Plant-based milk will represent 20 per cent of global sales by 2021 while the popularity of animal milk declines globally, as Australia emerges as the second most popular product for ‘alternative milk’, according to new data.
Euromonitor International’s latest report, From Almond to Pea: The Growing Appetite for Plant-based Milk, has cast a sombre note over the future of cow’s milk, predicting that declining global sales for animal milk products will continue.
Interestingly, among the various types of non-animal milk, including soy, nuts, grains and seeds; soy is declining in popularity relative to newer plant alternatives that Euromonitor’s senior food analyst, Pinar Hosafci, claims are less likely to be sourced from genetically modified crops.
“The world is moving towards a new diversified milk experience,” Hosafci predicted. “A growing number of consumers are looking beyond soy to newer plant alternatives that are less likely to be sourced from genetically modified crops, are allergen-free and carry a lower carbon footprint.”
Soy milk is projected to grow by nine per cent to 2020, while cereal and nut-based ingredients are predicted to jump by 30 per cent. Growth of alternative milk categories in Australia is expected to be relatively subdued to 2021, with emerging Southeast Asian markets and European countries like Italy and the Netherlands playing catch up.