Dairy free segment gets a banana milk4 Aug 2020
The non-dairy category has exploded in recent years from a category dominated by soy milk to a market with milks made from nuts, grains and plant-based protein sources. Now, the category has a banana milk.
Banana Wave is a milk alternative that is made with whole bananas and oat milk and boasts a nutritional roster chock full of vitamins A, B12, C, D, as well as fiber and potassium. In addition to a variety of nutrients, the banana milk is gluten-free, fat-free and non-GMO. The brand even mixes in some flavor with four flavors: original, strawberry, chocolate and a new mango flavor. Each 32-ounce carton retails for $4.50 at select U.S. retailers.
Plant-based dairy is one of the largest segments in the plant-based space with SPINS data showing the category makes up 40% of the entire segment. Not only is plant-based milk a big market today, but sales are continuing to grow. Sales are expected to reach $38.9 billion by 2025, according to Fior Markets.
Already, milk alternatives comprise 14% of the entire milk category and sales jumped 5% in 2019, according to statistics commissioned from the SPINS market research firm. However, the research showed that not all milks are created equal. Almond milk still leads by a large margin, but oat-based beverages are gaining ground. This trend was accelerated even further during the pandemic when sales grew 347.3% for the first week of March, according to Nielsen data.
This news bodes well for a brand like Banana Wave, which is oat-based. But the milk, which markets itself bananas first, is competing against some industry giants like Oatly, Elmhurst and Pacific Foods. While there remains room to attract consumer attention, the brand will be hard pressed to carve out a meaningful niche in the marketplace and capture the hearts and wallets of consumers looking for an alternative to traditional animal dairy.
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