Plant-based Milk Market Forecasts to 2030 - Global Analysis By Source, Formulation, Form, Packaging Size, Packaging Type, Flavour, Sales Channel, End User and By Geography

According to Stratistics MRC, the Global Plant-based Milk Market is accounted for $3.53 billion in 2024 and is expected to reach $7.08 billion by 2030 growing at a CAGR of 12.3% during the forecast period. A plant-based beverage known as plant-based milk is a substitute for dairy milk. Almond milk, soy milk, oat milk, and coconut milk are common types. People who are lactose intolerant, vegan, or trying to lessen their environmental impact frequently prefer these plant-based options. In order to more closely resemble the nutritional profile of cow's milk, some of them are fortified with vitamins and minerals like calcium and vitamin D. Furthermore, plant-based milks are generally lower in saturated fat, which makes them a heart-healthy option.

According to the American Heart Association, plant-based milks can be a healthy alternative to cow's milk, often containing lower levels of saturated fat and cholesterol, which can help support cardiovascular health.

Market Dynamics:

Driver:

Nutritional limitations and preferences

The demand for plant-based milk has increased dramatically due to the rise in lactose intolerance and dairy allergies, as well as the growing popularity of plant-based and vegan diets. Lactose intolerance affects about 65% of people worldwide, which highlights the demand for lactose-free milk substitutes. Concerns about the well-being of humans and animals have also contributed to the rise in the popularity of vegan and vegetarian diets. Moreover, the growing selection of plant-based milk options in cafes, restaurants, and grocery stores is indicative of this trend.

Restraint:

Elevated production expenses

The higher price of plant-based milk when compared to traditional dairy milk is one of the main barriers to the market. The cost of raw materials, processing, and nutrient fortification can increase the production costs of plant-based milks. Cost-conscious shoppers may be turned off by this price difference, particularly in areas where disposable income is lower. Additionally, plant-based milks may only be adopted by more affluent consumers or those who are specifically looking for ethical and health benefits, despite the higher price points.

Opportunity:

Growth in emerging markets

Expanding plant-based milk products into emerging markets has significant potential as global awareness of health, environmental, and ethical issues grows. Rising disposable incomes and increased urbanization are contributing to a rise in consumer awareness of and interest in new food trends in Latin America, Asia, and Africa. Furthermore, businesses can access a sizable and largely unexplored consumer base by investing in market education and distribution networks in these areas.

Threat:

Competition from the conventional dairy sector

The conventional dairy business is a firmly established industry with substantial resources and power. In response to the growing popularity of plant-based substitutes, dairy companies have launched aggressive marketing campaigns that highlight the health advantages and natural provenance of cow's milk. They might also advocate for laws that limit the promotion and labeling of plant-based milks. Moreover, the dairy industry's economic and political clout, coupled with ingrained consumer loyalty to traditional dairy products, presents a serious challenge to the expansion of the plant-based milk market.

Covid-19 Impact:

The market for plant-based milk was greatly impacted by the COVID-19 pandemic because it hastened consumer changes toward sustainable and health-conscious eating practices. Growing concerns about immunity and health led many consumers to look for plant-based substitutes for dairy, believing them to be healthier. Logistics and raw material sourcing were made more difficult by supply chain disruptions, but as more people experimented with cooking at home and altered their diets, the demand for plant-based milk increased. Additionally, the pandemic increased people's awareness of moral and environmental issues, which increased the demand for plant-based products.

The Almond Milk segment is expected to be the largest during the forecast period

In the market for plant-based milk, the almond milk category has the largest share. The mild, slightly nutty flavor of almond milk and its versatility in a variety of culinary applications-from drinking straight to using in smoothies, coffee, and baking-have made it extremely popular. Because it has fewer calories than cow's milk and other plant-based milk alternatives, it is frequently thought of as a healthier option. Furthermore, almond milk is also a popular choice for consumers who are health-conscious because many brands fortify it with vital vitamins and minerals like calcium and vitamin D.

The 250 ml segment is expected to have the highest CAGR during the forecast period

The market for plant-based milk is expected to grow at the highest CAGR in the 250-ml segment. Because of its portability and ease of use, this size is especially well-liked by consumers who are always on the go, such as professionals, students, and fitness enthusiasts. In addition to being perfect for single-use and portion control, the 250-ml packaging also minimizes waste and guarantees product freshness. However, this market is benefited by the growing popularity of wholesome snacking and the rising need for convenient, wholesome beverage options.

Region with largest share:

The region with the largest market share for plant-based milk is North America. The main causes of this trend are consumer concerns over environmental sustainability, growing health consciousness, and increased knowledge of dairy allergies and lactose intolerance. Moreover, the United States is a notable contributor to the market dominance of plant-based milk alternatives in North America, given the strong demand for almond, soy, oat, and coconut milk, among others.

Region with highest CAGR:

In the market for plant-based milk, Asia Pacific has shown the highest CAGR. Numerous factors, such as a growing population, rising disposable incomes, shifting dietary preferences, and growing public awareness of the advantages of plant-based diets for both health and the environment, can be blamed for this growth trajectory. Additionally, plant-based milk substitutes like soy, almond, and rice milk are in high demand in countries like China, India, and Japan due to factors like urbanization, health consciousness, and awareness of lactose intolerance.

Key players in the market

Some of the key players in Plant-based Milk market include PepsiCo, Elden Foods Inc., Chef's Choice Food Manufacturer Company Limited, Mc Cormick & Co Goya Foods, Edward & Sons., Coca-Cola Company, Alpina Foods, Liwayway Holdings Company Limited, Freedom Foods Group Ltd, Dohler GmbH, Vitasoy International Holdings Limited., Hain Celestial Group, Inc., Blue Diamond Growers, Inc., Hershey Company and Earth's Own Food Company Inc.

Key Developments:

In April 2024, The Coca-Cola Company and Microsoft Corp. announced a five-year strategic partnership to align Coca-Cola's core technology strategy systemwide; enable the adoption of leading-edge technology; and foster innovation and productivity globally. As part of the partnership, Coca-Cola has made a $1.1 billion commitment to the Microsoft Cloud and its generative AI capabilities.

In April 2024, Blue Diamond Growers, the world's largest almond marketer and processor, announced its new Almond Breeze(R) partner, Kagome Co., Ltd. for all production and distribution in Japan. The new partnership will focus on accelerating market growth and driving new demand for Almond Breeze(R). New products through Kagome will be launched in September 2024.

In August 2021, The Hershey Company has expanded its operations into general merchandising and through its North American broker, Brand Activation Consulting, it is set to release a line of toy products, externally delivered through creating a series of licensing agreements.

Sources Covered:

• Soy Milk
• Almond Milk
• Coconut Milk
• Cashew Milk
• Hemp Seed Milk
• Rice Milk
• Oat Milk
• Peanut Milk
• Pea Milk
• Hazelnut Milk
• Macadamia Milk
• Other Sources

Formulations Covered:

• Plain
• Flavoured

Forms Covered:

• Liquid
• Powder
• Other Forms

Packaging Sizes Covered:

• Less than 100 ml
• 110 ml
• 250 ml
• 500 ml
• 1000 ml
• More than 1000 ml

Packaging Types Covered:

• Tetra Packs
• Bottles
• Can
• Other Packaging Types

Flavours Covered:

• Original/Unflavoured
• Flavoured

Sales Channels Covered:

• Direct Sales
• Indirect Sales
• Other Sales Channels

End Users Covered:

• Infant Formula
• Dairy Products
• Bakery & Confectionary
• Retail Sales
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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