Study: Dairy alternatives market expected to hit $34.6B by 2029
Dairy alternative beverages accounted for more than 8% of worldwide dairy launches.
As veganism is accelerating its move in the mainstream, the demand for plant-based food products has witnessed an upsurge. In fact, the dairy alternatives market is expected to reach $34.6 billion by 2029, according to a study by Future Market Insights (FMI), Valley Cottage, N.Y. And, in terms of value, the global dairy alternatives market is projected to register a CAGR of 8.3% during the forecast period.
The thriving trend of veganism is one of the primary factors triggering the demand for dairy alternatives.