The global plant-based milk market is expected to exceed USD 34 Billion by 2024, according to a new market research report.
According to the report, there are a number of reasons consumers are opting for plant-based, including increased focus on the the ‘healthy diet and nutritional values offered by non-dairy product such as low calories and high proteins and vitamins’.
Additionally, it claims lactose intolerance is a key factor, saying: “Roughly two thirds of the world’s adult populations are lactose-intolerant.
“In Asia and Africa the figure is around 90 percent.
“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 report lists soy milk, rice milk, almond milk, coconut milk and hemp milk as key alternatives to dairy.
It divides these into four sectors, saying: “On the basis of source, the market for dairy alternatives (plant-based milk) has segments: soy milk, almond milk, rice milk and others.
“Out of all the four segments Soy Milk has highest market share globally.”
This growth is the continuation of a trend which has seen plant milk sales grow by 61 percent in the US over the last five years.