A report released by Fact.MR found that plant-based dairy alternatives was predicted to grow rapidly across the 2020-2030 period.
This period is expected to see the CAGR grow into double digits with sales spiking due to the COVID-19 pandemic changing consumer dietary preferences alongside sustainability and health concerns.
According to PETA, large dairy farms have negative impacts on the environment from the amount of greenhouse gas emissions created to the 1.65 billion tons of manure produced that pollutes drinking water channels.
North America and Europe are expected to generate over half of the global plant-based dairy market revenue share with United States, UK, Germany and France coming up as main contributors to the economy.
Food Ingredients Europe stated that plant-based food markets had doubled across Western Europe since 2012 with many of the countries listing health or environmental ethical concerns as reasons for change.
India is expected to lead the Asian plant-based dairy market with the report predicting that milk alternatives would be valued at $32 million. Other Asian markets such as China, Japan and South Korea are also showing a shift in consumer preference to dairy consumption.
The report found companies such as The Whitewave Foods Company, So Delicious Dairy Free and Organic valley, among others, were key players in this new market.