Soy, oat, almond or cashew: what is your favorite plant-based milk? Has the rising demand for plant-based foods, including dairy-free milk, driven changes in your micro market and pantry operations? Given the growth in demand for plant-based foods, perhaps it should.
Established in 2017, World Plant Milk Day on August 22 “celebrates plant-based alternatives to dairy milk.” Proponents of plant-based foods point to benefits relating to personal health, the environment and animal safety and comfort.
Plant-based milks are at the forefront of consumer acceptance for plant-based foods, more than doubling the value of the second most popular category in 2023, according to Statista.
The market for plant-based foods was not without headwinds in 2023 however, according to the Good Food Institute's State of the Industry report. U.S. sales of many categories of plant-based products declined. The GFI surmised that the declines are due to the effects of sustained inflation as well as signs consumers may not feel plant-based products meet their expectations vs. non-vegan options.
Other highlights of the GFI State of the Industry report:
- Total U.S. retail plant-based food dollar sales were $8.1 billion in 2023. In 2022, total U.S. retail plant-based food dollar sales were $8.2 billion.
- Plant-based milk held nearly 15% market share of total milk dollar sales in 2023.
