Plant-based dairy products will register moderate constant value and volume growth over the forecast period. This growth will be from a low base and the consumer base will continue to be the health-conscious consumer.
Unlike other dairy, plant-based dairy will remain solely in the hands of multinationals over the forecast period. As a result, all offerings will be imported and this will make plant-based even more vulnerable to the high inflationary environment over the forecast period.
Soy drinks is expected to drive overall growth for plant-based dairy over the forecast period. The product has grown well over the review period, except during periods of economic crisis, and benefits from its novelty as an alternative beverage, especially for consumers on-the-go.
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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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