USA – Plant-based milk alternatives in the US have seen an increase in sales value in 2023, despite a decline in volumes, according to the Good Food Institute’s (GFI) State of the Industry report.
Data from industry insights group SPINS revealed that plant-based milk retail sales grew by 1% compared to 2022 and by 9% compared to 2021, reaching US$2.9 billion in dollar sales.
However, unit sales dropped by 8% from 2022 and by 10% from the previous year, totaling 744 million units.
The report noted that nearly half of US households purchased plant-based milks at least once during the year, with 79% of those households making repeat purchases.
Coffee creamer alternatives also experienced growth in 2023, with dollar sales reaching $701 million, marking a 10% increase from 2022 and a 35% increase from 2021.
Unit sales rose by 4% year-on-year in US retail and by 14% compared to two years prior, totaling 141 million units.
Plant-based ready-to-drink (RTD) beverages generated US$247 million in US retail dollar sales in 2023, showing a slight drop of 1% year-on-year but a significant increase of 20% compared to 2021.
Unit sales for plant-based RTDs were up by 12% from 2021 but declined by 3% from 2022, totaling 60 million units.
Plant-based creamers achieved a 15% household penetration rate and a 65% repeat purchase rate, indicating strong consumer loyalty.
Generally, plant plant-based dairy alternative sales have seen a surge in recent years throughout the United States as consumer preferences transit to healthier alternatives.
According to data from Data Bridge market research, significant growth is expected in the North American plant-based milk market, with forecasts indicating a compound annual growth rate (CAGR) of 12.0% from 2023 to 2030.
Factors driving this growth include the increasing vegan population globally, a wider range of plant-based milk products, and rising lactose intolerance.
Additionally, promotional activities, social media marketing, and advancements in R&D are contributing to the expansion of the market.
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