A new report from CoBank predicts continued double-digit growth in the plant-based milk alternatives market. The report says sales are up 61 percent over the past five years, with slower growth of 15 to 25 percent projected by 2022. Meanwhile, cow’s milk consumption continues a decades-long slump.
However, a CoBank spokesperson says the total volume of alternative milk is “relatively small and is not a major factor behind declining fluid milk sales.” Still, CoBank says plant-based alternatives are helping revolutionize how the dairy industry does business.
The report found that most consumers who buy alternatives are not completely abandoning milk. The report goes on to say that some traditional dairy companies are adding plant-based alternatives to their portfolios. Even Dean Foods, the largest milk bottler in the United States, recently invested in Good Karma Foods, a plant-based milk and yogurt company.
From the National Association of Farm Broadcasting News Service.