By 2023, the plant-based milk market is anticipated to be worth US$ 19.8 billion. From 2023 to 2033, it is most expected to accelerate with a CAGR of 9.9%. Sales of plant-based milk are expected to make up a sizable portion of demand in the global food market. The market for plant-based milk is set to expand to US$ 47.2 billion by 2033.
Diets that are sustainable, nutritionally adequate, economically feasible, environmentally sound, and socially & culturally acceptable are becoming immensely popular. Since plant-based dairy substitutes are thought to be healthier than traditional dairy products, demand for them is now on the rise.
With increasing awareness and rising trend for healthy living, consumers have turned to natural and organic food products. Plant-based products contribute to healthy eating habits, and provide healthy fats, minrals, vitamins, and high nutritional value, as compared to animal-derived alternatives.
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Despite of best quality of product prospects, a few challenges may stay ahead for the industry, which include taste and texture of plant based milk. Awareness regarding health benefits of plant based milk products that may involve numerous risky possibilities can limit the plant based milk market share.
Key Takeaways from Plant Based Milk Market
- By category, the organic segment and by flavor, the flavored segment are expected to dominate the plant based milk market, respectively.
- Europe plant based milk market is anticipated to bolster at 11.7% CAGR over the estimated time period.
- North America plant based milk market is likely to surge at a 13.4% CAGR over the forecast period.
- By sales channel, the online retailers segment is expected to exhibit a CAGR of 11.8% in the next ten years.
- India plant based milk market is estimated to accelerate at a CAGR of 6.2% in the assessment period.
“Increased incidence of chronic lifestyle illnesses and intolerance to animal protein are two key reasons propelling plant based milk demand. Widespread acceptance of vegan dietary practices is another factor that would propel plant based milk sales by 2033,” says a lead analyst at Future Market Insights.
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Competitive Landscape: Plant Based Milk Market
At present, heavy investments are pouring into optometry-centric research and development activities. Another reason driving growth in this market is rapidly rising use of plant-based milk in foods and beverages, including dietary supplements and nutraceutical supplements.
There is also a bright future ahead for the use of non-GMO plants owing to their potential applications in the domains of agriculture and food research. Important businesses must constantly develop and adapt alternative items to compete for market domination.
Hence, it is crucial for plant based milk makers to spend in research that results in and sustains product improvements if they are to maintain client attention. For instance, latest technology and innovation have led to the launch of attractive packaging and quality. These can be the foremost priority for comfort of consumers.
Key Market Developments:
- In, March, 2022, the Hain Celestial Group, Inc. announced its participation and support of Cornerstone for Natural’s Smart Shelf Tag solution.
- In June 2020, Pacific Foods of Oregon, Inc. launched organic oat-based beverages with reduced sugar. The product is also non-GMO project verified, vegan, and carrageenan-free. These products are available in vanilla flavor with 80 percent less sugar.
Key Companies Profiled
- Groupe Danone
- Alpina Foods
- Blue Diamond Growers, Inc.
- Döhler GmbH
- Earth’s Own Food Company Inc.
- Elden Foods Inc.
- Freedom Foods Group Ltd
- Goya Foods
- Groupe Danone
- Hain Celestial Group, Inc.
- Kaslink Foods Oy Ltd
- Living Harvest Foods Inc.
- Liwayway Holdings Com
Get Valuable Insights into Plant Based Milk Market
Future Market Insights, in its new offering, provides an unbiased analysis of the plant based milk market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study divulges compelling insights on the plant based milk market based on product type (soy milk, almond milk, coconut milk, cashew milk, hemp seed milk, rice milk, oat milk, peanut milk, pea milk, hazelnut milk, macadamia milk), form (liquid, powder), category (organic, conventional), flavor (original/unflavored, flavored), end use (infant formula, dairy products, bakery & confectionery, milk & milk-based beverages, retail sales), sales channel (direct sales, indirect sales), across seven key regions.
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Plant Based Milk Market Outlook by Category
By Product Type:
- Soy Milk
- Almond Milk
- Coconut Milk
- Cashew Milk
- Hemp Seed Milk
- Rice Milk
- Oat Milk
- Peanut Milk
- Pea Milk
- Hazelnut Milk
- Macadamia Milk
- Other Product Types (Spelt Milk, Banana)
By Form:
- Liquid
- Powder
By Category:
- Organic
- Conventional
By Flavor:
- Original/Unflavored
- Flavored
- Chocolate
- Vanilla
- Strawberry
- Coconut
- Mocha
- Berry
- Hazelnut
- Other Flavors
By End Use:
- Infant Formula
- Dairy Products
- Milk
- Cheese
- Yogurt
- Butter
- Spreads
- Ice Cream
- Frozen Dessert
- Bakery & Confectionary
- Milk & Milk-based Beverages
- Retail Sales
By Sales Channel:
- Direct Sales
- Indirect Sales
- Modern Trade
- Convenience Store
- Departmental Store
- Traditional Store
- Specialty Store
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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