Market Overview:

The Size Of The Global Plant Milk Market Crossed USD 15 Billion In 2022 And Is Projected To Grow At USD 30 Billion By 2030 And CAGR Of 11.0% Between 2022 - 2030.

Increasing consumer awareness of vegan diets and their associated health advantages drives market expansion. Plant milk, which is derived from soy, almond, coconut, oat, and rice, is the finest alternative to cow and other animal milks on the market. Consumers embrace plant milk due to its high nutritional value and abundance of vitamins, minerals, carbohydrates, and proteins. It is utilized in the culinary and beverage, dairy, and cosmetics industries. Consequently, growing awareness of plant milk and its nutritional value is anticipated to drive demand for plant milk over the forecast period.

There are numerous applications for plant milks in the culinary and beverage industry. It is used to impart flavor and aroma to a variety of products. It contains calcium, essential minerals, and omega-3 fatty acids, in addition to vitamins A, D, and B12. Due to its high demand, consumers anticipate market growth. In addition, lactose intolerance in infants is one of the primary factors propelling the expansion of the plant milk market. Due to the high percentage of lactose in milk compared to plant milk, it can produce a variety of symptoms, including bloating, diarrhea, and abdominal cramps, which will drive industry growth.

COVID-19 Impact:

Due to a lack of resources in various parts of the globe, the COVID-19 pandemic has caused interminable disruptions in the manufacturing and production industries. Industry leaders are pessimistic about the market's future and are redesigning their strategies to meet the challenge. Regular lockdowns caused by the pandemic had a significant effect on the distribution chains. Due to decreased available human resources, the manufacturing industries have been disrupted. Companies are implementing various techniques to increase production volume and are attempting to develop innovative, cost-effective solutions that can meet customer needs at a much reduced price.

Market Dynamics:

Driving Factors:

• Increase in the worldwide vegan population

The vegan market has grown exponentially over the past decade, causing more people to adopt plant-based diets annually. Enhanced health consciousness has increased the demand for organic and natural foods. This has caused the majority of the population to drastically alter their lifestyle and diet. The vegan community focuses on consuming dishes with plant-based ingredients and other components. According to the Academy of Nutrition and Dietetics, properly planned vegan diets reduce the risk of multiple maladies, including cardiovascular disease, type 2 diabetes, hypertension, certain types of cancer, and obesity. As a result, a portion of these vegetarians and vegans have begun to prioritize plant-based milk in their daily diet.

Consequently, the swiftly expanding vegan population worldwide and the increasing number of consumers adopting vegan, vegetarian, or flexitarian diets will boost the market for plant-based foods and beverages. In turn, this will contribute to the expansion of the global plant-based milk market.

• Increasing health consciousness drives market expansion

Consumers are shifting to plant-based milk and plant-based milk products due to the numerous health benefits they offer, such as being rich in vitamins and minerals, low in fat, cholesterol-free, and suitable for those with a weak digestive system.

• Increasing incidence of chronic lifestyle diseases and milk intolerance

The prevalence of chronic lifestyle diseases and intolerance to animal proteins is one of the major factors propelling the market's expansion. In addition, the widespread adoption of vegan diets across the globe is propelling market expansion. Increasing consumer awareness of animal health and the rise of lactose-intolerant individuals have contributed to a global shift in preference for plant-based dairy products. Consequently, the market prognosis is more positive.

Restraints/Challenges:

• Increasing prevalence of nut sensitivities among consumers

Food allergies to nuts, such as anaphylaxis, can produce severe and potentially fatal reactions. Nuts are a well-defined trigger for food allergies. There appear to be disparities in the prevalence of nut allergies between nations due to differences in dietary practices and cooking methods. Nut allergy is extremely prevalent, particularly among children and adults, and this population is growing daily. Since consumers have become more health-conscious, sales growth has slowed down.

