Plant-based milk is a beverage made from plants that resemble milk in appearance. Plant milk is a non-dairy beverage flavored and scented with water-based plant extracts. Plant-based milk is consumed as a vegan alternative to dairy milk. Plant-based milk has a creamy texture if compared with dairy milk. For the production of plant milk, various plants are used. Among the most popular plant milk globally is almond, oat, soy, and cashew nut milk. Since ancient times, people have drank beverages made from plants. Since this industry is continuously emerging and evolving, it has a lot of potential and scope to be met in the forecast period.
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Data Bridge Market Research analyses that the Global Plant-Based Milk Market is expected to grow at 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. Availability and accessibility of a wider range of plant-based milk products are creating a new opportunity for plant-based milk to grow in the upcoming years.
Increase in vegan population around the globe
The vegan market has exponentially increased over the past ten years, making more people turn to plant-based diets each year. The increased health awareness has increased the demand for natural and organic food. This has driven a major part of the population to change their lifestyle and diet drastically. The vegan community concentrates on eating foods that have ingredients or other components that come from plants. The risk of several diseases, such as heart disease, type 2 diabetes, hypertension, certain types of cancer, and obesity, is decreased by properly planned vegan diets, according to the Academy of Nutrition and Dietetics. As a result, some of these vegetarian or vegan customers have begun to pay attention to plant-based milk in their daily diet. Thus, the rapidly growing vegan population around the globe and consumers adopting more vegan vegetarian or flexitarian diets will also increase the plant-based food and beverages market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Pricing in USD
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Segments Covered
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By Type (Almond Milk, Coconut Milk, Cashew Milk, Walnut Milk, Hazelnut Milk, Soy Milk, Oat Milk, Rice Milk, Flax Milk, and Others), Product Type (Refrigerated Milk and Shelf Stable Milk), Category (Organic and Conventional), Formulation (Sweetened and Unsweetened), Flavor (Original/Unflavored, Vanilla, Chocolate, Honey, Coconut Blend, Hazelnut Blend, Caramel, Maple, Coffee, and Others), Fortification (Regular and Fortified), Nature (GMO and Non-GMO), Claim (Regular, Gluten Free, Nut Free, Soy Free, Artificial Preservatives & Color Free, and Others), Packaging Size (Less than 100 ml, 110 ml, 250 ml, 500 ml, 1000 ml, and More than 1000 ml), Packaging Type (Tetra Packs, Bottles, and Can), and Distribution Channel (Store Based Retailers and Non-Store Based Retailers)
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Countries Covered
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U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Switzerland, Netherlands, Belgium, Russia, Turkey, and the rest of Europe, Japan, China, South Korea, India, Australia, Singapore, Thailand, Indonesia, Malaysia, Philippines, and rest of Asia-Pacific, South Africa, UAE, Saudi Arabia, Kuwait and rest of Middle East and Africa
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Market Players Covered
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Silk, Sanitarium, Alpro, RUDE HEALTH, Plenish, Provamel organic-bio, THE HAIN CELESTIAL GROUP, INC., SUNOPTA GRAINS AND FOODS INC., Califia Farms, LLC, NotCo, Valsoia S.p.A, YEO HIAP SENG LTD., Simple FOODS, natur-a, Nutrisslim, Australia's Own, Oatly Inc., Elmhurst Milked Direct LLC, Hershey India Private Limited, Life Health Foods, Manitoba Milling Company, and HP Hood LLC. among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
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. In 2023, the oat milk segment is expected to dominate the global plant-based milk market with a 30.20% market share and is expected to reach USD 15,283.77 million by 2030, growing with the CAGR of 12.6% in the forecast period of 2023 to 2030
- On the basis of product type, the global plant-based milk market is segmented into refrigerated milk and shelf stable milk.
