Plant-Based Products Increased By 62% In 4 Years, Says New Report
Plant-based products are on the rise across the globe, according to new data from leading food and beverage market research firm, Innova Market Insights. The report revealed that the number of products referencing “plant-based” ingredients on the label has risen by 62 percent between 2013 and 2017.
Nondairy milk led the way in terms of overall growth; the global nondairy milk market is expected to reach $16.3 billion USD this year, up from $9.8 billion last year. Innova notes that new plant-based milk products accounted for eight percent of overall dairy launches recorded in 2017. Further, while there is also growing availability in categories such as nondairy yogurt and ice cream, new vegan milk product launches have more than doubled across the globe over a five-year period.
“The dairy alternatives market has been a particular beneficiary of this trend,” said Lu Ann Williams, Director of Innovation at Innova Market Insights. “With the growing availability and promotion of plant-based options to traditional dairy lines, specifically milk beverages, and cultured products such as yogurt, frozen desserts, and ice cream.”