The global plant-based dairy market is expected to grow from $20 billion in 2024 to $34 billion by 2030, a new report from MarkNtel Advisors shows.
With 68% of the world’s population being lactose-intolerant and more than 87 million people identifying as vegan, alternatives for milk, cheese, and yogurt are in high demand. The rise in popularity of these products is estimated to increase the market growth rate by 9% annually through 2030.
Cut through the clutter! We deliver the news you need to stay informed about farm, food and rural issues. Sign up for a FREE month of Agri-Pulse here.
Plant-based milk is leading, accounting for about 50% of the market, with oat milk growing the fastest. Other plant-based products are following closely behind as global chains like Starbucks and Taco Bell continue to add dairy-free options to their menus.
Despite the estimated growth, the report warns of potential challenges ahead, including high prices, supply issues, and skepticism about the nutritional value of dairy alternatives.
The Asia-Pacific region currently holds the lead in sales, making up 35% of the global market. North America and Europe are continuing to expand with cafes and restaurants helping push demand.
