Plant-based milk, derived from soy, almond, oat, and coconut sources, has become a versatile and widely embraced alternative to traditional dairy. Its applications span from beverages such as coffee and smoothies to diverse uses in cooking and baking, offering a dairy-free option without compromising taste or texture. Beyond its culinary flexibility, plant-based milk boasts health advantages, often fortified with essential nutrients and lower in saturated fats. It caters to various dietary preferences, aligning with vegan, lactose-free, and vegetarian lifestyles. Plant-based milk production tends to be more environmentally sustainable than traditional dairy, further contributing to its growing popularity among consumers seeking ethical and sustainable food choices.
According to Data Bridge Market Research analyses that the Plant-Based Milk Market is growing with a CAGR of 12.4% in the forecast period of 2023 to 2030 and is expected to reach USD 50,066.21 million by 2030.
"Rapid Increase in the Vegan Population Boosts the Market Growth"
The surging global trend toward veganism, driven by increased health consciousness and a desire for natural and organic foods, has substantially fueled the growth of the plant-based milk market. Over the past decade, a growing vegan population has shifted toward plant-based diets, citing benefits such as a reduced risk of diseases such as heart disease, type 2 diabetes, and certain cancers. This shift has prompted a notable segment of the vegan and flexitarian community to incorporate plant-based milk into their daily dietary choices. The expanding consumer base adopting vegan, vegetarian, and flexitarian lifestyles is a pivotal factor propelling the global plant-based milk market forward, reflecting the broader shift towards plant-based alternatives in the food and beverage industry.
What restraints the growth of global plant-based milk market?
"Rise in Nut allergies"
The escalating prevalence of nut allergies, particularly among children and adults, serves as a significant constraint for the plant-based milk market. The potential for severe and life-threatening reactions and heightened health consciousness among consumers have led to declining sales growth. Tree nuts and seeds, common ingredients in plant-based milk alternatives, are recognized triggers for severe allergic reactions, impacting the market's appeal to individuals with allergies. The absence of a definitive treatment for nut allergies means that those affected tend to avoid products containing nuts, including plant-based milk. This growing population of consumers with nut allergies limits the market's potential consumer base, presenting a persistent challenge for the plant-based milk industry as it navigates the broader landscape of dietary preferences and health concerns.
Segmentation: Global Plant-Based Milk Market
The global plant-based milk market is segmented into eleven notable segments based on type, product type, category, formulation, flavor, fortification, nature, claim, packaging size, packaging type, and distribution channel.
- On the basis of type, the global plant-based milk market is segmented into almond milk, coconut milk, cashew milk, walnut milk, hazelnut milk, soy milk, oat milk, rice milk, flax milk, and others
- On the basis of product type, the global plant-based milk market is segmented into refrigerated milk and shelf stable milk
- On the basis of category, the global plant-based milk market is segmented into organic and conventional
- On the basis of formulation, the global plant-based milk market is segmented into sweetened and unsweetened
- On the basis of flavor, the global plant-based milk market is segmented into original/unflavored, vanilla, chocolate, honey, coconut blend, hazelnut blend, caramel, maple, coffee, and others
- On the basis of fortification, the global plant-based milk market is segmented into regular and fortified
- On the basis of nature, the global plant-based milk market is segmented into GMO and non-GMO
- On the basis of claim, the global plant-based milk market is segmented into regular, gluten free, nut free, soy free, artificial preservatives & colour free, and others
- On the basis of packaging size, the global plant-based milk market is segmented into regular, gluten free, nut free, soy free, artificial preservatives & colour free, and others
- On the basis of packaging type, the global plant-based milk market is segmented into tetra packs, bottles, and can
- On the basis of distribution channel, the global plant-based milk market is segmented into store based retailers and non-store based retailers
Regional Insights: Asia-Pacific region is expected to dominate the Global Plant-Based Milk Market
The Asia-Pacific dominates the global plant-based milk market, driven by a rising preference for plant-based alternatives due to health and environmental concerns. The region's population favors plant-based milk for its nutritional benefits and sustainability, supported by active promotional efforts from market players through campaigns and collaborations.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-plant-based-milk-market
Recent Developments in Global Plant-Based Milk Market
- In January 2023, Reitan, a prominent retailer in the Nordic and Baltic region, unveiled plans for an expanded collaboration with Oatly Inc. This strategic partnership aims to leverage Reitan's ownership of approximately 300 Pressbyrn and 90 7-Eleven convenience stores across Sweden, fostering business growth and appealing to a broader consumer demographic
- In 2021, Silk made waves by introducing its latest product, Silk Oat. This innovative product launch significantly diversified the company's portfolio, expanding its appeal and drawing in a wider audience of consumers
The Prominent Key Players Operating in the Global Plant-Based Milk Market Include:
- Silk (U.S.)
- Sanitarium (Australia)
- Alpro (Belgium)
- RUDE HEALTH (U.K.)
- Plenish (U.K.)
- Provamel organic-bio (Belgium)
- THE HAIN CELESTIAL GROUP, INC. (U.S.)
- SUNOPTA GRAINS AND FOODS INC. (Canada)
- Califia Farms, LLC (U.S.)
- NotCo (Chile)
- Valsoia S.p.A (Italy)
- YEO HIAP SENG LTD. (Singapore)
- Simple FOODS (U.S.)
- natur-a (Canada)
- Nutrisslim (Slovenia)
- Australia's Own (Australia)
- Oatly Inc. (Sweden)
- Elmhurst Milked Direct LLC (U.S.)
- Hershey India Private Limited (India)
- Life Health Foods (India)
- Manitoba Milling Company (Canada)
- HP Hood LLC (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global plant-based milk market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Plant-Based Milk Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.