Plant-based Milk Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2025-2040

Description

Persistence Market Research has recently released a comprehensive report on the worldwide market for plant-based milk. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure. This research publication presents exclusive data and statistics outlining the anticipated growth trajectory of the global plant-based milk market from 2025 to 2032.

Key Insights:

Plant-based Milk Market Size (2025E): USD 17.4 Billion
Projected Market Value (2032F): USD 31.6 Billion
Global Market Growth Rate (CAGR 2025 to 2032): 8.9%

Plant-based Milk Market - Report Scope:

Plant-based milk refers to non-dairy milk alternatives derived from plant sources such as soy, almond, coconut, rice, oats, and other plant ingredients. These beverages are commonly consumed as dairy substitutes due to lactose intolerance, dietary preferences, and ethical or environmental concerns. The market includes a wide range of products tailored for household consumption, foodservice, and industrial use, available through multiple distribution channels including retail, e-commerce, and business-to-business sales. Growth in this market is bolstered by improvements in flavor, texture, nutritional enhancement, and sustainable manufacturing processes.

Market Growth Drivers:

The global plant-based milk market is driven by increasing consumer demand for dairy alternatives that are lactose-free, lower in cholesterol, and enriched with vitamins and nutrients. Enhanced awareness of health benefits associated with plant-based diets - including reduced risk of certain chronic diseases - is encouraging substitution of traditional dairy with plant-based options. Additionally, environmental concerns and ethical consumerism favoring products with lower carbon footprints are supporting market expansion. Innovations in fortified formulations and improved taste and consistency further fuel adoption across age groups and regions.

Market Restraints:

Despite strong growth prospects, the plant-based milk market faces challenges related to consumer perceptions and nutrient profile concerns. Some consumers view plant-based milks as less nutritious compared with dairy milk, particularly regarding protein content and essential nutrient density. Issues such as flavor differences, shelf-life stability, and processing challenges can hinder wider acceptance among traditional dairy consumers. Moreover, variable regulatory frameworks governing labeling and health claims in different regions can affect market expansion strategies.

Market Opportunities:

The plant-based milk market presents significant opportunities driven by rising vegan and flexitarian diets, growing lactose intolerance prevalence, and expanding sustainability consciousness. Demand for fortified and functional plant-based milks tailored for specific demographics - such as children, athletes, and seniors - creates room for product innovation and premium offerings. Emerging markets with growing middle-class populations and increased retail penetration offer attractive growth potential for both local and international brands.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the plant-based milk market globally?
Which plant-based milk sources and product types are most popular across regions?
How are evolving consumer preferences influencing product formulation and marketing strategies?
Who are the key players in the plant-based milk market, and what competitive strategies are they adopting?
What are the emerging trends shaping the future outlook of the global plant-based milk market?

Competitive Intelligence and Business Strategy:

Leading players in the global plant-based milk market are focusing on strategic innovation, product diversification, and expansion of distribution networks to strengthen their competitive positions. Companies are investing in research and development to improve the nutritional quality, flavor profiles, and functional benefits of plant-based milks. Collaborations with retailers and foodservice providers, along with targeted marketing campaigns emphasizing health, sustainability, and lifestyle alignment, help brands reach broader consumer segments. Additionally, strategic partnerships with food-tech startups and ingredient suppliers support rapid product development and entry into emerging markets.

Key Companies Profiled:

Danone
Oatly Group AB
Nestle S.A.
Blue Diamond Growers
The Hain Celestial Group, Inc.
SunOpta Inc.
Vitasoy International Holdings Ltd
Pacific Foods
Califia Farms, LLC
Ripple Foods
Elmhurst Milked Direct LLC
Sanitarium
Valsoia
Earth's Own
THE BRIDGE S.R.L

Plant-based Milk Market Research Segmentation:

The plant-based milk market encompasses a diverse range of product types, end uses, distribution models, and regions:

By Product Type

Soy
Almond
Coconut
Rice
Oat
Others

By Nature

Organic
Conventional

By End User

Food & Beverage Industry
Bakery & Confectionery
Dairy & Desserts
Infant Formula
Retail/Household
Foodservice Industry

By Distribution Channel

Business to Business
Business to Consumer
Hypermarkets/Supermarkets
Convenience Stores
Specialty Stores
Online Retail
Others

By Region:

North America
Europe
East Asia
South Asia & Oceania
Latin America
Middle East & Africa

Product Code: PMRREP31413

1. Executive Summary

1.1. Global Plant-based Milk Market Snapshot, 2025 and 2032
1.2. Market Opportunity Assessment, 2025-2032, US$ Bn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. COVID-19 Impact Analysis
2.4. Forecast Factors - Relevance and Impact

