According to Custom Market Insights (CMI), The Global Plant-based Milk Market share was estimated at USD 13 billion in 2021 and is anticipated to reach around USD 30 billion by 2030, growing at a CAGR of roughly 9% between 2022 and 2030. Our research report offers a 360-degree view of the Plant-based Milk market’s drivers and restraints, coupled with their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Plant-based Milk market.
Plant-based Milk Market: Overview
Given the rising prevalence of hypercholesterolemia among consumers, greater lactose intolerance, and worries about calories, plant-based milk is considered the ideal milk substitute for dairy beverages. Additionally, a growing inclination for vegan diets drives customers to select cow milk alternatives. To draw in more customers, food and beverage producers are also developing novel and unique items using plant-based sources.
Browse the full “Plant-based Milk Market Size, Trends and Insights By Type (Soy Milk, Oat Milk, Coconut Milk, Almond Milk, Rice Milk, Others), By Form (Liquid, Powder), By Flavor (Unflavored, Flavored), By End-use (Infant Formula, Dairy Products, Bakery & Confectionary, Others), By Distribution Channel (Direct, Indirect), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030 “ report at https://www.custommarketinsights.com/report/plant-based-milk-market/
With the ongoing demand from customers for products to be reformulated without synthetics and artificial additives, the clean label trend is not showing any signs of slowing down. The usage of plant-based milk is anticipated to increase as the demand for “clean label” products keeps rising. Suppliers want to capitalize on this trend as millennials, and others of Generation Z look for sustainable, healthful plant-based replacements to traditional necessities like milk. Plant-based milk has become increasingly popular due to the sharp increase in demand for plant-based protein sources. Particularly among millennials, who comprise a sizeable portion of the consumer population, interest in veganism is rising. For competitors in the market for plant-based milk, this has presented growing potential.
The prevalence of lactose sensitivity has prompted people to choose alternatives that don’t contain dairy. Governments and health organizations have made a number of recommendations aimed at managing lactose intolerance effectively, one of which is to choose lactose-free milk and dairy products, hence fostering the market for plant-based milk.
Even while plant-based milk is becoming increasingly popular with health-conscious customers, the relatively lower protein level in these dairy substitutes is expected to impact the product’s overall consumption. Another difficulty for producers of plant-based milk is the time-consuming legal and regulatory inspection procedure, as industry associations forbid producers from using labelling that can mislead customers about the product’s nutritional content.
The market for Plant-based Milk is segmented into type, form, flavor, end-use, and distribution channel. Due to its high protein content and widespread consumer appeal, the soy milk sector held the largest market share of more than 50% in 2021. Through the projected period of 2022–2030, Soya Milk is also anticipated to post a CAGR of above 10%. Better flavor and a wider selection of flavors are available in plant-based milk. Due to its low-fat content and accessibility of flavor in the plant-based milk market, almond milk is progressively increasing its market share to about 40%.
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In terms of revenue share among the regional markets, the North American market is anticipated to rule the global Plant-based Milk market over the expected time frame. High nutritional value and one of the most well-liked dietary trends among consumers, the vegan diet, drive consumer demand for plant-based milk. Additionally, the prevalence of illnesses connected to lactose intolerance among consumers will increase demand for plant milk from the United States and Canada. Similar to how consumers’ increased sensitivity to lactose and other ailments would increase demand for plant milk in Canada and the United States.
Our market analysis includes a section specifically devoted to key players operating in the Plant-based milk market. Our analysts give an overview of each player’s financial statements, product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.
- 2022: Southeast Asia’s top supplier of plant-based protein Green Rebel launched its new category, Creamy Crew, which comprises cheese, sauces, and dressings.
Some of the prominent players
- Groupe Danone.
- The Hain Celestial Group Inc.
- Pacific Foods of Oregon, Inc.
- Vitasoy International Holdings Limited.
- Turtle Mountain LLC.
- Natura Foods, Sunopta Inc.
- Alpina Foods.
- Freedom Foods Group Ltd.
- Mc Cormick & Co., Goya Foods.
- Earth’s Own Food Company Inc.
- The Hershey Company.
- The Bridge s.r.l. Kaslink Foods Oy Ltd.
- Edward & Sons.
- Blue Diamond Growers, Inc.
- Chef’s Choice Food Manufacturer Company Limited.
- Liwayway Holdings Company Limited.
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