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Milk Alternatives Market Trends

Report ID: GMI12709
Published Date: Dec 2024
Report Format: PDF

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Milk Alternatives Market Trends

According to the U.S. Department of Agriculture (USDA), plant-based milk alternatives accounted for approximately 16% of total milk sales in the United States in 2022. The European Commission reported a 7% year-over-year increase in plant-based milk consumption across EU countries. In Australia, the Australian Bureau of Statistics noted that 30% of households purchased plant-based milk alternatives in 2022, up from 23% in 2019.

Health Canada data showed that 41% of Canadian consumers reported consuming plant-based milk alternatives in 2022. The Food and Agriculture Organization (FAO) of the United Nations estimated that global production of plant-based milk alternatives increased by 8% in 2022 compared to the previous year.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of milk alternatives reached USD 29.5 billion in 2024 and is set to grow at a 10.6% CAGR from 2025 to 2034, driven by rising health and wellness trends and increasing demand for sustainable and vegan options.

The soy segment was valued at over USD 8.7 billion in 2024 and is expected to expand at a CAGR of over 10% through 2034 due to its high protein content and wide acceptance as a traditional plant-based milk option.

The U.S. market was valued at USD 10.3 billion in 2024 and is poised to witness 10.2% CAGR through 2034, fueled by increasing demand for plant-based, lactose-free, and vegan-friendly products.

The key players in the industry include Califia Farms, Danone, Freedom Foods, MALK Organics, New Barn, Inc., Pacific Foods, So Delicious, Tofutti Brands Inc., and Valsoia SpA.