Initially, plant-based dairy gained traction due to prominent vegan and plant-based claims on the packaging. However, in the current economic climate, consumers are increasingly seeking products that justify a higher price through additional benefits.
Since 2022, the unit prices of plant-based dairy products have surged, paralleling the broader trend in packaged food. Like other categories that experienced high unit price growth, while value sales are set to rise in 2024, volumes are expected to fall.
In recent years veteran brands have been acquired by industry giants, companies in the space have opted for joint ventures with strategic players, and more and more big names have entered the space – General Mills, Danone, and Kraft Heinz are just a few. As plant-based dairy matures and these dairy moguls enter the category, consolidation is likely, with this trend already being seen in plant-based milk.
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Plant-based Dairy
This is the aggregation of plant-based milk, plant-based yoghurt and plant-based cheese. Please note that plant-based dairy products that are not milk, yoghurt or cheese are tracked under their core dairy categories (e.g. powder milk, margarine and spreads, coffee whiteners etc.)
See All of Our DefinitionsThis report originates from Passport, our Plant-based Dairy research and analysis database.
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