grew by 11 percent to hit around $5 billion, shows that oat milk is currently the fastest growing dairy-free milk product.
Plant milk and cow’s milk
Plant-based milk is the largest category in the plant-based sector, and is worth more than $2 billion, accounting for 40 percent of the total market.
With 41 percent of US households now buying dairy-free milk, the sector grew by five percent in dollar sales in 2019, as cow’s milk sales were flat.
The most popular plant milk is currently almond, which makes up 65 percent of dollar sales. Oat milk is the fastest growing.
‘We expect further acceleration’
The Good Food Institute’s associate director of corporate engagement, Caroline Bushnell, said she believes the industry is at a tipping point and poised for further innovation, and she expects the growth to continue throughout 2020, saying the data shows that plant-based food is ‘not a bubble or a fad, but a real change in consumer behavior’.
She added: “Shifting consumer values have created a favorable market for plant-based foods, which have significantly outpaced overall grocery sales increases for three years running, making plant-based foods a growth engine for both manufacturers and retailers.
“This is really only the beginning: plant-based foods will continue to expand rapidly across the store in response to demand as consumers increasingly switch to foods that match their changing values and desire for more sustainable options. We expect further acceleration in 2020.”