3. Value Added Insights

3.1. Value Chain Analysis
3.2. Key Market Players
3.3. Regulatory Landscape
3.4. PESTLE Analysis
3.5. Porter's Five Force Analysis
3.6. Consumer Behavior Analysis

4. Price Trend Analysis, 2019-2032

4.1. Key Factors Impacting Product Prices
4.2. Pricing Analysis, By Source
4.3. Regional Prices and Product Preferences

5. Global Plant-based Milk Market Outlook

5.1. Key Highlights
- 5.1.1. Market Volume (Kilolitre) Projections
- 5.1.2. Market Size (US$ Bn) and Y-o-Y Growth
- 5.1.3. Absolute $ Opportunity
5.2. Market Size (US$ Bn) Analysis and Forecast
- 5.2.1. Historical Market Size (US$ Bn) Analysis, 2019-2024
- 5.2.2. Current Market Size (US$ Bn) Analysis and Forecast, 2024-2032
5.3. Global Plant-based Milk Market Outlook: Source
- 5.3.1. Historical Market Size (US$ Bn) and Volume (Kilolitre) Analysis, By Source, 2019-2024
- 5.3.2. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Source, 2024-2032
  - 5.3.2.1. Soy
  - 5.3.2.2. Almond
  - 5.3.2.3. Coconut
  - 5.3.2.4. Rice
  - 5.3.2.5. Oat
  - 5.3.2.6. Others
- 5.3.3. Market Attractiveness Analysis: Source
5.4. Global Plant-based Milk Market Outlook: Nature
- 5.4.1. Historical Market Size (US$ Bn) and Volume (Kilolitre) Analysis, By Nature, 2019-2024
- 5.4.2. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Nature, 2024-2032
  - 5.4.2.1. Organic
  - 5.4.2.2. Conventional
- 5.4.3. Market Attractiveness Analysis: Nature
5.5. Global Plant-based Milk Market Outlook: End User
- 5.5.1. Historical Market Size (US$ Bn) and Volume (Kilolitre) Analysis, By End User, 2019-2024
- 5.5.2. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By End User, 2024-2032
  - 5.5.2.1. Food & Beverage Industry
    - 5.5.2.1.1. Bakery & Confectionery
    - 5.5.2.1.2. Dairy & Desserts
    - 5.5.2.1.3. Infant Formula
  - 5.5.2.2. Retail/Household
  - 5.5.2.3. Foodservice Industry
- 5.5.3. Market Attractiveness Analysis: End User
5.6. Global Plant-based Milk Market Outlook: Distribution Channel
- 5.6.1. Historical Market Size (US$ Bn) and Volume (Kilolitre) Analysis, By Distribution Channel, 2019-2024
- 5.6.2. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Distribution Channel, 2024-2032
  - 5.6.2.1. Business to Business
  - 5.6.2.2. Business to Consumer
    - 5.6.2.2.1. Hypermarkets/Supermarkets
    - 5.6.2.2.2. Convenience Stores
    - 5.6.2.2.3. Specialty Stores
    - 5.6.2.2.4. Online Retail
    - 5.6.2.2.5. Others
- 5.6.3. Market Attractiveness Analysis: Distribution Channel

6. Global Plant-based Milk Market Outlook: Region

6.1. Historical Market Size (US$ Bn) and Volume (Kilolitre) Analysis, By Region, 2019-2024
6.2. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Region, 2024-2032
- 6.2.1. North America
- 6.2.2. Latin America
- 6.2.3. Europe
- 6.2.4. East Asia
- 6.2.5. South Asia and Oceania
- 6.2.6. Middle East & Africa
6.3. Market Attractiveness Analysis: Region

7. North America Plant-based Milk Market Outlook

7.1. Historical Market Size (US$ Bn) and Volume (Kilolitre) Analysis, By Market, 2019-2024
- 7.1.1. By Country
- 7.1.2. By Source
- 7.1.3. By Nature
- 7.1.4. By End User
- 7.1.5. By Distribution Channel
7.2. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Country, 2024-2032
- 7.2.1. U.S.
- 7.2.2. Canada
7.3. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Source, 2024-2032
- 7.3.1. Soy
- 7.3.2. Almond
- 7.3.3. Coconut
- 7.3.4. Rice
- 7.3.5. Oat
- 7.3.6. Others
7.4. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Nature, 2024-2032
- 7.4.1. Organic
- 7.4.2. Conventional
7.5. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By End User, 2024-2032
- 7.5.1. Food & Beverage Industry
  - 7.5.1.1. Bakery & Confectionery
  - 7.5.1.2. Dairy & Desserts
  - 7.5.1.3. Infant Formula
- 7.5.2. Retail/Household
- 7.5.3. Foodservice Industry
7.6. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Distribution Channel, 2024-2032
- 7.6.1. Business to Business
- 7.6.2. Business to Consumer
  - 7.6.2.1. Hypermarkets/Supermarkets
  - 7.6.2.2. Convenience Stores
  - 7.6.2.3. Specialty Stores
  - 7.6.2.4. Online Retail
  - 7.6.2.5. Others
7.7. Market Attractiveness Analysis

