Asia is the global leader in consumption of plant-based milk substitutes. According to data from Statista’s Market Insights, milk substitutes in the region are estimated to have generated sales of USD 13.4 billion in 2023. This will be led primarily by China, where sales are estimated to reach USD 9.5 billion this year alone. Other important markets in Asia are Japan (USD 1.8 billion), South Korea (USD 0.4 billion) and India (USD 0.4 billion).
North America follows at some distance, with the United States as the most important market in the region (USD 3.6 billion). In third place in the regional ranking is Europe, with an estimated turnover of USD 3.9 billion in 2023. The most important market players here are Germany (USD 0.8 billion), the United Kingdom (USD 0.6 billion) and Spain (USD 0.6 billion). The regional markets in South America and Africa were significantly lower in 2023 at USD 0.7 billion and USD 0.2 billion respectively.
According to Statista analysts, the market for milk substitutes will continue to expand in the coming years and reach global sales of over USD 35 billion by 2028. While Asia will remain the largest market in terms of sales due to its sheer population size, Europe and North America will see stronger growth in terms of average per capita sales as milk substitutes continue to grow in popularity in both regions.
Photo: CP Kelco