In 2023, the refrigerated milk segment is expected to dominate the global plant-based milk market
In 2023, the refrigerated milk segment is expected to dominate the global plant-based milk market with an 87.36% market share and is expected to reach USD 44,079.68 million by 2030, growing with the CAGR of 12.5% in the forecast period of 2023 to 2030
- On the basis of category, the global plant-based milk market is segmented into organic and conventional. In 2023, the conventional segment is expected to dominate the global plant-based milk market with a 72.29% market share and is expected to reach USD 36,477.74 million by 2030, growing with the CAGR of 12.5% in the forecast period of 2023 to 2030
- On the basis of formulation, the global plant-based milk market is segmented into sweetened and unsweetened. In 2023, the unsweetened segment is expected to dominate the global plant-based milk market with a 75.29% market share and is expected to reach USD 38,057.54 million by 2030, growing with the CAGR of 12.5% in the forecast period of 2023 to 2030
- On the basis of flavor, the global plant-based milk market is segmented into original/unflavoured, vanilla, chocolate, honey, coconut blend, hazelnut blend, caramel, maple, coffee, and others. In 2023, the original/unflavoured segment is expected to dominate the global plant-based milk market with a 45.37% market share and is expected to reach USD 22,949.55 million by 2030, growing with the CAGR of 12.5% in the forecast period of 2023 to 2030
- On the basis of fortification, the global plant-based milk market is segmented into regular and fortified. In 2023, the regular segment is expected to dominate the global plant-based milk market with an 83.49% market share and is expected to reach USD 42,082.46 million by 2030, growing with the CAGR of 12.5% in the forecast period of 2023 to 2030
- On the basis of nature, the global plant-based milk market is segmented into GMO and non-GMO. In 2023, the non-GMO segment is expected to dominate the global plant-based milk market with a 97.96% market share and is expected to reach USD 49,067.97 million by 2030, growing with the CAGR of 12.4% in the forecast period of 2023 to 2030
- On the basis of claim, the global plant-based milk market is segmented into regular, gluten free, nut free, soy free, artificial preservatives & color free, and others. In 2023, the regular segment is expected to dominate the global plant-based milk market with a 51.39% market share and is expected to reach USD 26,295.65 million by 2030, growing with the CAGR of 12.7% in the forecast period of 2023 to 2030
- On the basis of packaging size, the global plant-based milk market is segmented into less than 100 ml, 110 ml, 250 ml, 500 ml, 1000 ml, and more than 1000 ml. In 2023, the 1000 ml segment is expected to dominate the global plant-based milk market with a 53.41% market share and is expected to reach USD 27,439.37 million by 2030, growing with the CAGR of 12.8% in the forecast period of 2023 to 2030
- On the basis of packaging type, the global plant-based milk market is segmented into tetra packs, bottles, and can. In 2023, the tetra packs segment is expected to dominate the global plant-based milk market with an 87.78% market share and is expected to reach USD 44,209.51 million by 2030, growing with the CAGR of 12.5% in the forecast period of 2023 to 2030
- On the basis of distribution channel, the global plant-based milk market is segmented into store based retailers and non-store based retailers. S In 2023, the non-store retailers segment is expected to dominate the global plant-based milk market with a 76.56% market share and is expected to reach USD 38,883.96 million by 2030, growing with the CAGR of 12.6% in the forecast period of 2023 to 2030
- On the basis of geography, the global plant-based milk market is segmented into five geographical regions, North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. In 2023, Asia-Pacific is expected to dominate the global plant-based milk market with a 46.68% market share and is expected to reach USD 24,519.43 million by 2030, growing with a CAGR of 13.1% in the forecast period of 2023 to 2030
Major Players
Data Bridge Market Research recognizes the following companies as the major global plant-based milk market players Silk (Colorado, U.S.), Sanitarium (Michigan, U.S.), Alpro (Wevelgem, Belgium), RUDE HEALTH, Plenish (England, U.K.), Provamel organic-bio, THE HAIN CELESTIAL GROUP, INC. (New York, U.S.), SUNOPTA GRAINS AND FOODS INC. (Minnesota, U.S.), Califia Farms, LLC (California, U.S.), NotCo (Santiago, Chile), Valsoia S.p.A (Emilia-Romagna, Italy), YEO HIAP SENG LTD. (Fujian Province, China), Simple FOODS (Pathum Thani, Thailand), natur-a (Québec, Canada), Nutrisslim (Dobrava, Slovenia), Australia's Own New (South Wales, Australia), Oatly Inc. (Malmö, Sweden), Elmhurst Milked Direct LLC (Elma, New York), Hershey India Private Limited (Maharashtra, India), Life Health Foods (Maharashtra, India), Manitoba Milling Company (Minnesota, U.S.), and HP Hood LLC. (Massachusetts, U.S.) among others.
Market Developments
- In February 2023, according to devdiscourse, Life Health Foods, a leader in the plant-based beverage industry, introduced its new vegan beverage, So Good Oat Unsweetened beverage, a milk substitute made from plants rather than dairy. The brand's new delectable So Good Oat beverage fulfills its promise to provide a nutritious and adaptable beverage manufactured right here in India that gives your coffee, tea, baking, and smoothies a wonderful taste and creaminess. This new product launch will boost their consumer base and expand the existing product portfolio
- In January 2023, Oatly Inc's freshly reformulated line of Oatgurts, a variety of delicious non-dairy yogurt substitutes offered in five enticing flavors, will be the first of the brand's goods in North America to bear the introduction of climate footprint labeling, according to a press release from Oatly Inc. The initiative to calculate climate footprints, which are meant to be the best estimates of a product's climate impact, directly reflects Oatly's stance that consumer choice and education play a crucial part in determining the future of our food system. This new announcement and the product line will help the company to get a brand image in the North American region
For more detailed information about the global plant-based milk market report, click here – https://www.databridgemarketresearch.com/reports/global-plant-based-milk-market