8. Europe Plant-based Milk Market Outlook

8.1. Historical Market Size (US$ Bn) and Volume (Kilolitre) Analysis, By Market, 2019-2024
- 8.1.1. By Country
- 8.1.2. By Source
- 8.1.3. By Nature
- 8.1.4. By End User
- 8.1.5. By Distribution Channel
8.2. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Country, 2024-2032
- 8.2.1. Germany
- 8.2.2. France
- 8.2.3. U.K.
- 8.2.4. Italy
- 8.2.5. Spain
- 8.2.6. Russia
- 8.2.7. Rest of Europe
8.3. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Source, 2024-2032
- 8.3.1. Soy
- 8.3.2. Almond
- 8.3.3. Coconut
- 8.3.4. Rice
- 8.3.5. Oat
- 8.3.6. Others
8.4. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Nature, 2024-2032
- 8.4.1. Organic
- 8.4.2. Conventional
8.5. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By End User, 2024-2032
- 8.5.1. Food & Beverage Industry
  - 8.5.1.1. Bakery & Confectionery
  - 8.5.1.2. Dairy & Desserts
  - 8.5.1.3. Infant Formula
- 8.5.2. Retail/Household
- 8.5.3. Foodservice Industry
8.6. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Distribution Channel, 2024-2032
- 8.6.1. Business to Business
- 8.6.2. Business to Consumer
  - 8.6.2.1. Hypermarkets/Supermarkets
  - 8.6.2.2. Convenience Stores
  - 8.6.2.3. Specialty Stores
  - 8.6.2.4. Online Retail
  - 8.6.2.5. Others
8.7. Market Attractiveness Analysis

9. East Asia Plant-based Milk Market Outlook:

9.1. Historical Market Size (US$ Bn) and Volume (Kilolitre) Analysis, By Market, 2019-2024
- 9.1.1. By Country
- 9.1.2. By Source
- 9.1.3. By Nature
- 9.1.4. By End User
- 9.1.5. By Distribution Channel
9.2. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Country, 2024-2032
- 9.2.1. China
- 9.2.2. Japan
- 9.2.3. South Korea
9.3. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Source, 2024-2032
- 9.3.1. Soy
- 9.3.2. Almond
- 9.3.3. Coconut
- 9.3.4. Rice
- 9.3.5. Oat
- 9.3.6. Others
9.4. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Nature, 2024-2032
- 9.4.1. Organic
- 9.4.2. Conventional
9.5. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By End User, 2024-2032
- 9.5.1. Food & Beverage Industry
  - 9.5.1.1. Bakery & Confectionery
  - 9.5.1.2. Dairy & Desserts
  - 9.5.1.3. Infant Formula
- 9.5.2. Retail/Household
- 9.5.3. Foodservice Industry
9.6. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Distribution Channel, 2024-2032
- 9.6.1. Business to Business
- 9.6.2. Business to Consumer
  - 9.6.2.1. Hypermarkets/Supermarkets
  - 9.6.2.2. Convenience Stores
  - 9.6.2.3. Specialty Stores
  - 9.6.2.4. Online Retail
  - 9.6.2.5. Others
9.7. Market Attractiveness Analysis

10. South Asia & Oceania Plant-based Milk Market Outlook:

10.1. Historical Market Size (US$ Bn) and Volume (Kilolitre) Analysis, By Market, 2019-2024
- 10.1.1. By Country
- 10.1.2. By Source
- 10.1.3. By Nature
- 10.1.4. By End User
- 10.1.5. By Distribution Channel
10.2. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Country, 2024-2032
- 10.2.1. India
- 10.2.2. Indonesia
- 10.2.3. Thailand
- 10.2.4. Singapore
- 10.2.5. ANZ
- 10.2.6. Rest of South Asia & Oceania
10.3. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Source, 2024-2032
- 10.3.1. Soy
- 10.3.2. Almond
- 10.3.3. Coconut
- 10.3.4. Rice
- 10.3.5. Oat
- 10.3.6. Others
10.4. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Nature, 2024-2032
- 10.4.1. Organic
- 10.4.2. Conventional
10.5. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By End User, 2024-2032
- 10.5.1. Food & Beverage Industry
  - 10.5.1.1. Bakery & Confectionery
  - 10.5.1.2. Dairy & Desserts
  - 10.5.1.3. Infant Formula
- 10.5.2. Retail/Household
- 10.5.3. Foodservice Industry
10.6. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Distribution Channel, 2024-2032
- 10.6.1. Business to Business
- 10.6.2. Business to Consumer
  - 10.6.2.1. Hypermarkets/Supermarkets
  - 10.6.2.2. Convenience Stores
  - 10.6.2.3. Specialty Stores
  - 10.6.2.4. Online Retail
  - 10.6.2.5. Others
10.7. Market Attractiveness Analysis

