Plant-Based Flavored Milk Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Plant-Based Flavored Milk Market is Segmented By Type (Soy Milk, Almond Milk, Oat Milk, Coconut Milk, Others), By Category (Organic, Conventional), By Flavor (Chocolate, Vanilla, Strawberry, Coffee, Others), By Packaging (Cartons, Bottles, Tetra Packs, Single Serve Packaging, Others), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Plant-Based Flavored Milk Market Size

Global Plant-Based Flavored Milk Market reached US$ 5.4 billion in 2022 and is expected to reach US$ 11.1 billion by 2030 and is expected to grow with a CAGR of 9.5% during the forecast period 2024-2031. Customers give plant-based flavored milk favorable reviews for distinctive qualities like sustainability and lactose intolerance, which is driving the plant-based flavored milk market demand.

Water-based plant extracts are used to flavor and fragrance beverages made from non-dairy-flavored beverage sources. When used as a milk substitute, plant-based flavored milk typically has a creamy flavor. There are around 17 different varieties of plant milk- soy, almond, coconut, and oat are the most often consumed ones worldwide. Across many civilizations, plant milk has been utilized as a beverage and a flavoring agent in both sweet and savory meals.

The fast rise in demand for plant-based protein sources made plant-based milk gain popularity. Veganism is becoming more popular among millennials, who are especially interested in making healthy decisions. The number of millennials who are aware of the detrimental impacts of chemicals, food preservatives, and other things on health is rising, which is driving the plant-based flavored milk market growth.

Plant-Based Flavored Milk Market Summary

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Plant-Based Flavored Milk Market Dynamics

The Primary Driver of Market Expansion is the Rising Rates of Chronic Lifestyle Disorders

According to the Good Food Institute, the market share of plant-based milk, which accounts for about 15% of the entire milk market, is sizable. These plant-based goods taste almost identical to those derived from animals and are packed with vital nutrients. Numerous celebrity and athlete marketing campaigns to promote vegetarianism as a healthy lifestyle choice and the ease of product accessibility through a variety of online retail channels are other factors that are projected to further fuel the sector.

The expression "power to the plant" is one of the phenomena that is evolving the quickest as more and more producers and consumers make investments in plant-based products, such as seeds, grains, dairy, fruits, spices, and vegetables. This is the result of a shift in consumer tastes away from dairy products and the growing popularity of the vegan movement, particularly among those who are lactose intolerant.

The Rising Vegan Population is Driving the Plant-Based Flavored Milk Market Growth.

Consumers are shifting towards vegan diets, which is driving the market growth. Around 88 million people around the world identify as vegans, according to statistics from the World Animal Foundation's 2023 study. That represents roughly 1.1% of the world’s population, which was over 8 billion people. Between 2018 and 2021, the average annual growth of worldwide food and beverage launches with vegan and plant-based claims increased by 21% and 58%, respectively.

According to a study, there are at least 5,38,000 vegans in the United Kingdom, representing 45 percent of the population, who are between the ages of 15 and 40. This represents an increase of about 300 percent over the previous ten years. To meet this consumer need, companies convert from regular dairy milk to dairy alternatives, attracting more clients by providing them with what they desire from their products.

A Rise in Consumer Nut Allergies is Restraining the Plant-Based Flavored Milk Market Growth.

Food allergies, such as those to nuts, can result in serious and even fatal reactions like anaphylaxis. Different nuts are a known trigger for food allergies. The prevalence of nut allergies appears to vary between nations due to various dietary practices and cooking techniques. Allergies to nut-based flavored milk are highly widespread, especially in kids and adults, and their prevalence is rising daily. Since consumers are more aware of their health choices, sales growth has decreased.

In addition, tree nuts and seeds are among the foods that cause serious allergic responses that can be fatal the most frequently. Tree nut allergies are widespread throughout Europe, with hazelnut allergies being the most common. The second-most allergic nut in the United States is cashews, which also pose a serious health risk. There is no cure for nut allergies, other than avoiding nuts and foods that contain them. This has had a tremendous negative influence on the market.

Plant-Based Flavored Milk Market Segmentation Analysis

The global plant-based flavored milk market is segmented based on type, category, flavor, packaging, and region.

In the Global Market of Plant-Based Flavored Milk, the Organic Segment Holds the Largest Market Share. 

