THE RISE OF
PLANT BASED FOODS
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 the Asia Pacific, due to the increased production as well as consumption of milk alternatives.
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,
ASIA SEES BIGGEST GROWTH IN PLANT FOODS
Plant-based milk drinks are set to continue to grow in Asia Pacific at a two percent CAGR between 2019 and 2024, reaching USD12. 3 billion in 2024.
Similarly, plant-based hot beverages are expected to increase at a CAGR of two percent, reaching USD6. 7 billion by 2024.
Float Foods is currently developing a plant milk range for the Singapore and Asian market.