Two years ago it was almond milk. More recently it became oat milk. Who knows what the milk alternative of the future will be? Whatever it is, these various milk alternatives continue to bring in the dollars, so it’s not terribly shocking that the companies behind these products are wooing investors.
Today, for example, Califia Farms, which makes a series of plant-based food alternatives–namely nut milks–announced a new round of funding of over $5o million. The six-year-old company says it plans to expand its manufacturing and further build out its product lines.
Dairy alternative growth is only expected to grow. One estimate says that sales of these products will hit $16.3 billion by the end of this year. And another forecast says the dairy alternative market will exceed $34 billion by 2024. Which is to say that investments like this latest one for Califia Farms are likely the result of investors trying to follow the trends.
But as these drinks become more mainstream, let’s just hope their environmental footprint isn’t as large as has been previously reported.