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Global Plant-Based Milk Market – Industry Trends and Forecast to 2029

  • Food & Beverage
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Plant-Based Milk Market By Nature (Organic, Conventional, Others), Formulation (Organic, Conventional, Others), Source (Soy Milk, Almond Milk, Coconut Milk, Rice Milk, Others), Application (Milk and Beverage Industry, Milkervice Industry, Household/Retail), Distribution Channel (Business to Business, Business to Consumer), – Industry Trends and Forecast to 2029

Plant-Based Milk Market

Market Analysis and Size

Dairy consumption in some categories has declined over the last two decades, as consumers respond to concerns about hormone usage, allergens, and the perceived unhealthy profile of some dairy offerings, which was once regarded as an essential component of a balanced diet in several cultures. This has altered the global landscape for dairy producers, as they strive to keep up with changing consumption attitudes and regional differences in consumer attitudes, while capitalising on potential opportunities in dairy product consumption. Plant-based milk, for example, has a perceived health halo among consumers, capturing the attention of dairy product providers.

Data Bridge Market Research analyses that the plant-based milk market was valued at USD 38.90 billion and is expected to reach the value of USD 123.20 billion by 2029, at a CAGR of 15.5% during the forecast period of 2022-2029.

Market Definition

Plant-based milk is made from almond, hemp, coconut, rice, cereals, nuts, and soy plants and provides several health benefits to consumers when compared to dairy milk. They are widely used in beverages, milk, cheese, and ice cream and provide nutrients like protein, fat, vitamins, and carbohydrates.

Market size and segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Nature (Organic, Conventional, Others), Formulation (Organic, Conventional, Others), Source (Soy Milk, Almond Milk, Coconut Milk, Rice Milk, Others), Application (Milk and Beverage Industry, Milkervice Industry, Household/Retail), Distribution Channel (Business to Business, Business to Consumer)

Countries Covered

U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

Bayer AG (Germany), Abbott (U.S.), DSM (Netherlands), DuPont. (U.S.), Amway (U.S.), The Nature's Bounty Co. (U.S.), GlaxoSmithKline plc. (U.K.), Nestlé (Switzerland), RiceBran Technologies (U.S.), Mead Johnson & Company, LLC. (U.S.), Premier Nutrition Corporation (U.S.), U.S. Spice Mills, Inc. (U.S.), Health Milk Manufacturers' Association (U.K.), Glanbia PLC (Ireland), Herbalife International of America, Inc. (U.S.), and Bionova (India)

Opportunities

  • The extensive properties of Plant-Based milk high-quality
  • The vast majority of the world's population will remain lactose intolerant
  • Sustainable living movement, which advocates for climate- and animal-safe milk

Plant-Based Milk Market Dynamics

Drivers

  • Rising prevalence of chronic lifestyle diseases and intolerance to dairy milk

One of the key factors driving market growth is the rising prevalence of chronic lifestyle diseases and intolerance to animal protein. Furthermore, the widespread adoption of vegan eating habits around the world is propelling market growth. With rising consumer awareness of animal health and the rise in lactose intolerants around the world, there is a shift in global preference for plant-based milk products. As a result, the market has a more positive outlook.

  • Rise in social media marketing

Furthermore, developing novel products, such as plant-based milk, eggs, and meat, stimulates growth. These products are high in essential nutrients and taste almost identical to their animal-derived counterparts. Other factors, such as extensive promotional activities by celebrities and athletes to encourage the consumption of vegetarian products in order to maintain a healthy lifestyle and the ease of product availability via proliferating online retail channels, are expected to drive the market even further.

Opportunity

Lactose intolerance is one of the most recent opportunities for a global market. The vast majority of the world's population will remain lactose intolerant. This segment of the global population will always require a lactose-free alternative, which the plant-based milk industry can provide. Another possibility is the sustainable living movement, which advocates for climate and animal safe milk. As people make more environmentally conscious choices to reduce their domestic carbon footprint, the global market is paying close attention to an excellent opportunity for plant-based milk market.

