The global milk market may grow 2.5 times over the decade

Almond Milk

Dairy

Published Feb 19, 2024

Tridge summary

The global plant-based milk market is projected to grow from $20 billion to $51.87 billion in the next decade, driven by dietary shifts, lactose intolerance, and environmental concerns, with almond milk holding 35% of the market. However, the dairy market is also expected to grow 2.5 times despite challenges such as the war in Ukraine causing a rise in dairy raw material prices and a decrease in raw milk production. In 2023, Ukraine saw a 5.8% decrease in raw milk production and a nearly 30% decrease in dairy product exports, leading to a negative export-import balance of $77.2 million.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Brainy Insights forecasts that the global plant-based milk market will grow from $20 billion to $51.87 billion over the next decade, DairyMews reports. According to experts, the growing popularity of plant-based milks is due to a variety of factors, including changes in dietary preferences, increasing cases of lactose intolerance and environmental problems associated with conventional dairy farming. In addition, vegetable milk contains necessary vitamins and minerals. According to experts, the popularity of plant-based and vegan diets is accelerating due to social media influencing a wide audience by showing the benefits of these diets. The variety of plant-based milk options available caters to different tastes, ensuring its wide availability in supermarkets and grocery stores. According to the latest data for 2022, 35% of the plant milk market was occupied by almond milk. At the same time, the largest number of consumers of vegetable milk is located in North America, which ...

Source: Landlord