Non-soy-milk-alternative latte, please

New figures released by global market research company Euromonitor International show that other milk alternatives (milk substitutes that are not dairy-based or made from soy) is the fastest growing category in the dairy products and alternatives industry, worth approximately AU$13.6 billion globally, an increase of 16% in 2020-2021.

According to the research, soy drinks are losing ground due to poor perception of the ingredient by consumers; however, other non-dairy-based milk substitutes, such as almonds, oats, coconuts and peas, have grown by 69% in the UK, and non-soya-based milks have increased by 130% over the past five years.

“The plant-based and lab-grown dairy space has hugely accelerated in the last year, thanks to heavy investments, including investment banks ‘pouring money’ into the industry,” comments Maria Mascaraque, Industry Manager at Euromonitor International. “And this is likely to speed up more acutely with the entry of big consumer companies, such as Nestlé and Danone, who are investing in start-ups.

“In the next couple of years, the focus is likely to remain on exploring further ingredients such as peas, chickpeas and fava beans, due to their high protein level, and companies increasingly relying on blends to make them tastier, for example combining peas with oats or coconut. Further down the line, new ingredients in that space are expected to spur, including water lentils or even algae.”

Euromonitor International also predicts that lab-grown dairy will be more affordable in the next five years and could possibly become the most popular choice in 10 years.

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