Plant-based Milk Market, By Product, By Nature, By Flavor, By Distribution Channel, By Geography

Description

Plant-based milk market is estimated to be valued at USD 19.88 Bn in 2024 and is expected to reach USD 32.33 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

Report Coverage		Report Details
Base Year:	2023	Market Size in 2024:	19.88 Bn
Historical Data for:	2019 to 2023	Forecast Period:	2024 to 2031
Forecast Period 2024 to 2031 CAGR:	7.20%	2031 Value Projection:	32.33 Bn

Figure. Plant-based Milk Market Share (%), By Region, 2024

Rising demand for plant-based milk globally due to growing health and environment consciousness among consumers can drive the market growth. Rising lactose intolerance, veganism, and preferences for sustainable food options can also drive the plant-based milk market growth. Compared to dairy milk, plant-based milk varieties are lower in saturated fats and cholesterol and higher in vitamins, minerals, and antioxidants. These are perceived as healthier options by many people and appeal to large consumer base seeking milk substitutes. Moreover, plant-based milk production requires less water and emits lower greenhouse gases than dairy farming. With millennial population embracing sustainable lifestyle changes, the market can expand in the near future.

Market Dynamics

Global plant-based milk market growth is primarily driven by rising health awareness and changing dietary preferences of consumers. As consumers become more concerned about risks of heart diseases, obesity, and diabetes associated with dairy milk consumption, there will be huge demand for healthier plant-based alternatives. Growing lactose intolerance globally and larger vegan consumer base also boosts sales of non-dairy milk. Environmental and ethical concerns regarding dairy farming prompt many people to switch to plant-based varieties. However, the market growth can be hampered by premium prices of plant-based products and consumers' preference for taste of dairy milk. Influx of new market entrants with varied product ranges and investments in innovation provide huge growth opportunities to existing players.

Key features of the study

This report provides in-depth analysis of the global plant-based milk market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year

It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players

It profiles key players in the global plant-based milk market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies

Key companies covered as a part of this study include Danone S.A., Blue Diamond Growers, The Hain Celestial Group, Inc., Califia Farms, LLC, SunOpta Inc., Ripple Foods, PBC, Elmhurst Milked Direct, LLC, Pacific Foods of Oregon, LLC, Oatly AB, Daiya Foods Inc., Dohler GmbH, and Horizon Organic

Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

Global plant-based milk market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global plant-based milk market

Market Segmentation

Product Insights (Revenue, USD Bn, 2019 - 2031)
- Almond Milk
- Oat Milk
- Soy Milk
- Coconut Milk
- Rice Milk
- Others
Nature Insights (Revenue, USD Bn, 2019 - 2031)
- Organic
- Conventional
Flavor Insights (Revenue, USD Bn, 2019 - 2031)
- Unflavored
- Flavored
Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
- Offline
- Online
- Others
Regional Insights (Revenue, USD Bn, 2019 - 2031)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
Key Players Insights
- Danone S.A.
- Blue Diamond Growers
- The Hain Celestial Group, Inc.
- Califia Farms, LLC
- SunOpta Inc.
- Ripple Foods, PBC
- Elmhurst Milked Direct, LLC
- Pacific Foods of Oregon, LLC
- Oatly AB
- Daiya Foods Inc.
- Dohler GmbH
- Horizon Organic

Product Code: CMI7469

1. Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

2. Market Purview

Report Description
- Market Definition and Scope
Executive Summary
- Market Snippet, By Product
- Market Snippet, By Nature
- Market Snippet, By Flavor
- Market Snippet, By Distribution Channel
- Market Snippet, By Region
Coherent Opportunity Map (COM)

3. Market Dynamics, Regulations, and Trends Analysis

Market Dynamics
- Drivers
- Restraints
- PEST Analysis
- PORTER's Five Forces Analysis
- Market Opportunities
- Regulatory Scenario
- Key Developments
- Industry Trend

4. Global Plant-based Milk Market - Impact of Coronavirus (COVID-19) Pandemic

Overview
Factors Affecting the Global Plant-based Milk Market - COVID-19
Impact Analysis

5. Global Plant-based Milk Market, By Product, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Almond Milk
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Oat Milk
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Soy Milk
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Coconut Milk
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Rice Milk
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Others
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends

6. Global Plant-based Milk Market, By Nature, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Organic
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Conventional
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends

7. Global Plant-based Milk Market, By Flavor, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Unflavored
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Flavored
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends

8. Global Plant-based Milk Market, By Distribution Channel, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Offline
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Online
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Others
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends

9. Global Plant-based Milk Market, By Region, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, By Region, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
North America
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Country, 2020 - 2031
- Market Size and Forecast, By Product, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Nature, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Flavor, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Country, 2019- 2031, (USD Bn)
  - U.S.
  - Canada
Latin America
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Country, 2020 - 2031
- Market Size and Forecast, By Product, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Nature, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Flavor, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Country, 2019- 2031, (USD Bn)
  - Brazil
  - Argentina
  - Mexico
  - Rest of Latin America
Europe
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Country, 2020 - 2031
- Market Size and Forecast, By Product, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Nature, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Flavor, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Country, 2019- 2031, (USD Bn)
  - U.K.
  - Germany
  - Italy
  - France
  - Spain
  - Russia
  - Rest of Europe
Asia Pacific
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Country, 2020 - 2031
- Market Size and Forecast, By Product, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Nature, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Flavor, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Country, 2019- 2031, (USD Bn)
  - China
  - India
  - Japan
  - ASEAN
  - Australia
  - South Korea
  - Rest of Asia Pacific
Middle East
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Country, 2020 - 2031
- Market Size and Forecast, By Product, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Nature, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Flavor, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Country, 2019- 2031, (USD Bn)
  - GCC Countries
  - Israel
  - Rest of Middle East
Africa
- Market Share Analysis, By Country/Region, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Country/Region, 2020 - 2031
- Market Size and Forecast, By Product, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Nature, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Flavor, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2019- 2031, (USD Bn)
- Market Size and Forecast, By Country/Region, 2019- 2031, (USD Bn)
  - South Africa
  - North Africa
  - Central Africa

10. Competitive Landscape

Heat Map Analysis
Market Share Analysis (3x3 Matrix)
Company Profiles
- Danone S.A.
  - Company Overview
  - Product Type Portfolio
  - Recent Developments/Updates
- Blue Diamond Growers
  - Company Overview
  - Product Type Portfolio
  - Recent Developments/Updates
- The Hain Celestial Group, Inc.
  - Company Overview
  - Product Type Portfolio
  - Recent Developments/Updates
- Califia Farms, LLC
  - Company Overview
  - Product Type Portfolio
  - Recent Developments/Updates
- SunOpta Inc.
  - Company Overview
  - Product Type Portfolio
  - Recent Developments/Updates
- Ripple Foods, PBC
  - Company Overview
  - Product Type Portfolio
  - Recent Developments/Updates
- Elmhurst Milked Direct, LLC
- Pacific Foods of Oregon, LLC
- Oatly AB
- Daiya Foods Inc.
- Dohler GmbH
- Horizon Organic

11. Analyst Recommendation

Wheel of Fortune
Analyst View
Coherent Opportunity Map

12. Section

References
Research Methodology
About Us and Sales Contact