Industry: Food and Beverages
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 339
Report ID: PMRREP31413
The market for plant-based milk can be expected to expand at a value-based CAGR of 9.2% and show an increase in revenue from US$ 14.9 Bn to around US$ 36.2 Bn by 2033.
| Attributes | Key Insights |
|---|---|
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Market Size (2023E) |
US$ 14.9 Bn |
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Projected Sales of for Plant-Based Milk (2033F) |
US$ 36.2 Bn |
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Value CAGR (2023-2033) |
9.2% |
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Value Share of Top 4 Countries (2022E) |
47.8% |
The global plant-based milk market has witnessed significant growth in the historical period registering a CAGR of 4.3% in the historical period and was valued at US$ 14.9 Bn in 2023. The increasing health consciousness among the consumers along with the ongoing trend of non-dairy and plant-based beverages are some of the driving factors for the global market of plant-based milk. Plant-based milk is an emerging segment in the category of functional beverages
Plant-based milk is also observed as a perfect milk alternative to dairy beverages due to amplified calorie concern, lactose intolerance, and the high prevalence of hypercholesterolemia among customers. Moreover, amplified preference for vegan diets is also influencing the consumers to choose cow milk alternatives. Food and beverage manufacturers are also creating new and innovative products from plant-based ingredients to attract customers. The major demanding regions of plant-based milk is East Asia followed by Europe. In both the regions, demand is expected to grow owing to the fact that these regions have well-established production facilities and an organized logistics and supply chain system.
The global market for plant-based milk is estimated to reach an approximate valuation of US$ 36.2 Bn in the forecast period.
“Growing Demand for Dairy Alternatives Fueling Product Sales”
Nowadays, customers are majorly concerned in dropping their consumption of animal-based foods for sustainability, health, and ethical reasons. Modern customers are aware of meat substitutes and perceive such products as safe and healthy for the ecosystem. Such consciousness has led to a growth outlook for plant-based milk products.
Moreover, growing health consciousness among customers, the rising inclination for dairy alternatives, and shifting dietary patterns have amplified the importance of plant-based options in the food industry. As a result, consumers’ buying patterns are going beyond milk, and this tendency is gaining grip among plant-based product fabricators.
“Growing Consumption of Lactose-free Milk”
Given the increasing incidence of lactose intolerance, consumers are seeking alternatives for dairy milk. Moreover, the increasing cases of digestive disorders among the worldwide population is paving the way for several milk substitutes., Oat milk coconut milk and almond milk are ideal alternatives to animal milk, as these diversities also contain vitamins, protein, fibre, and other nutrients.
Producers are catering a wide range of plant-based milk varieties, and the growing demand for lactose-free beverages is anticipated to drive the sales of plant-based milk products.
“Growing Inclination toward Sustainable Vegan Diets”
Over the past decade, the world has witnessed growing veganism and a drastic shift toward plant-based diets owing to growing concerns regarding health, animal cruelty, and sustainability. This affects consumers’ purchasing behavior and has led to the preference for vegan products, particularly in developed countries.
Customers prefer plant-based dairy alternatives such as almond milk, oat milk, soy milk, and others, which are rich in protein, vitamins, fiber, and other essential nutrients. In addition, consumers are focusing on sustainable diets and are particular about the ethical sourcing of raw materials. Subsequently, the sale of plant-based milk is gaining traction amid the growing need to embrace sustainability and animal welfare.
“Dilemma Regarding Nutrient Profile of Plant-based Milk Hindering Product Acceptance”
Nowadays, modern consumers are looking for more nutritious food products, but there is a lack of understanding and awareness about plant-based food & beverages among consumers. There is a negative perception about plant-based milk, especially in Asian regions, where animal milk and milk products are part of traditional diets. Moreover, it is difficult for consumers to shift toward plant-based milk owing to some bottlenecks such as a lack of flavor when compared to dairy milk. Inactivation of inhibitors in plant-based milk when heated and shelf-life improvement are some major challenges faced by manufacturers. These challenges need to be solved for wider acceptance.
Animal milk is more nutritious as compared to plant-based milk, and most consumers depend on animal milk for essential nutrients. The growing negative perception and dilemma about plant-based milk and its uses in food products has a negative impact on the growth of the plant-based milk market.
What is the value share held by U.S. for the plant-based milk market?
The market of plant-based milk is witnessing significant growth in Germany of the European market with a value CAGR 8.2%. The demand for plant-based milk in the European region is increasing at a substantial rate which provides a favourable market development opportunity for the plant-based milk manufacturers.
Which Country Holds the Largest Share in the East Asia Market?
China holds the major share in the East Asian market for plant-based milk. This is due to the growing health and nutritional benefits of plant-based milk among consumers. Moreover, the increasing demand for convenient foods and the presence of plant-based milk products with high nutrition in the food and beverage industry will have a positive impact on the product market. The market growth in China is 10.7%.
Which Type of Plant-based Milk is the most demanded in the Global Market?
Based on the product type segment, soy-based milk is mostly demanded and consumed in the plant-based milk category. The plant-based milk market value share of soy segment is 36.7%. The demand increases for soy-based milk in the retail sector owing to its popularity among consumers and the convenience offered. It also offers numerous health benefits to the consumer.
Which Distribution Channel is Offering New Growth Opportunity for Global Market of Plant-based Milk?
The demand is increasing for plant-based milk due to the easy availability of the product through various distribution channels. Moreover, the market value of plant-based milk in the business-to-business distribution channel category is expected to grow at a CAGR of 9.3% by the end of forecast period.
The major key players in the global plant-based milk market are inclined towards research & development, and innovation to come up with new flavors of plant-based milk and to obtain the application of plant-based milk with the fine-quality. The manufacturers are also investing heavily to enhance their operation capabilities and expand their product footprint across the world.
| Attribute | Details |
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Forecast period |
2023-2033 |
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Historical data available for |
2017-2022 |
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Market analysis |
USD million for value |
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Key regions covered |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Report coverage |
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Customization & pricing |
Available upon request |
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The global market for plant-based milk has a value of US$ 14.9 Bn in 2023.
The global market for plant-based milk has a value CAGR of 7.7% from 2017-2022.
The global market for for plant-based milk has a value of US$ 36.2 Mn in 2033.
The global market for plant-based milk has a value CAGR of 9.2% from 2023-2033.
The top players in the global for plant-based milk market includes Groupe Danone, Blue Diamond Growers, Inc., The Hain Celestial Group Inc., Sunopta Inc, and others.
