Global Plant-based Milk Market - 2023-2030

Market Overview

Global Plant-based Milk Market reached US$ 18.6 billion in 2022 and is expected to reach US$ 38.4 billion by 2030 growing with a CAGR of 9.5% during the forecast period 2023-2030.

Plant-based milk refers to a ramification of drinks that are derived from plant resources and serve as alternatives to conventional dairy milk. Those milk alternatives are frequently referred to as non-dairy milk, dairy-free milk, or nut milk. Almond milk is made from floor almonds and water. It has a barely nutty flavor and a lighter consistency compared to dairy milk. Coconut milk is derived from the flesh of mature coconuts. It has a rich, creamy texture and an awesome tropical flavor. Coconut milk is typically utilized in Asian cuisines and is likewise famous in plant-based cakes and curries.

The plant-primarily based milk market has witnessed widespread growth within the kind of available products. Manufacturers are introducing progressive flavors, blends, and formulations to cater to various patron possibilities. For instance, there has been a surge in the availability of area of interest options along with pea milk, cashew milk, and hemp milk, offering customers a much broader variety of plant-based milk options to pick out from.

Market Dynamics

Increasing Health and Wellness Awareness of Consumers Globally is Driving the Plant-based Milk Market

Plant-based milk is often perceived as a more fit alternative to dairy milk. It is generally lower in saturated fats and cholesterol and may contain additional beneficial nutrients like nutrients, minerals, and plant-based proteins. Consumers who prioritize fitness and health are selecting plant-based milk as a part of their dietary choices.

The adoption of vegan and plant-primarily based diets has been on the rise globally. For instance, according to the Vegan Society, in 2022, the global vegan population is over 629,000 people. People are motivated with the aid of a variety of things, inclusive of health, ethics, and sustainability. Plant-based milk is a natural fit for those following these nutritional picks, further driving the marketplace growth.

Ethical and Animal Welfare Considerations is Expected to Foster the Plant-based Milk Market

Increasing awareness about the conditions and practices within the animal agriculture industry has influenced consumer choices. Consumers are concerned about issues such as factory farming, confinement systems, and animal treatment, which has led them to seek alternatives like plant-based milk. This ethical consideration drives the growth of the plant-based milk market.

Younger generations, such as Millennials and Gen Z, are known to prioritize ethical considerations in their purchasing decisions. They are more likely to support brands that align with their values, including those that prioritize animal welfare. As these generations make up a significant consumer base, their ethical concerns are expected to foster the plant-based milk market.

Limited Availability in Foodservice and Hospitality is Holding Back the Plant-based Milk Market

Coffee shops play a significant role in the consumption of milk-based beverages, such as lattes and cappuccinos. However, the availability of plant-based milk alternatives in coffee shops varies, and some may have a limited selection or charge an additional fee for plant-based options. This limited availability can deter consumers from choosing plant-based milk and may hinder its market growth.

The inclusion of plant-based milk alternatives in menu development within the hospitality sector can be limited. For instance, plant-based foods sales have grown 44.5% percent in the US in the past three years. Hotels, resorts, and catering services may not fully embrace the diverse range of plant-based milk options in their offerings, which can restrict consumer choices in those settings.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global plant-based milk market is segmented based on source, packaging, distribution channel, and region.

By Distribution Channel, the Retail Store Segment is Estimated to have Significant Growth During the Forecast Period

Plant-based milk products are widely available in retail shops, inclusive of grocery stores, supermarkets, and specialty health fitness food shops. These stores cater to a huge purchaser base and offer an expansion of plant-based milk options, ranging from famous selections like almond milk and soy milk to newer options like oat milk and coconut milk. For instance, according to The Good Food Institute, the U.S. retail market for plant-based foods is worth $8 billion.

Retail stores offer convenient access to plant-based milk products for consumers. With their extensive presence, consumers can easily find plant-based milk in their neighborhood shops, making it accessible to a bigger target market. According to Good Food Institute, 6 in 10 U.S. households purchased plant-based foods in 2022, similar to the prior year. This accessibility contributes to the retail segment's dominance in the market.

Geographical Analysis

Asia Pacific is the Fastest Growing Market in the Plant-based Milk Market

Asia Pacific has experienced a notable shift in nutritional patterns, with more and more people adopting plant-based diets or lowering their intake of animal products. This shift is pushed by way of factors that includes fitness focus, ethical considerations, and spiritual beliefs. The growing adoption of plant-based diets in the area contributes to the growth of the plant-based milk market.

Asia Pacific is home to a great part of the global population, with several densely populated nations. For instance, according to Euromonitor, there are a total of 4.98 million vegetarians in APAC. Indeed, India has the largest vegetarian population in this region which is 3.68 million. Urbanization within the region has led to changing consumer possibilities and increased exposure to worldwide food trends. The massive population and concrete facilities provide a large consumer base for plant-based milk products, fueling a market boom.

Competitive Landscape

The major global players in the market include: Groupe Danone, Pacific Foods of Oregon, Inc., The Hain Celestial Group Inc., Turtle Mountain LLC, Vitasoy International Holdings Limited, Natura Foods, Sunopta Inc., Freedom Foods Group Ltd., Earth's Own Food Company Inc., Mc Cormick & Co., Goya Foods, and The Hershey Company.

Why Purchase the Report?

• To visualize the global plant-based milk market segmentation based on source, packaging, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of plant-based milk market-level with all segments.
• The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The global plant-based milk market report would provide approximately 61 tables, 59 figures and 190 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies