Market Overview:
Plant Milk Market Size Was Valued at USD 14.2 Billion in 2022, and is Projected to Reach USD 33.68 Billion by 2030, Growing at a CAGR of 11.4% From 2023-2030.
Plant milk is a term for the liquid that is obtained from plants in the form of juice, which has a color similar to milk and is used in the food and beverage industries. Additionally, alternative milk, nut milk, mock milk, and vegan milk are all other names for plant milk. Additionally, plant milk is used as a milk substitute in the food and beverage industry to satisfy consumer demand for vegan food. As a result, plant-based milk is becoming more and more popular, which has led to market growth over the anticipated period. Affordable prices, ease of use, consumer appeal, nutritional value, and sustainability all contribute to the market growth of plant-based milk. Furthermore, plant-based dairy is in vogue due to the hot market trend of plant-based milk and the current pandemic, new R&D, and a hugely successful newcomer to the market.
Top Key Players Covered In The Plant Milk Market:
- Pacific Foods and Oregon (U.S.)
- SunOpta (Canada)
- Earths Danone (France)
- Hain Celestial (U.S.)
- Vitasoy (China)
- Freedom Nutritional Products (Australia)
- McCormick and Company (U.S.)
- Goya Foods (U.S.)
- Blue Diamonds Growers (U.S.)
- Chefs Choice Foods Co. Ltd. (U.S.)
- Oishi (Thailand)
- Earth’s Own Food Company (Canada)
- Oatly AB (Sweden)
- Califia Farms (U.S.)
- Ripple Foods (U.S.)
- Elmhurst Milked Direct LLC (U.S.) and Other Major Players.
Market Dynamics and Factors:
Extensive health benefits are driving the plant milk market. When compared to dairy milk, plant-based milk has a number of health advantages, and the food and beverage industry is increasingly using it to create goods that are also used in hotels, which will drive market growth over the course of the forecast period. There is a shift in people's preferences for plant-based milk products worldwide due to increased consumer awareness of animal health and the increase in people who are lactose intolerant globally. The market's outlook has improved as a result.
The adoption of organic food and beverages is expected to drive the plant milk market. The increasing incidence of chronic lifestyle diseases and intolerance to animal protein are two major factors influencing market growth. Additionally, the global adoption of vegan eating practices is fostering market expansion. Plant-based milk aids a healthy lifestyle and balanced diet and offers improved nutritional value, vitamins, minerals, and healthy fats in comparison to products from the dairy industry.
Plant Milk Market Report Highlight:
- By type, the Almond segment is anticipated to lead the growth of the Plant Milk market in the forecasted timeframe. A rise in the use of nut-based lactose-free milk among consumers, changes in taste preferences, and an increase in environmental and general health concerns.
- By Application, the household segment is expected to have the highest share of the Plant Milk market over the projected period. Because after the pandemic people are more aware of health and due to work from home work policy, people tend to eat and drink more healthy products.
- By nature, the organic segment is set to develop at the highest CAGR during the forecasted timeframe. Increased consumer demand for naturally dairy-free & sugar-free products and their clean taste and smooth texture properties, which blend seamlessly with various food and beverage recipes.
- By distribution channel, supermarkets/hypermarket sales are expected to have the highest share of the Plant Milk market over the projected period. Supermarkets also offer a greater variety of brands and product types, making it easy to find the perfect item. Many supermarkets now offer organic and healthy food options and a wide selection of international foods.
- The Asia Pacific region is expected to have the highest share of the Plant Milk market over the projected period. Due to the raw material availability, rising lactose-free milk demand, large population, and preference for veganism. Growing consumer awareness of organic and plant-based foods also contributes to this region's recovery from the pandemic.
Key Industry Development:
- In November 2020, SunOpta announced that it would invest about USD 26 million in an oat processing facility in Minnesota. This will assist in supplying the US with more oat milk, which is in high demand. Milk with an oat base, ice cream, and yogurt would be produced in Minnesota.
- In October 2019, Almond Breeze Almond Milk Mexican Chocolate, a popular beverage in Latin America, was added by Blue Diamond Growers to its line of Breeze products. The new product is the best substitute for dairy products available to consumers.
Plant Milk Market Segmentation:
By Type
- Coconut
- Soy
- Almond
- Rice
- Oat
- Others
By Application
- Food & Beverage Industry
- Household
- Hotels and Restaurants
- Others
By Nature
- Organic
- Conventional
- Others
By Distribution Channel
- Specialty Store
- Supermarket/Hypermarket
- Online
- Others
For this report, Introspective Market Research has segmented the Plant Milk Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
