Global Plant Milk Market Size Study, By Source, By End-User, By Formulation, By Packaging, and Regional Forecasts 2022-2032

Description

Global Plant Milk Market is valued approximately at USD 15.9 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 11.6% over the forecast period 2024-2032. The Global Plant Milk Market is anticipated to witness substantial growth, driven by increasing consumer preference for plant-based alternatives, rising awareness of lactose intolerance, and the growing popularity of vegan and flexitarian lifestyles. Plant milk, derived from various sources like soy, almonds, oats, and rice, is gaining prominence as a healthier and more sustainable substitute for traditional dairy milk. The market is also being propelled by the trend of fortified plant-based beverages that provide essential vitamins and minerals, matching or even exceeding the nutritional content of cow's milk.

Manufacturers are expanding their product lines to include fortified plant milk options, which appeal to health-conscious consumers seeking lactose-free alternatives without compromising on nutrition. For instance, Califia Farms launched a new line of vegan milk fortified with nine essential nutrients in 2024, aiming to cater to consumers looking for dairy milk alternatives that offer comprehensive nutritional benefits.

The market faces challenges related to the higher cost of plant milk compared to traditional dairy milk. However, advancements in production processes and economies of scale are expected to mitigate these price differences in the coming years. In addition, the rising consumer demand for sustainable and eco-friendly production methods is further driving innovation in the plant milk industry, as companies prioritize reducing their environmental footprint by adopting greener practices.

The key regions considered for the global market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in 2023, with the United States leading the way due to high consumer awareness, the growing adoption of vegan diets, and strong demand for plant-based nutrition. Meanwhile, Asia Pacific is poised for rapid growth due to increasing awareness of lactose intolerance and the expanding middle-class population seeking healthier dietary options.

Key Market Players in the report includes:

Blue Diamond Growers
Califia Farms
Danone
Elmhurst 1925
Mooala
Nestle
Oatly AB
Pacific Foods
Plenish
Ripple Foods
SunOpta Inc.
The Hain Celestial Group
WhiteWave Foods

The detailed segments and sub-segments of the market are explained below:

By Source:

Soy
Almond
Oat
Rice
Coconut
Others

By End-User:

Mainstream Stores
Specialty Stores
Others (online, natural food stores)

By Formulation:

Unsweetened
Sweetened

By Packaging:

Carton Packaging
Bottles
Pouches

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Years considered for the study are as follows:

Historical year: 2022
Base year: 2023
Forecast period: 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1: Global Plant Milk Market Executive Summary

1.1. Global Plant Milk Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Source
- 1.3.2. By End-User
- 1.3.3. By Formulation
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendations & Conclusion

Chapter 2: Global Plant Milk Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply-Side Analysis
  - 2.3.3.1. Technological Advancements
- 2.3.4. Demand-Side Analysis
  - 2.3.4.1. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3: Global Plant Milk Market Dynamics

3.1. Market Drivers
- 3.1.1. Increasing Demand for Plant-Based Nutrition
- 3.1.2. Rise in Lactose Intolerance and Dairy Allergies
- 3.1.3. Growing Adoption of Vegan Diets
- 3.1.4. Enhanced Nutritional Fortification of Plant Milk
3.2. Market Challenges
- 3.2.1. Higher Production Costs Compared to Dairy Milk
- 3.2.2. Fluctuations in Raw Material Prices
3.3. Market Opportunities
- 3.3.1. Expanding Product Offerings by Manufacturers
- 3.3.2. Growing Awareness of Sustainability and Environmental Impact

Chapter 4: Global Plant Milk Market Industry Analysis

4.1. Porter's 5 Forces Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Forces Model
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economic
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Analyst Recommendations & Conclusion

Chapter 5: Global Plant Milk Market Size & Forecasts by Source (2022-2032)

5.1. Segment Dashboard
5.2. Global Plant Milk Market: Source Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Soy
- 5.2.2. Almond
- 5.2.3. Oat
- 5.2.4. Rice
- 5.2.5. Coconut
- 5.2.6. Others

Chapter 6: Global Plant Milk Market Size & Forecasts by End-User (2022-2032)

6.1. Segment Dashboard
6.2. Global Plant Milk Market: End-User Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Mainstream Stores
- 6.2.2. Specialty Stores
- 6.2.3. Others (Online, Natural Food Stores)

Chapter 7: Global Plant Milk Market Size & Forecasts by Formulation (2022-2032)

7.1. Segment Dashboard
7.2. Global Plant Milk Market: Formulation Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. Unsweetened
- 7.2.2. Sweetened

Chapter 8: Global Plant Milk Market Size & Forecasts by Packaging (2022-2032)

8.1. Segment Dashboard
8.2. Global Plant Milk Market: Packaging Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 8.2.1. Carton Packaging
- 8.2.2. Bottles
- 8.2.3. Pouches

Chapter 9: Global Plant Milk Market Size & Forecasts by Region (2022-2032)

9.1. North America Plant Milk Market
- 9.1.1. U.S. Plant Milk Market
  - 9.1.1.1. Source breakdown size & forecasts, 2022-2032
  - 9.1.1.2. End-User breakdown size & forecasts, 2022-2032
- 9.1.2. Canada Plant Milk Market
9.2. Europe Plant Milk Market
- 9.2.1. UK Plant Milk Market
- 9.2.2. Germany Plant Milk Market
- 9.2.3. France Plant Milk Market
- 9.2.4. Spain Plant Milk Market
- 9.2.5. Italy Plant Milk Market
- 9.2.6. Rest of Europe Plant Milk Market
9.3. Asia-Pacific Plant Milk Market
- 9.3.1. China Plant Milk Market
- 9.3.2. India Plant Milk Market
- 9.3.3. Japan Plant Milk Market
- 9.3.4. Australia Plant Milk Market
- 9.3.5. South Korea Plant Milk Market
- 9.3.6. Rest of Asia-Pacific Plant Milk Market
9.4. Latin America Plant Milk Market
- 9.4.1. Brazil Plant Milk Market
- 9.4.2. Mexico Plant Milk Market
- 9.4.3. Rest of Latin America Plant Milk Market
9.5. Middle East & Africa Plant Milk Market
- 9.5.1. Saudi Arabia Plant Milk Market
- 9.5.2. South Africa Plant Milk Market
- 9.5.3. Rest of Middle East & Africa Plant Milk Market

Chapter 10: Competitive Intelligence

10.1. Key Company SWOT Analysis
10.2. Top Market Strategies
10.3. Company Profiles
- 10.3.1. Blue Diamond Growers
  - 8.3.1.1. Key Information
  - 10.3.1.2. Overview
  - 10.3.1.3. Financial (Subject to Data Availability)
  - 10.3.1.4. Product Summary
  - 10.3.1.5. Market Strategies
- 10.3.2. Califia Farms
- 10.3.3. Danone
- 10.3.4. Elmhurst 1925
- 10.3.5. Mooala
- 10.3.6. Nestle
- 10.3.7. Oatly AB
- 10.3.8. Pacific Foods
- 10.3.9. Plenish
- 10.3.10. Ripple Foods
- 10.3.11. SunOpta Inc.
- 10.3.12. The Hain Celestial Group
- 10.3.13. WhiteWave Foods

Chapter 11: Research Process

11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
11.2. Research Attributes