Plant-Based Milk Sales Dip as Global Market Still Poised for Billions

While the global plant-based milk market is projected to more than double, reaching USD 45.64 billion by 2035, plant-based milk dollar sales in the US fell 5% in 2024, according to Business Research Insights. This stark divergence creates a challenging environment for producers, demanding navigation of vastly different consumer landscapes.

Global plant-based food and milk markets project significant growth, with an 8.87% compound annual growth rate (CAGR) from 2026 to 2035. Yet, recent data reveals a decline in plant-based food and milk sales and unit sales across the U.S. This tension between global optimism and domestic contraction points to deep market complexities.

Companies face a highly fragmented and regionally diverse market. A one-size-fits-all growth strategy will fail. Localized innovation and marketing are crucial for survival and success, especially as consumer loyalty wavers in key areas.

The Foundation of a Plant-Based Shift

• 500% — The increase in vegans in America, from nearly four million in 2014 to 19.6 million in 2017, according to PMC.
• Two-thirds — The proportion of US participants who reported reducing meat consumption in 2018, according to a national USA survey published by PMC.
• 5% — The decrease in meat sales in the US from 2015 to 2019, according to PMC.
• USD 3 billion — The decrease in cow’s milk sales, falling from USD 19 billion in 2013 to less than USD 16 billion in 2018, according to PMC.

These historical shifts laid a robust foundation for the plant-based movement, signaling a sustained change in consumer behavior that promised continuous market expansion for alternatives.

A Tale of Two Markets: US Contraction vs. Global Expansion