New plant milk statistics reveal that we my be approaching the end of cow milk…
Most well known as ‘the dairy milk substitute,’ plant milk products are made with hemp seeds, coconut, pea, cashew and other nuts, as well as grains, such as rice, barley and oats. In 2017 plant based milk was identified as a major U.S. trend predicted to capture the mainstream market. Boy did it ever. The household penetration rate of plant-based beverages in the United States from 2010 to 2016 increased by 33 percent. In 2017, sales of plant milk hit £367 million in the UK. Plant milk sales have since been steadily increasing worldwide. In fact, according to Global Market Insights, the global plant milk market was worth over $8 billion in 2016 and is expected to exceed $21 billion by 2024. Expected to be at the top of the charts is soy and coconut milk.
Considering that 75% of the world’s adult population is lactose intolerant this is not surprising. That’s one in two American and European consumers using plant milk. This is more than two thirds of all consumers!
Meanwhile, as sales for plant based milk go up, sales in the dairy industry are steadily declining. Many dairy farms are closing after decades of operations. Reduced demand for cow’s milk and falling prices led to the closure of 1,000 dairy farms in the UK between 2013 and 2016. Mintel reported that U.S. consumption of non-dairy milk increased by 61% while consumption of cow’s milk decreased by 22%.
Consequently, non-dairy milk products are emerging left and right. From milk and ice cream to butter more and more consumers are choosing plant milk products over dairy. This shift is being made by some as a result of lactose intolerance. For others it’s a matter of preference, health and safety concerns. Yet others are undergoing a shift towards a more conscious, sustainable way of living.
What do you think about the new plant milk statistics that reveal that we my be approaching the end of cow milk…
