Plant Based Milk Market Size, Share, Growth, and Industry Analysis, By Type (Almond Milk, Oat Milk, Hemp Milk, Nut Milk, Rice Milk, Coconut Milk, Soy Milk and Others), By Application (Ice-Cream, Beverages, Cheese and Milk), Regional Insights and Forecast to 2032

Updated On: 06 May 2024

plant based milk market REPORT OVERVIEW

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global plant based milk market size was USD 13890.48 million in 2021 and expected to reach USD 35373.72 million by 2032 at CAGR 8.87% during the forecast period. .

The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Plant based milk, also known as non-dairy or alternative milk, is a type of beverage that is made from plant sources instead of animal products like cow's milk. Plant-based milks have gained popularity as dairy milk alternatives, particularly among people who are lactose intolerant, have dairy allergies, follow vegan or plant-based diets, or simply prefer the taste and nutritional profile of these alternatives. Made from whole soybeans and water. It has a creamy texture and is often fortified with vitamins and minerals to match the nutritional content of cow's milk. Produced by blending almonds with water and often sweetened. It has a slightly nutty flavor. Made from oats and water. It has a naturally sweet taste and a creamy texture. Produced from milled rice (usually brown rice) and water. It has a mild and slightly sweet flavor. Made from the flesh of coconuts and water. It has a rich, tropical coconut flavor and can be used in both sweet and savory dishes.

Created by blending cashews with water. It has a creamy texture and a mild, slightly nutty flavor. Made from hemp seeds and water. It has a nutty flavor and is a good source of essential fatty acids. Derived from yellow peas, this milk is a source of plant-based protein and has a neutral flavor. Plant-based milks are often fortified with vitamins and minerals, such as calcium and vitamin D, to make them nutritionally comparable to cow's milk. They are commonly used as a substitute for cow's milk in a variety of culinary applications, including beverages, cereals, coffee, baking, and cooking. The choice of plant-based milk depends on personal preference, dietary restrictions, and intended culinary use.

COVID-19 Impact: Stockpiling and Supply Chain Disruptions

The pandemic led many consumers to focus on health and wellness. As a result, there was increased interest in plant-based products, including plant based milk, due to the perception that they are a healthier alternative to traditional dairy milk. This led to a surge in demand for plant-based milk. In the early stages of the pandemic, there was panic buying and stockpiling of various products, including plant-based milk. This initially put pressure on the supply chain, leading to temporary shortages and difficulties in keeping up with the heightened demand. The shift in consumption patterns had a significant impact. With lockdowns and restrictions on dining out, there was a decline in foodservice sales, which is an important distribution channel for plant-based milk. However, the decline in foodservice was offset by increased sales in grocery stores and online retail.

LATEST TRENDS

"Low Sugar and Unsweetened Varieties to Enhance Market Growth"

The range of plant sources for milk alternatives was expanding. Beyond traditional soy, almond, and oat milk, options like macadamia, quinoa, flax, and hemp milk were gaining popularity. Brands were focusing on fortifying their plant based milks with essential nutrients like calcium, vitamin D, and vitamin B12 to make them nutritionally comparable to dairy milk. With a growing awareness of sugar content in foods and beverages, there was an increasing demand for unsweetened or low-sugar versions of plant-based milk. Consumers were showing a preference for organic and non-GMO plant-based milk options, emphasizing their commitment to health and environmental sustainability.

plant based milk market SEGMENTATION

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• By Type

Based on type market is classified as almond milk, oat milk, hemp milk, nut milk, rice milk, coconut milk, soy milk and others.

• By Application

Based on application market is classified as ice-cream, beverages, cheese and milk.

DRIVING FACTORS

"Ethical and Animal Welfare Concerns to Augment Market Growth"

Increased awareness of health and wellness, including concerns about lactose intolerance, allergies, and the desire for lower cholesterol and saturated fat intake, has driven many consumers to seek healthier alternatives to dairy milk. The rise of veganism, vegetarianism, and flexitarian diets has created a demand for plant-based milk among consumers who choose to avoid animal products for ethical, environmental, or health reasons. Many consumers are concerned about the environmental impact of animal agriculture. The production of plant-based milk typically has a lower carbon footprint and requires fewer resources compared to dairy farming, making it a more sustainable choice. Some consumers choose plant-based milk to avoid supporting the dairy industry, citing concerns about the treatment of dairy cows and their calves. Plant-based milk provides a dairy-free solution for individuals with lactose intolerance or dairy allergies, making it an essential option for those who can't consume dairy products.

"Nutritional Fortification to Propel Market Growth"

The plant based milk market growth offers a wide range of options, allowing consumers to choose from various plant sources, flavors, and formulations, enabling personalization to suit individual tastes and dietary needs. Many plant-based milk brands emphasize clean label products with minimal ingredients, which appeals to consumers seeking transparency and simplicity in their food and beverages. Continuous product innovation has led to improved taste and texture in plant-based milk, making it more appealing to consumers who were previously dissatisfied with early alternatives. Plant-based milk manufacturers often fortify their products with vitamins and minerals, such as calcium and vitamin D, to match the nutritional content of dairy milk, addressing concerns about potential nutrient deficiencies.

RESTRAINING FACTORS

"Nutritional Variability to Impede Market Expansion"

Traditional dairy milk remains a dominant and well-established industry, with a large market share. Some consumers are hesitant to switch from dairy milk to plant-based alternatives due to taste preferences or cultural attachment. Plant-based milk can be more expensive than dairy milk, primarily due to the production costs associated with plant-based ingredients. The higher price may deter some price-sensitive consumers. The nutritional content of plant-based milk varies depending on the source and brand. Some plant-based milks may lack certain nutrients found in dairy milk, leading to concerns about potential nutritional deficiencies. While significant improvements have been made in taste and texture, some plant-based milks may not perfectly mimic the taste and mouthfeel of dairy milk, leading to consumer dissatisfaction.

plant based milk market REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Growing Popularity"

North America has been a leading market for plant-based milk for various reasons. Consumers in North America have been increasingly looking for dairy alternatives due to health, dietary, and environmental concerns. This demand has been met with a wide variety of plant-based milk options, from soy and almond to oat and pea milk. Plant-based milk gained immense popularity in the United States, with many consumers switching to options like almond and oat milk. Major coffee chains, like Starbucks, also introduced plant-based milk options, further boosting demand. North American companies have been at the forefront of innovation in the plant based milk market share, with many startups and established brands developing new and improved products.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Blue Diamond Growers, Inc. (U.S.)
• Turtle Mountain LLC. (U.S.)
• Groupe Danone. (France)
• The WhiteWave Foods Company (U.S.)
• The Hain Celestial Group Inc. (U.S.)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.