2024 March Board Book

Plant Base Milks

In 2023, the plant-based milk category experienced a slight decline, with a decrease of $17.1 million (-0.7%) compared to the previous year. This decline was primarily driven by specific subcategories within plant-based milk. Almond Milk, the largest subcategory, saw a decrease in dollar sales of $72.3 million (-4.4%) compared to the previous year. However, Coconut Milk and Oat Milk showed growth in dollar sales. Oat Milk had the largest dollar sales growth in 2023, increasing by $37.8 million (7%) compared to 2022. Coconut Milk experienced the largest percentage growth, with a 24.3% increase compared to the prior year, amounting to $20.2 million in 2023. Moving into 2024, according to Circana, year-to-date total plant-based milk sales continue to decrease, down -6.8% compared to the prior year. Unlike in 2023, Oat Milk is now experiencing a decline in dollar sales year-to-date in 2024 compared to the previous year. The dollar sales for Oat Milk in 2024 are at $56 million, reflecting a decrease of -2.8%. Coconut Milk continues to see sales growth year-to-date in 2024, with early 2024 trends showing a 5.3% increase vs the same time last year.

Value Added Milk

As we observe plant-based milks declining, in 2023, value-added white milk category experienced overall growth in dollar sales for 2023, with specific brands and variants driving this increase. The overall dollar sales for all value-added white milk reached $3.89B, showing an increase of 7.4% vs the prior year. This growth can be attributed to several specific products within this category. The highest-selling product within this category was private label value