Like its dairy counterparts, plant-based dairy is impacted by projections of a weak Norwegian currency against the US dollar and euro until 2025 and no planned interest rate cut until the end of 2024. The impact on plant-based dairy is likely to be strong as most of these products are imported.
Plant-based dairy witnessed few significant new product launches towards the end of the review period. This was informed by inflationary pressure on costs and prices for companies, retailers and consumers.
The smallest category, plant-based cheese, is set to return to an upward trajectory, although challenges remain. The primary deterrent, for many consumers, is taste; the divergence from traditional dairy-based cheese remains pronounced.
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Plant-based Dairy
This is the aggregation of plant-based milk, plant-based yoghurt and plant-based cheese. Please note that plant-based dairy products that are not milk, yoghurt or cheese are tracked under their core dairy categories (e.g. powder milk, margarine and spreads, coffee whiteners etc.)
See All of Our DefinitionsThis report originates from Passport, our Plant-based Dairy research and analysis database.
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