A new research report shows that global plant-based milk sales are projected to reach $47.55 billion by 2030, at a CAGR of 11.7% from 2023 to 2030.

According to the Research And Markets report, growth in the market is being driven by a variety of factors including high prevalence of lactose intolerance and cow milk allergies, a growing consumer focus on health and well-being, consumer drive toward sustainability, and increasing investments and government support for plant-based industries.

The report also estimates that the Asia-Pacific will witness significant growth during the forecast period due to the region’s increasing vegan and flexitarian populations and the rising popularity of Western diets, among other factors.

Milklab plant-based milk from Noumi.
Milklab plant-based milk from Noumi.

In addition, the study identified Australian plant-based milk brand Wellbeing Company as a key global player in the market. 

However, the report also noted that high preference for animal-based milk products and the growing consumption of soy-free and gluten-free products are still restraining growth in the plant-based milk sector. 

Plant-based milk gaining traction in Australia 

Data from Western Australia coffee shop chain Muzz Buzz found that drink orders using dairy alternatives such as oat, soy, almond, and lactose free products across its 34 sites increased by over 260% between 2021 and 2022.

Alternative milk sales data from Muzz Buzz.
Alternative milk sales data from Muzz Buzz.

The brand attributed the growth to consumers becoming more health conscious, interested in knowing what they are consuming, and having opinions on animal products.  

Additionally, Australian plant-based milk company Noumi has seen a noted increase in sales of its Milklab brand, particularly its oat variety, which grew by 89% year on year. 

Meanwhile, the Australian market is seeing the entry of new dairy alternatives such as tiger nut milk that claim to contain the same nutrition content of cow’s milk as well as offer a more sustainable option than the above varieties.

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