11. Latin America Plant-based Milk Market Outlook:

11.1. Historical Market Size (US$ Bn) and Volume (Kilolitre) Analysis, By Market, 2019-2024
- 11.1.1. By Country
- 11.1.2. By Source
- 11.1.3. By Nature
- 11.1.4. By End User
- 11.1.5. By Distribution Channel
11.2. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Country, 2024-2032
- 11.2.1. Brazil
- 11.2.2. Mexico
- 11.2.3. Rest of Latin America
11.3. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Source, 2024-2032
- 11.3.1. Soy
- 11.3.2. Almond
- 11.3.3. Coconut
- 11.3.4. Rice
- 11.3.5. Oat
- 11.3.6. Others
11.4. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Nature, 2024-2032
- 11.4.1. Organic
- 11.4.2. Conventional
11.5. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By End User, 2024-2032
- 11.5.1. Food & Beverage Industry
- 11.5.2. Bakery & Confectionery
- 11.5.3. Dairy & Desserts
- 11.5.4. Infant Formula
- 11.5.5. Retail/Household
- 11.5.6. Foodservice Industry
11.6. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Distribution Channel, 2024-2032
- 11.6.1. Business to Business
- 11.6.2. Business to Consumer
  - 11.6.2.1. Hypermarkets/Supermarkets
  - 11.6.2.2. Convenience Stores
  - 11.6.2.3. Specialty Stores
  - 11.6.2.4. Online Retail
  - 11.6.2.5. Others
11.7. Market Attractiveness Analysis

12. Middle East & Africa Plant-based Milk Market Outlook:

12.1. Historical Market Size (US$ Bn) and Volume (Kilolitre) Analysis, By Market, 2019-2024
- 12.1.1. By Country
- 12.1.2. By Source
- 12.1.3. By Nature
- 12.1.4. By End User
- 12.1.5. By Distribution Channel
12.2. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Country, 2024-2032
- 12.2.1. GCC Countries
- 12.2.2. Egypt
- 12.2.3. South Africa
- 12.2.4. Northern Africa
- 12.2.5. Rest of Middle East & Africa
12.3. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Source, 2024-2032
- 12.3.1. Soy
- 12.3.2. Almond
- 12.3.3. Coconut
- 12.3.4. Rice
- 12.3.5. Oat
- 12.3.6. Others
12.4. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Nature, 2024-2032
- 12.4.1. Organic
- 12.4.2. Conventional
12.5. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By End User, 2024-2032
- 12.5.1. Food & Beverage Industry
- 12.5.2. Bakery & Confectionery
- 12.5.3. Dairy & Desserts
- 12.5.4. Infant Formula
- 12.5.5. Retail/Household
- 12.5.6. Foodservice Industry
12.6. Current Market Size (US$ Bn) and Volume (Kilolitre) Analysis and Forecast, By Distribution Channel, 2024-2032
- 12.6.1. Business to Business
- 12.6.2. Business to Consumer
  - 12.6.2.1. Hypermarkets/Supermarkets
  - 12.6.2.2. Convenience Stores
  - 12.6.2.3. Specialty Stores
  - 12.6.2.4. Online Retail
  - 12.6.2.5. Others
12.7. Market Attractiveness Analysis

13. Competition Landscape

13.1. Market Share Analysis, 2024
13.2. Market Structure
- 13.2.1. Competition Intensity Mapping By Market
- 13.2.2. Competition Dashboard
13.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 13.3.1. Danone
  - 13.3.1.1. Overview
  - 13.3.1.2. Segments and Product Types
  - 13.3.1.3. Key Financials
  - 13.3.1.4. Market Developments
  - 13.3.1.5. Market Strategy
- 13.3.2. Oatly Group AB
- 13.3.3. Nestle S.A.
- 13.3.4. Blue Diamond Growers
- 13.3.5. The Hain Celestial Group, Inc.
- 13.3.6. SunOpta Inc.
- 13.3.7. Vitasoy International Holdings Ltd
- 13.3.8. Pacific Foods
- 13.3.9. Califia Farms, LLC
- 13.3.10. Ripple Foods
- 13.3.11. Elmhurst Milked Direct LLC
- 13.3.12. Sanitarium
- 13.3.13. Valsoia
- 13.3.14. Earth's Own
- 13.3.15. THE BRIDGE S.R.L
- 13.3.16. Others

14. Appendix

14.1. Research Methodology
14.2. Research Assumptions
14.3. Acronyms and Abbreviations