Moreover, tree nuts and seeds are among the most common food allergens that cause life-threatening allergic reactions. In Europe, allergies to tree nuts are ubiquitous, with hazelnut allergy being the most prevalent. Cashews are the second most allergenic seed and a major health concern in the United States. There is no treatment for nut allergies besides avoiding nuts and foods containing them. This has had a significant impact on the nut industry and is anticipated to persist.

• Lack of consumer awareness

The market for plant-based milk will be hampered by consumers' dearth of knowledge regarding plant-based beverages and their concerns regarding beverage additives. However, it can hinder the expansion of the market for plant-based milk.

Opportunity:

• Increasing new product introductions, new partnerships, and acquisitions among market leaders

To accommodate the growing demand for plant-based consumables such as plant-based milk, consumers and food and beverage manufacturers are implementing various innovations and making strategic business decisions. From new product launches to investments to acquisitions, the leading participants in the market are evolving their business strategies and expanding their product lines.

Consequently, such developments will create additional growth opportunities for the global plant-based milk market and will attract an increasing number of consumers to the market for nut-based milk.

• Lactose intolerance

Lactose intolerance is one of the newest market prospects in recent years. The majority of the world's population will continue to be lactose intolerant. This population will always require a lactose-free substitute, which the plant-based milk industry can provide. Recent research from the Plant-Based Foods Association and the Good Food Institute indicates that vegan milk is now broadly available. According to data compiled in 2020, approximately 41% of American households purchase non-dairy or plant-based milk.

• Increasing awareness among Millennials

The millennial generation is becoming increasingly aware of the negative health effects of food additives, chemicals, and other substances. Given that millennials purchase more naturally occurring and organic products than previous generations, it is anticipated that they will be active consumers of organic products. Increased millennial awareness presents an opportunity for future expansion. More than 3,200 individuals between the ages of 18 and 75 participated in a Vegan Society study. 42% of the sample consisted of respondents between the ages of 18 and 44. The most significant finding was that 60% of respondents desired plant-based chocolate products.

Strategic Development:

• In January 2023 - Reitan, a significant retailer in the Nordic and Baltic regions, and Oatly Inc. just announced an expansion of their relationship. In Sweden, Reitan owns and operates approximately 300 Pressbyrn and 90 7-Eleven convenience stores. This partnership will assist the company in expanding its business and attracting new customers.
• In 2021 - Silk announced the introduction of its new product, Silk Oat. This launch has expanded the company's product line, thereby luring a larger customer base.
• In January 2019 - Almond milk was added to Costa Coffee's menu to satisfy the growing demand for vegan options.
• In February 2019 - Califia Farms released Übermilk, a line of protein- and nutrient-rich oat milk beverages.

Key Vendors:

Top market players includes

• Ripple Foods

Milk is produced and distributed by Ripple Foods, PBC. The Company offers milk flavored with vanilla and chocolate. Ripple Foods' products are sold in the United States.

• Danone

Danone is a multi-national leader in the food and beverage industry, with three distinct businesses: Essential Dairy & Plant-Based Products, Waters, and Specialized Nutrition. Danone intends to promote healthier and more sustainable food and drinking habits. To accelerate this agricultural revolution and generate superior, profitable, and sustainable value for all of its stakeholders.

• WhiteWave Foods

Through sustainable agriculture, Danone aims to produce nutritious foods that generate economic and social value and preserve natural ecosystems. To accelerate Danone's 2020 sustainable profitable growth journey by expanding the variety of healthier and tastier food and drink options for every instant of the day.

• Archer-Daniels-Midland

Archer Daniels Midland is a global food processing and commodity trading company with over 400 crop procurement facilities and 270 food processing factories. ADM's mission is to convert natural products such as cereal grains and oilseeds into a variety of products, such as food and beverage ingredients and flavorings, supplements, and nutritional products for pets and livestock.

• Hain Celestial Group

The Hain Celestial Group, headquartered in Lake Success, New York, is a prominent provider of organic and natural products in North America, Europe, Asia, and the Middle East. The mission is to create enduring health and wellness brands that consumers know and adore and that enrich the lives of our employees and all of our stakeholders.

• Califia Farms

Califia Farms is on a mission to nourish the world with the knowledge of a plant-based diet. Califia Farms produces innovative, nutritious, and delicious premium beverages that make it simple for consumers to adopt a plant-based and dairy-free diet. It is the leading plant-based dairy alternative brand in the natural channel and one of the fastest-growing natural beverage companies in the U.S.

• Daiya Foods

In North America, Daiya is a swiftly expanding plant-based food platform. The brand has broad consumer appeal and high brand elasticity, and it offers an expanding portfolio of delectable plant-based foods. Its portfolio includes cheese substitutes, yogurt substitutes, dressings, and sweets. In North America, Daiya is experiencing tremendous success with existing and new retailers across all channels.

• Freedom Foods

Freedom Foods Group Ltd. is a diverse health and wellness-focused product company. The business is divided into four segments: Freedom Foods, Seafood, Pactum Australia, and Thorpedo Foods. The product includes breakfast cereals, biscuits, snack bars, soy, almond, and rice beverages, as well as additional items.

Segmentation Analysis:

The global Plant Milk Market is segmented on the basis of type, product, sales channel, formulation, packaging, region.

By Type Outlook:

The soy beverage segment dominated the industry in 2021, accounting for more than 38.40% of the total revenue. Soy milk is commonly consumed around the world due to its similar health benefits to dairy-based milk. Additionally, bakeries and confectioners use it. Moreover, it is an excellent source of protein, vitamin A, vitamin B-12, potassium, and isoflavones. It is also considered the finest alternative for consumers with lactose intolerance. To meet the growing demand, manufacturers are promoting their plant-based beverages and other products. The coconut beverages segment is anticipated to have the highest CAGR between 2022 and 2030.

These foods are nutritionally dense and provide numerous health benefits. However, the high levels of lipids and saturated fats in coconuts limit their demand, especially among consumers with cardiovascular diseases and hypertension. Asia-Pacific and South America have a greater consumption of coconut beverages than do North America and Europe. Additionally, prominent beverage companies are launching products containing coconut. In July 2022, for instance, Vita Coco, a New York-based coconut water brand, introduced its first Ready-To-Drink (RTD) beverage.

• Soy
• Almond
• Rice
• Coconut
• Others

By Product Outlook:

In 2021, the segment of plain beverages led the global industry and accounted for more than 70.35 percent of total revenue. It is anticipated that the segment will maintain its leadership position throughout the forecast period. As a direct replacement for dairy milk, the majority of consumers prefer plain or unflavored plant-based beverages. Depending on the beverage's base, various beverages have distinctive flavor profiles, such as almond, coconut, oats, and nut flavors. These flavors are perceived as desirable qualities in a number of beverages. The introduction of new products by market leaders is likely to stimulate segment expansion.

The segment of flavored beverages is anticipated to have the highest CAGR between 2022 and 2030. A number of flavored beverages have been introduced to the market as a result of the consistent growth of such products. These products are currently available in a variety of flavors, including strawberry, French vanilla, coconut, berry, chocolate, banana, coconut, and hazelnut. Manufacturers are introducing and combining multiple flavors to encourage the consumption of beverages in a variety of applications, such as smoothies, protein shakes, yogurt drinks, and other beverages containing popular ingredients. Over the forecast period, segment growth is anticipated to be driven by a rising number of product developments and launches.

• Plain
• Flavored

By Sales Channels:

The market is segmented by sales channel into mainstream stores, specialty stores, and others. It is anticipated that the others segment will hold the largest share of the global plant milk market during the forecast period.

Under sales channels, online stores, natural food stores, restaurants, and coffee shops are also included. Natural food stores sell all-natural and organic foods, including plant-based beverages, to health-conscious consumers. Coffee and milkshakes In restaurants and coffee shops, plant-based coffees and beverages are gaining popularity. Online sales include plant milk products sold by market participants or third-party suppliers. The pandemic has altered the offline to online behavior of consumers.

• Supermarkets
• Speciality stores
• Pharmacies
• Online Stores

By Formulation:

The market is segmented based on formulation into unsweetened and sweetened categories. The segments of the sweetened segment are chocolate, vanilla, strawberry, coconut, mocha, berry, hazelnut, and others. The other segment consists of pista and rose. Increasing awareness of gluten-free and sugar-free products, as well as the use of sugar-free milk to maintain diabetic health and prevent cardiovascular disease, will increase the segment of unsweetened formulations during the forecast period.

• Unsweetened
• Sweetened

By Packaging:

The market is segmented by packaging into carton packaging, bottles, and pouches. During the forecast period, the bottles segment is expected to hold the largest share of the global plant milk market.

There are both glass jars and plastic bottles available for bottles. These bottles contain liquid and powdered plant milk. New environmentally friendly bottle packaging is a key factor in the segment's expansion.

• Cartoons
• Bottles
• Pouches

By Category:

The market is segmented by category into organic and conventional segments. During the forecast period, the organic segment is anticipated to hold the largest market share in the global plant milk industry.

Numerous producers of premium plant-based milk employ various marketing strategies to entice consumers to purchase their product. Premium product sales are now widespread across the globe, and they are rapidly distinguishing themselves from private label. The target market for premium organic variants is customers who are willing to pay more for high-quality ingredients and superior plant-based milk.

• Organic
• Conventional

By Form:

The market is segmented based on the form into liquid and powder. During the forecast period, the liquid segment is anticipated to hold the largest share of the global plant milk market.

• Liquid
• Powder

By End-Use:

The market is segmented by application into infant formula, dairy products, and bakery and confectionery. During the forecast period, the infant formula segment is expected to hold the largest share of the global plant milk market. Infant formula is utilized as an alternative to human breast milk to meet the nutritional needs of infants. The demand for innovative plant-based infant formulas is on the rise, particularly among vegetarian and vegan communities seeking sustainable plant-based substitutes and healthy alternatives for themselves and their infants. Protein infant formulas derived from soy are the predominant plant-based protein source utilized in non-dairy infant formula products. This drives segment expansion.

• Infant Formula
• Dairy Products
• Bakery and Confectionery

Regional Insights:

Geographically, the global Plant Milk market has been broken down into numerous regions, including North America, Latin America, the Middle East, Asia-Pacific, Africa, Europe, and India. In the near future, the global Plant Milk market will be dominated by the global Plant Milk region.

As a result of the region's rapidly growing vegan population, North America is expected to hold the largest revenue share in the global plant-based market. The rapid expansion of the dairy alternatives market in North America is anticipated to significantly contribute to the regional expansion. Increased North American population spending on food and beverage products, coupled with a rapid shift in American population preferences and adoption of a healthy diet, is anticipated to contribute to the growth of the North American plant-based milk market.

The Asia-Pacific region is anticipated to grow at the fastest rate during the forecast period due to the increasing adoption of plant-based milk by the Asian population due to the product's health benefits. Abundant availability of raw materials for the production of plant-based milk, such as soy and rice, in Asian nations such as China, India, and South Korea, among others, will continue to fuel the expansion of the plant-based milk market in the region.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Belgium
  • The Netherlands
  • Luxembourg
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Benelux Union
• Rest of Europe
• Asia-Pacific
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• The focus of the study is a global analysis of the Plant-based Milk Market, and the market size estimation includes the revenue generated by these products offered by various market participants.
• Additionally, the study monitors significant market factors, underlying growth influencers, and major sector participants.
• Additionally, the study investigates how COVID-19 has affected the ecology in general.
• The study's scope encompasses market size and forecasts for segmentation by type, form, flavor, end-use, distribution channel, and region.