New research conducted by Mintel, has shown plant-based milk sales have increased by 61 percent since 2012.
The research shows plant-based milk sales have been experiencing steady growth, with plant-based milk sales expected to hit $2.11 billion in 2017, meanwhile dairy milk sales have fallen by 15 percent since 2012.
The report also showed make up of the plant-based milk market with almond (64 percent market share), soy (13 percent market share) and coconut (12 percent market share) being the three largest options, however, new plant-based milks are increasingly gaining market share.
Megan Hambleton, Beverage Analyst at Mintel explained “Innovation will be a catalyst to drive the category forward in 2018 as both mainstream bases like almond and alternative plant bases offer added functional benefits and unique flavors.
“We predict that new plant bases such as cashew and rice will allow new entrants into the non-dairy milk category to eventually surpass the soy milk segment, one of the first non-dairy milk segments to really take off with consumers.”