The global market for plant-based dairy alternatives is valued at $27bn and is forecast to reach $68bn by 2032, according to Global Market Insights.1 The milk alternative category makes up 90% of this and continues to drive the market.2 Swedish company Oatly’s popularity in China has led to big players like Nestle, Danone and PepsiCo creating their own oat-based versions.3 We see the emergence of new sources of ingredients for the plant-based milks of the future, from potato to pea, fava beans and an array of tree nuts. Innovation isn’t limited to the milk aisle. Other alternative dairy categories showing signs of significant growth include cheese, yoghurt, ice cream and butter.
In this Fi webinar, we will explore the US market with leading market research company SPINS who will give us a detailed overview of what is happening now, discuss the impact of inflation and look at the products which are emerging as tomorrow’s winners. Our second category expert will give us a snapshot of the challenges from an NPD perspective. How do we match traditional dairy in texture, flavour and nutritional density? What are the new ingredients that can add increased sustainability to the equation to win over the conscious consumer? We will explore how new technologies like precision fermentation are likely to impact the alternative dairy sector of the future.
2. According to data from the Healthy Marketing Team (HMT), Plant-based Digest 2023 Q1, Ingredients Network