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

Global Plant-based Milk Market is Segmented By Source (Soy Milk, Almond Milk, Coconut Milk, Rice Milk, Other), By Packaging (Bottles, Carton Packaging, Pouches), By Distribution Channel (Retail Stores, Online Sales, Specialty Stores, Other), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Plant-based Milk Market Size

Global Plant-based Milk Market reached USD 18.6 billion in 2022 and is expected to reach USD 38.4 billion by 2030 growing with a CAGR of 9.5% during the forecast period 2024-2031. Plant-based milk is receiving significant interest considering that it's miles essential for keeping the general health of humans. A demand from numerous industries such as dietary supplements and dietary drinks is soaring, and key players in the subject of plant-primarily based milk specialize in increasing their manufacturing ability.

Rapidly increasing usage of plant-primarily based milk in food & beverages consisting of dietary supplements and nutraceutical dietary supplements is another element fueling growth in this industry. Due to their potential makes use in the fields of agriculture and food science, there may be additionally a bright destiny for the usage of non-GMO or genetically modified organism plants.

Due to the high focus on animal welfare among millennials and rising cases of lactose intolerance worldwide, there is a shift in people's preferences closer to healthy plant-primarily based milk products. According to the National Institute of Diabetes & Digestive and Kidney Diseases (NIDDK), numerous people in Asia and Africa are lactose intolerant. Northern Europe is one region wherein lactose intolerance is a little less widespread. The disease affects more than 35% of human beings within the U.S.

Plant-based Milk Market Scope

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Plant-based Milk Market Dynamics

Rising Consumer Inclination Towards Vegan Food and Beverages is Driving the Plant-based Milk Market Growth

Many consumers are becoming extra health-conscious and in search of more healthy options to alternative dairy products. Plant-based milk, along with almond milk, oat milk, and soy milk, are often perceived as more healthy options due to their decreased saturated fat and cholesterol content. This aligns with the growing consumer desire for nutritious and easy-label products. Moreover, according to The Good Food Institute, Plant-based milk unit sales grew 19% from 2019 to 2022, compared to animal-based milk, which saw unit declines of 4% over the same period.

The environmental effect of animal agriculture, particularly in terms of greenhouse gas emissions, deforestation, and water usage, has gained significant attention in recent years. Consumers are increasingly more involved in the ecological footprint in their food choices. Plant-based milk production usually requires fewer assets and generates fewer emissions in comparison to dairy milk production, making it an attractive desire for environmentally conscious consumers.

Growing Levels of Lactose Intolerance Consumers is a Remarkable Opportunity for The Plant-based Milk Market Growth

Lactose intolerance is a common digestive disorder characterized by the aid of the body's incapacity to digest lactose, the sugar found in milk and dairy products. According to The National Library of Medicine, lactose intolerance in adulthood is most prevalent in people of East Asian descent, affecting more than 90 percent of adults in some of these communities. This high prevalence indicates a substantial consumer base that seeks alternatives to dairy milk.

Lactose intolerance varies significantly throughout extraordinary regions and ethnicities. For instance, it is more prevalent among individuals of East Asian, African, Hispanic, and Native American descent. In these populations, lactose intolerance rates can range from 50% to 90%. This diversity in lactose intolerance levels highlights the potential marketplace possibility for plant-based milk in catering to the particular dietary needs of these populations.

Price Sensitivity of Plant-based Milk is Restraining the Plant-based Milk Market

Plant-based milk products typically have a higher rate factor compared to traditional dairy milk. This rate differential can deter price-sensitive consumers from switching to plant-based options. Some consumers may perceive plant-based milk as a luxurious or area of interest product due to its higher price, which can restrict its adoption.

Price-sensitive consumers, especially those with lower disposable earnings, may also locate the cost of plant-based milk to be prohibitive. They will prioritize affordability and choose lower-cost alternatives which include dairy milk rather. Affordability performs an important role in the buying decisions of many consumers, and if plant-based milk is perceived as too expensive, it may restrict the market growth.

Plant-based Milk Market Segment Analysis

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

The Soy Milk Segment Holds the Largest Market Share in the Plant-based Milk Market

Soy milk has been one of the earliest and most well-known plant-based milk alternatives to be had within the marketplace. It has received a large foothold and consumer attractiveness over time, which has contributed to its marketplace dominance. Soy milk has been a staple in lots of regions and cultures, specifically in Asia, wherein soy-primarily based products have been consumed for centuries. For instance, in 2022, plant-based milk’s dollar share held steady. Plant-based milk’s dollar share of the total milk category held flat from 2021 to 2022 at 15%.

Soy milk is often recognized for its relatively high protein content in comparison to different plant-based milk alternatives. It's also an excellent source of essential vitamins which includes calcium, vitamin D, and B vitamins. The dietary profile of soy milk attracts fitness-conscious consumers who seek plant-based alternatives that offer similar vitamins to dairy milk.

Source: DataM Intelligence Analysis (2023)

Global Plant-based Milk Market Geographical Share

North America is Dominating the Plant-based Milk Market

North America gives a wide variety of plant-based milk alternatives, with an in-depth sort of manufacturers and flavors to be had in grocery shops and supermarkets. Plant-based milk products like almond milk, soy milk, oat milk, and coconut milk have ended up extensively accessible across the area. For instance, according to The Ministry of Foreign Affairs and Trade, overall sales of alternative milk in North America amount to around 20% of the value of traditional milk sales, greater than any other region in the world. The supply and comfort of those products contribute to their recognition and marketplace dominance.

North America has been at the leading edge of innovation within the plant-based milk industry. Many corporations inside the vicinity have invested in studies and development to create new formulations, flavors, and packaging codecs for plant-primarily based milk products. This continuous innovation has caused a numerous and attractive product range, attracting consumers and using market dominance.

Source: DataM Intelligence Analysis (2023)

Plant-based Milk Market Companies 

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. 

COVID-19 Impact on Plant-based Milk Market

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

Covid-19 Impact:

The COVID-19 pandemic has had a profound impact on consumer behavior and preferences. While specific data may vary, there has been an overall trend of consumers seeking healthier and more sustainable food options during the pandemic. This shift towards health-conscious choices has benefited the plant-based milk market, as consumers have increasingly turned to plant-based alternatives. The pandemic has heightened the focus on immune health and wellness. Plant-based milk, which is often perceived as a healthier alternative to dairy milk, has gained traction as it aligns with consumers' desires for products that support immune function and overall well-being.

By Source

• Soy Milk
• Almond Milk
• Coconut Milk
• Rice Milk
• Other

By Packaging

• Bottles
• Carton Packaging
• Pouches

By Distribution Channel

• Retail Stores
• Online Sales
• Specialty Stores
• Other

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 March 2022, Indian plant-based dairy startup Goodmylk acquired the domestic nutrition brand PRO2FIT. The two have cited a shared vision of food security and plant-based goodness for all as the foundation for the merger. Making sustainable food choices affordable and widespread is the goal for Goodmylk.
• In February 2023, Silk Nextmilk, one of the best plant-based brands is dropping a fresh, new campaign to inspire the next generation of milk drinkers and plant-based enthusiasts with a beverage that is made from plants but tastes like milk, with 75% less sugar.
• In January 2023, Califia Farms, a leading, premium plant-based beverage brand, expands its award-winning line of dairy-free products with the launch of USDA-certified Organic Oatmilk and Almondmilk. With just three simple ingredients purified water, sea salt, oats/almonds, and no oils or gums, the brand designed the latest offerings to meet the needs of consumers seeking products with fewer ingredients, at an accessible price point.

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, 60 figures, and 190 Pages.

Target Audience 2024

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