Alt-milk market accounts for 40% of total plant-based food sector
NotCo, Chile’s plant based ’animal replica’ products has announced the launch of its plant-based milk alternative NotMilk in November 2020, in the US market. NotCo’s US market entry follows an impressive series C funding round of $85 million, bringing the total capital raised to $118 million. The company plans to continue its rapid growth, particularly in the US, which the company considers its most promising market. As part of its growth strategy, it has also appointed Lucho Lopez-May as the new CEO for North America, who, among other positions, had been working for the Danone Group in the US for 15 years.
Plant-based milk is the most established segment in the plant-based category. This year, The Good Food Institute published an overview of the plant-based market, according to which, the alt-milk market accounts for 40 per cent of the total plant-based food sector. Greg Steltenpohl of Califia Farms even predicted that the plant-based milk market in the US will reach 50 per cent market share in the next ten years, compared to 14 per cent at present. The company drew its inspiration to combine plants to replicate animal products, after they realized that removing animals from food production would protect the planet.
