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THE RISE OF 

PLANT BASED FOODS 

According to the Good Food Institute, grocery sales of plant-based foods that directly replace animal products have grown 29% over the past two years to $5 billion in 2019*.

 

Between 2015 and 2019, sales of nondairy milks rose 23% in the US, and sales of plant based milk increased to $1.6b in the UK**.

 

The plant-based milk market is expected to reach US$21 billion in 2024, growing at a CAGR of 10-18%, from 2020-2024**. The fastest-growing market is Asia Pacific, due to the increased production as well as consumption of milk alternatives.

*Source: https://www.gfi.org/marketresearch

**Source: https://www.businesswire.com/news/home/20200305005398/en/Global-Plant-Based-Milk-Market-Expected-Reach

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GLOBAL SHARE OF PLANT-BASED PRODUCT LAUNCHES 

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Source: MINTEL Global Share of Launches April 2019 -March 2020