Restraints

People's lack of awareness about plant-based beverages and concerns about beverage additives will limit the growth of the plant-based milk market during the forecast period. However, it may pose a threat to the growth of the plant-based milk market.

This plant-based milk market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the plant-based milk market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Plant-Based Milk Market

The COVID-19 outbreak has put tremendous strain on the functional milk and nutraceutical industries. Several frontline workers, including doctors, nurses, other medical professionals, hygiene workers or sweepers, and others, are working hard to stop the spread of the novel coronavirus. Government agencies have advised citizens to eat a healthy and nutritious diet to combat the disease. This is expected to increase demand for plant-based milk, which promote the body's good health and optimal functioning by providing essential nutrients. Plant-based milk are necessary for the growth and repair of human cells and tissues. Plant protein is beneficial for weight loss in addition to providing the building blocks for healthy muscles and tissues.

Global Plant-Based Milk Market Scope

The plant-based milk market is segmented on the basis of nature, formulation, source, application and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Nature

  • Organic
  • Conventional
  • Others

Formulation

  • Organic
  • Conventional
  • Others

Source

Application

  • Milk and Beverage Industry
  • Milk service Industry
  • Household/Retail

Distribution channel

  • Business to business
  • Business to consumer

Plant-Based Milk Market Regional Analysis/Insights

The plant-based milk market is analysed and market size insights and trends are provided by country, nature, formulation, source, application and distribution channel as referenced above.

The countries covered in the plant-based milk market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America is thought to have the largest share of the plant-based milk market. North America's leading position in the plant-based milk market can be attributed to factors such as consumer awareness of the importance of protein-rich diets, increased health consciousness, a well-established milk sector, and higher adoption of technological advancements in the milk and beverage industry.

The Asia-Pacific market is showing signs of strong future growth. The high market growth in Asia-Pacific can be attributed to factors such as increased adoption of emerging technologies for product innovation, collaborations between international and domestic milk companies, increased R&D investments by governments in the milk sector, and the presence of a large number of key players in the market.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Plant-Based Milk Market Share Analysis

The plant-based milk market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to plant-based milk market.

Some of the major players operating in the plant-based milk market are:

  • Bayer AG (Germany)
  • Abbott (U.S.)
  • DSM (Netherlands)
  • DuPont. (U.S.)
  • Amway (U.S.)
  • The Nature's Bounty Co. (U.S.)
  • GlaxoSmithKline plc. (U.K.)
  • Nestlé SA (Switzerland)
  • RiceBran Technologies (U.S.)
  • Mead Johnson & Company, LLC. (U.S.)
  • Premier Nutrition Corporation (U.S.)
  • U.S. Spice Mills, Inc. (U.S.)
  • Health Milk Manufacturers' Association (U.K.)
  • Glanbia PLC (Ireland)
  • Herbalife International of America, Inc. (U.S.)
  • Bionova (India)

Research Methodology: Global Plant-Based Milk Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

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, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Customization Available

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.


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Frequently Asked Questions

Furthermore, the development of novel products, such as plant-based milk, eggs, and meat, is stimulating growth. These products are high in essential nutrients and taste almost identical to their animal-derived counterparts. Other factors, such as extensive promotional activities by celebrities and athletes to encourage the consumption of vegetarian products in order to maintain a healthy lifestyle and the ease of product availability via proliferating online retail channels, are expected to drive the market even further.
The Plant-Based Milk Market is to grow at a CAGR of 15.5% during the forecast by 2029.
The major players operating in the Plant-Based Milk Market are Bayer AG (Germany), Abbott (U.S.), DSM (Netherlands), DuPont. (U.S.), Amway (U.S.), The Nature's Bounty Co. (U.S.), GlaxoSmithKline plc. (U.K.), Nestlé (Switzerland), RiceBran Technologies (U.S.), Mead Johnson & Company, LLC. (U.S.), Premier Nutrition Corporation (U.S.), U.S. Spice Mills, Inc. (U.S.), Health Milk Manufacturers' Association (U.K.), Glanbia PLC (Ireland), Herbalife International of America, Inc. (U.S.), and Bionova (India).
The Plant-Based Milk Market value is expected USD 123.20 billion by 2029.