Dairy alternatives are fast becoming a cash 'cow' with the market set to expand from $4.5 billion this year, to almost 10 times that by 2025.
since its trading debut in May. The boom doesn't seem to be an anomaly — dairy-free foods are also set to surge.
Dairy-free yogurts, cheeses and milks have grown much faster than plant-based meat, as more consumers are looking for dairy alternatives. Dairy-free cheese sales rose 20% in the year to April to $160 million in the US, and yogurt sales grew almost double that, at 39% to $230 million, according to Spins and the Good Foods Institute. Plant-based meat on the other hand grew 10% in the same time frame.:"The growth of plant-based milk — now purchased by 37% of households — has laid the groundwork for growth in other plant-based dairy categories," and that the dairy alternative market is now worth $1.2 billion.
Spins data also said that sales of plant-based foods that directly replaced animal meats in the past two years have reached $4.5 billion. Sales of egg substitutes were one of those, with sales doubling to $6.5 million.
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