The global plant-based flavored milk market has been segmented by category into organic and conventional. The organic segment held the largest plant-based flavored milk market share of 58.8% in 2022 in the plant-based flavored milk market analysis report. The market for organic milk is expanding significantly and will continue to do so over the coming few years as a result of shifting customer preferences for the consumption of natural and organic food and beverage items. 

Additionally, the COVID-19 pandemic has changed people's eating habits, and they are now more likely to choose healthful meals in order to boost their immune systems. The Organic Trade Association (OTA) estimates that sales of organic food would climb by 13% in the United States in 2020, reaching a value of USD 56.5 billion. Because of the health advantages organic milk provides, demand for it has risen during the pandemic period, driving up market growth.

Plant-Based Flavored Milk Market Geographical Share

The North America Region Held the Largest Share in Plant-Based Flavored Milk Market.

The global plant-based flavored milk market is segmented into five parts of the world based on geography: North America, South America, Europe, Asia Pacific, the Middle East, and Africa. The North American plant-based flavored milk market held the largest market share of 42.6% in 2022 in the plant-based flavored milk market analysis.

Almond milk, which accounts for over two-thirds of the market in North America, is currently the most popular plant-based milk, followed by oat milk, which is the fastest-growing product category, and soy-based flavored milk. Plant-based milk substitutes, or "alt-milks," as they are frequently called, are being manufactured from more raw components than ever before, with pea- and barley-based drinks being among the most recent additions to the market. 

Plant-Based Flavored Milk Market Companies

The major global players in the market include Hershey India Private Limited, The Hain Celestial Group, Inc., Sunopta Grains And Foods Inc., Califia Farms, LLC, NotCo, Valsoia S.p.A, Simple Foods, Australia's Own, Oatly Inc., and Elmhurst Milked Direct LLC.

COVID-19 Impact on Plant-Based Flavored Milk Market

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

Covid-19 Impact

The market for plant-based flavored milk confronted an expanding tendency, nonetheless. Consumers are increasingly consuming plant-based flavored milk including almond, cashew, and hazelnut milk. Consumers' greater health consciousness and their growing interest in environmental preservation during these dangerous times are the main causes of this rise in non-dairy flavored milk, vegan flavored, and dairy-free flavored beverages demand.

To counter COVID-19, the government, corporate executives, and consumers must collaborate given the notable decreases in several industries. In this case, the COVID-19 pandemic's effect on the global market for plant-based dairy milk is mixed. Governments all around the world strictly abide by general public health initiatives, which include promoting awareness of obesity and foods and beverages with enhanced nutritional value.

High immunization awareness among consumers has grown to be a real concern during the pandemic. In terms of food, customers are increasingly choosing healthier options over tastier ones. Due to its advantages, plant-based milk consumption among consumers increased in this situation. The adaptability of the market is another factor contributing to its boom during the epidemic era. 

The market, for instance, offers a variety of flavors, origins, formulas, and fortifications. Additionally, the situation has improved in the post-pandemic period because of rising consumer demand and a shift towards plant-based rather than animal-based products.

By Type

• Soy Milk
• Almond Milk
• Oat Milk
• Coconut Milk
• Others

By Category

• Organic
• Conventional

By Flavor

• Chocolate
• Vanilla
• Strawberry
• Coffee
• Others

By Packaging

• Cartons
• Bottles
• Tetra packs
• Single Serve Packaging
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In October 2022, almond milk has been launched in the array of vegan beverages offered by Only Earth, a brand of sustainable plant-based/vegan milk. Almond milk is now available to consumers to add to any hot or cold beverage or use as a meal element. Almond milk will be offered on all online and offline platforms, including Amazon, Urban Platter, Vegan Dukan or Big Basket, Nature's Basket, and others.
• In December 2021, the Good Food Institute (GFI) India provided support to the plant-based dairy firm 'alt foods' as they introduce the first plant-based milk of its kind created with components like sprouted sorghum, sprouted finger millets, amaranth, and oats.
• In July 2023, Australia's Own is a well-known brand that we frequently find in the NTUC's organic zone. Oat Milk and Chocolate Hazelnut Milk are the latest additions to their recently relaunched collection of certified organic plant-based milk products.

Why Purchase the Report?

• To visualize the global plant-based flavored milk market segmentation based on type, category, flavor, packaging, 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 flavored 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 Flavored Milk market report would provide approximately 69 tables, 70 figures and 160 Pages.

Target Audience 2024

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