- The global dairy alternatives market generated $13.0 billion in 2018, and forecasts that the segment will reach $35.8 billion by 2026, registering a compound annual growth rate of 13.6% between 2019 and 2026
- Consumers with allergies to dairy products and consumers who follow a vegan lifestyle are helping to drive demand of Plant-based products.
Dairy
Source: Dairy Foods and Food Business Gulf
- The dairy-free ‘milk’ category is often the first category where a consumer enters the world of dairy alternatives.
- Consumption of evaporated milk and sweetened condensed milk continues to grow and is expected to register an average annual growth of 2% from 2019 to 2024. This growth comes from Latin America, the Middle East, and to a lesser extent from Asia.
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It has been really encouraging to see so many MDs, CEOs and business owners on the exhibition floor. I was also impressed by the diverse geographical range of visitors, and there’s been lots of interesting questions about our products and innovations, particularly around our milk protein solutions.