Oat milk has enjoyed rapid growth over the review period and into 2022, and has been a key driver behind the growth observed in other plant-based milk. However, a key constraint to growth in the category has historically been the lack of local production capability, with high international supply chain costs impacting local prices.
High inflation, rising interest rates and higher dairy prices have combined to create a perfect storm of cost-of-living pressures for middle-income earners in New Zealand. With the reserve bank having indicated that interest rates are set to rise even further, and with sustained demand for New Zealand dairy products, this is likely to see higher dairy prices on supermarket shelves in New Zealand over the forecast period.
The rapid growth experienced by other plant-based milk is not expected to slow down any time soon, and over the forecast period the category is expected to see the strongest performance in plant-based dairy after plant-based cheese, which is growing from a very low base. With conscious consumerism expected to grow further over the forecast period as the government implements a number of initiatives to reduce New Zealand’s carbon footprint, high levels of innovation and new entrants are expected in the category to service the growing demand.
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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 Definitions
This report originates from Passport, our Plant-based Dairy research and analysis database.
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