Browse through the dairy section at your local supermarket and you're bound to find a milk alternative (a.k.a. mylk) depending on the country you reside in. Today, there's a whole range of milk varieties besides cow milk, such as almond milk, coconut milk, rice milk, soy milk, hemp milk, oat milk, macadamia milk, pea milk, peanut milk, barley milk, oat milk, rice milk, spelt milk, and quinoa milk. Woah.
It's no surprise that globally, the industry is estimated to be worth $16 billion. A growing number of consumers are swapping to other forms of milk due to natural/developed allergens, disagreement with the treatment of animals in the supply chain, detrimental environmental effects, and a growing concern about the use of antibiotic and hormone in cow milk production.
According to the Plant Based Food Association (U.S.), plant-based milk represented 15% of the total milk market in 2018, with a growth of 9% from 2017 (accounting for $1.6 billion in sales). Creamers grew 131% with $109 million in sales. This is compared to cow's milk which decreased by 6%.
If you know of any other plant-based cheese companies that you'd love to see on this list below, please do share via email@example.com.
With the vegan cheese global market estimated to be worth $3.906 billion by 2024 (growing at a CAGR of 7.6% from 2016 to 2024), click here to read more about the growth of the plant-based industry. Or more specifically, who are investing in them, and who are buying the companies out.