Market outlook
But environmental and health concerns comprise just one side of the story for celebrities pushing plant milks. The other is the tremendous market potential for animal-free milk.
“Retail value sales of plant-based milk is expected to grow by 11 per cent in 2022 and maintain the same compound annual growth rate over the next five years to reach Dh127 million by 2027,” Naval says.
That’s in line with the international market. Delaware-headquartered Global Market Insights Inc estimates the dairy alternatives market at $24 billion in 2021 and expects the sector to grow at a compound annual rate of 10 per cent to be valued at about $49 billion by 2028.
In the US alone, plant-based milk accounted for 10 per cent of the total dairy market in 2021.
Whether it’s lactose intolerance, the environment or celebrity endorsements, nearly 70 per cent of plant-based milk consumers joined the category in 2020 and 2021, which shows the accelerating trajectory of the category and its growth potential.
This article first appeared in gulfnews