2024 May Board Book

Plant Base Milks

There are noticeable trends and declines in year-to-date sales for different types of plant-based milks. Total plant-based milk sales have decreased by $60,148,602 in Q1, representing an 8.2% decline compared to the previous year. Almond milk, which is a popular plant-based milk option, has experienced a significant decline in sales, with a decrease of $50,697,083 (10.9%) year-over year. Brands like Silk Almond Milk, Blue Diamond Almond Milk, and Private Label Almond Milk have also shown declines in both dollar and volume sales. Oat milk, on the other hand, has seen a more moderate decline in sales compared to almond milk. Total oat milk sales have decreased by $9,420,799 (5.6%) year-over-year. However, specific brands within the oat milk category, such as Silk Oat Milk, have experienced a more substantial decline in sales, with a decrease of $10,697,804 (56.7%). This indicates a shift in consumer preferences within the plant-based milk market towards oat milk alternatives. Coconut milk, while not as popular as almond or oat milk, has shown some growth in sales. Total Coconut Milk and So Delicious Coconut Milk have seen increases in dollar sales of 3.5% and 20.6%, respectively. This suggests that there is still a market for coconut milk products, albeit on a smaller scale compared to almond and oat milk.