North America Plant-Based Milk Market – Industry Trends and Forecast to 2030

North America Plant-Based Milk Market Analysis and Size

North America plant-based milk market is expected to grow significantly in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 12.0% in the forecast period of 2023 to 2030 and is expected to reach USD 10,821.40 Million by 2030. The increase in the vegan population around the globe is the key factor fueling the expansion of the plant-based milk market.

The availability of a wider range of plant-based milk products is driving the market's expansion. Additionally, the market is further influenced by an increase in the lactose-intolerant population. Moreover, the rise in promotional activities and social media marketing for plant-based milk has boosted the market. In addition to the expansions, R&D and the modernization of plant-based product in the market has opened up more business potential for plant-based milk.

North America plant-based milk market report provides details of market share, new developments, and the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, products approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an analyst brief. Our team will help you create a revenue-impact solution to achieve your desired goal.

Market Definition

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 are almond, oat, soy, coconut, and cashew nut milk. Since ancient times, people have drank beverages made from plants.

North America Plant-Based Milk Market Dynamics

Driver

• 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 market of plant-based food and beverages. This, in turn, will also help drive the North America plant-based milk market growth. 

Opportunity

• Growing new product launches and new partnerships, acquisition among key players

Consumers, food, and beverage manufacturers are making various developments and strategic decisions to grow their businesses to cope with the growing demand for plant-based foods such as plant-based milk. From new product launches to investments to acquisitions, the market's top players are evolving their business practices and expanding their product portfolios.

Thus, such developments will further draw growth opportunities for the North America plant-based milk market and will further attract more and more consumers to the nut-based milk market.

Restraint/Challenge

• Rise in nut allergies among consumers

Nut allergies are a type of food allergy that can cause severe and potentially life-threatening reactions, such as anaphylaxis. Different nuts are a well-defined cause of food allergy. They appear to be differences in the frequency of nut allergy between countries because of other dietary habits and cooking procedures. Nuts allergy is very common, especially in children and adults, and this population is increasing daily. Sales growth has been lowering since consumers are conscious about their health choices.

Furthermore, tree nuts and seeds are some of the most common food triggers for life-threatening severe allergic reactions. In Europe, tree nut allergies are common, with a hazelnut allergy being the most prevalent tree nut allergy. Cashews are the second most allergic nut and a significant health problem in the U.S. Other than avoiding nuts and foods containing them, and there is no treatment for nut allergies. As a result, this has significantly impacted the nuts industry and is projected to continue.

Post-COVID-19 Impact on North America Plant-Based Milk Market

However, the North America plant-based milk market faced an increasing trend. The use of plant-based milk, such as almond milk, cashew milk, and hazelnut milk, has increased among consumers. The reason for this increased demand is the growing health awareness among consumers, and also, during these perilous times, consumers have shown a keen interest in the conservation of the environment.

Considering the significant declines in numerous industries, the government, business leaders, and consumers must work together to defeat COVID-19. In this situation impact of the COVID-19 pandemic on the North America market of plant-based dairy milk is somewhat beneficial. Governments all across the world closely adhere to the general public health measures, which include raising awareness about obesity and nutritional value-added food and beverages. Consumer knowledge of high immunity has become a legitimate worry during the pandemic. Customers are increasingly making their purchases healthier rather than tastier in terms of food. In this scenario, plant-based milk got enhanced in terms of usage among consumers due to its benefits. Another reason for the market blooming in the pandemic era is its versatility. For instance, different types of flavors, origins, formulations, and fortifications are available in the market. Moreover, in this post-pandemic era, the situation has been better due to increased consumer demand and shifting towards plant-based products than animal-based products.

Recent Developments

• In January 2023, Reitan, a major retailer in the Nordic and Baltic region, and Oatly Inc. recently announced the expansion of their relationship. Reitan owns and operates about 300 Pressbyrn and 90 7-Eleven convenience stores throughout Sweden. This partnership will help the company boost its business and attract a new consumer base
• In 2021, Silk announced its new product launch, Silk Oat. This launch has given the company a larger portfolio, attracting a larger consumer base

North America Plant-Based Milk Market Scope

The North America 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. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.

BY TYPE

• Oat Milk
• Soy Milk
• Almond Milk
• Coconut Milk
• Rice Milk
• Cashew Nut Milk
• Walnut Milk
• Hazelnut Milk
• Flax Milk
• Others

On the basis of type, the North America 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.

BY PRODUCT TYPE

• Refrigerated Milk
• Shelf Stable Milk

On the basis of product type, the North America plant-based milk market is segmented into refrigerated milk and shelf stable milk.

BY CATEGORY

• Conventional
• Organic

On the basis of category, the North America plant-based milk market is segmented into organic and conventional.

BY FORMULATION

• Unsweetened
• Sweetened

On the basis of formulation, the North America plant-based milk market is segmented into sweetened and unsweetened.

BY FLAVOR

• Original/Unflavored
• Vanilla
• Chocolate
• Coffee
• Coconut Blend
• Caramel
• Honey
• Hazelnut Blend
• Maple
• Others

On the basis of flavor, the North America plant-based milk market is segmented into original/unflavored, vanilla, chocolate, honey, coconut blend, hazelnut blend, caramel, maple, coffee, and others.

BY FORTIFICATION

• Regular
• Fortified

On the basis of fortification, the North America plant-based milk market is segmented into regular and fortified.

BY NATURE

• Non-GMO
• GMO

On the basis of nature, the North America plant-based milk market is segmented into GMO and non-GMO.

BY CLAIM

• Regular
• Gluten Free
• Artificial Preservatives & Color Free
• Soy Free
• Nut Free
• Others

On the basis of claim, the North America plant-based milk market is segmented into regular, gluten free, nut free, soy free, artificial preservatives, color free, and others.

BY PACKAGING SIZE

• 1000 ML
• 250 ML
• 500 ML
• 110 ML
• More Than 1000 ML
• Less Than 100 ML

On the basis of packaging size, the North America plant-based milk market is segmented into less than 100 ml, 110 ml, 250 ml, 500 ml, 1000 ml, and more than 1000 ml.

BY PACKAGING TYPE

• Tetra Packs
• Bottles
• Can

On the basis of packaging type, the North America plant-based milk market is segmented into tetra packs, bottles, and can.

BY DISTRIBUTION CHANNEL

• Non-Store Retailers
• Store Based Retailers

On the basis of distribution channel, the North America plant-based milk market is segmented into store based retailers and non-store based retailers.

North America Plant-Based Milk Market Regional Analysis/Insights

North America plant-based milk market is segmented on the basis of type, product type, category, formulation, flavor, fortification, nature, claim, packaging size, packaging type, and distribution channel.

 Some countries in North America plant-based milk market are the U.S., Canada, and Mexico.

The U.S. is expected to dominate North America plant-based milk market due to the high preference for plant-based milk among consumers.

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 point downstream and upstream value chain analysis, technical trends porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North American brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and North America Plant-Based Milk Market Share Analysis

North America plant-based milk market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies' focus related to North America Plant Based Milk market.

Some of the prominent participants operating in North America plant-based milk market are Silk, Alpro, THE HAIN CELESTIAL GROUP, INC., SUNOPTA GRAINS AND FOODS INC., Califia Farms, LLC, NotCo, YEO HIAP SENG LTD., natur-a, Oatly Inc., Elmhurst Milked Direct LLC, Manitoba Milling Company, and HP Hood LLC. among others.

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