Asia Generated the Most Revenue from Plant-Based Milk in 2023

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Erlina Fury Santika 26/08/2024 21:48 WIB

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According to Statista's processed data, Asia generated the highest revenue from plant-based milk sales in 2023, followed by North America, Europe, and Africa.

Estimated Revenue of Plant-Based/Alternative Milk by Region (2023)

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Estimated Revenue of Plant-Based/Alternative Milk by Region (2023)

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According to a Statista Market Insights survey from Statista, Asia is the region with the highest global revenue for plant-based milk. This region is projected to generate US$13.4 billion in revenue in 2023.

Statista states that China is the largest contributor to replacing cow's milk, with an estimated revenue of US$9.5 billion that year. Other contributors include Japan at US$1.8 billion; South Korea and India, both at US$400 million.

North America follows in second place with an estimated revenue of US$4.5 billion. "The United States is the main market in this region [with a value of] US$3.6 billion," Statista wrote on Wednesday (August 21, 2024).

In addition, Europe accounts for US$3.9 billion. Its main players are Germany at US$800 million; the UK at US$600 million; and Spain at US$600 million.

The final regions are South America and Africa, at US$0.7 billion (US$700 million) and US$0.2 billion (US$200 million) respectively.

According to Statista analysts, the market for cow's milk substitutes will continue to grow in the coming years, predicted to reach global revenue of over US$35 billion by 2028. Asia will remain the largest market due to its extremely large population.

"Europe and North America will experience sharper growth in per capita average revenue, as milk alternatives continue to gain popularity in both regions," Statista wrote.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Asia Generated the Most Revenue from Plant-Based Milk in 2023

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