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:
GLOBAL SHARE OF PLANT-BASED PRODUCT LAUNCHES
Source: MINTEL Global Share of Launches April 2019 -March 2020