Vegan milk industry down under is currently valued at $153 million and growing.
A new report conducted by market research company IBISWorld estimated the value of the plant-based milk market in Australia to be $153 million. “This figure has been growing quite quickly over the past five years as the popularity of alternative milks has grown,” analyst Lauren Magner says, “and we have expected [six] percent per annum growth over the past five years.” Australia has experienced a boom in new eateries offering vegan alternatives, such as Zeitgeist Mylk Bar—a Sydney-based cafe that opened alongside sister vegan café Coffee Bondi Beach earlier this year. On the other side of the continent, Melbourne-based Matcha Mylk Bar only uses animal-free milks, and barista Zoe Davies says, “I think people are more and more leaning towards plant-based milks just because of the ethical and health issues that have been raised recently with the consumption of dairy.” Stateside, the value of the dairy-alternatives market—driven by the growing popularity of almond milk—is predicted to reach $35 billion by 2024.
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