March 4, 2024

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Detailed analysis of plant-based milk market

The growing knowledge of plant-based food products’ health and environmental advantages has increased demand for various milk products made from plants. The introduction of all such products in recent years has been significantly influenced by consumer demand for plant-based milk, contributing to the expansion of the global plant-based milk market. Additionally, coconut, rice, and other non-dairy milk substitutes are gaining popularity. Coconut milk enhances the flavor of meals and is excellent for cooking and baking.

 

The market for plant-based milk in 2021 was USD 35 billion, and by 2030 it will be worth USD 123.1 billion, growing at a 15% CAGR during the forecast period.

 

Market Dynamics

 

Drivers

 

Two key factors impacting market expansion are the rising prevalence of chronic lifestyle conditions and intolerance to animal protein. The popularity of vegan eating habits globally is also encouraging industry growth. Due to rising consumer awareness of animal health and the rise in lactose intolerance worldwide, there is a shift in people’s preferences toward plant-based milk products. As a result, the market’s prognosis has brightened.

 

Vegan diets are becoming more popular among young people and athletes, driving up demand for plant-based products and dairy substitutes. Consumers’ increasing concern for animal welfare is another factor preventing them from purchasing things made from animals.

 

Restraints

 

Consumers’ ignorance of plant-based beverages and concerns about beverage additives will restrict the plant-based milk market. It will significantly impede the growth of the market for plant-based milk.

 

Opportunity

 

The number of millennials aware of the negative impacts of chemicals, food preservatives, and other things on health is rising. Millennials will be active consumers of organic goods given that they spend more money on naturally occurring and organic goods than prior generations. Future growth is made possible by the millennial generation’s growing awareness. Research by the Vegan Society included more than 3,200 participants, ranging in age from 18 to 75. 42% of the sample consisted of respondents who were millennials, with ages ranging from 18 to 44. The most significant conclusion was that 60% of respondents preferred plant-based chocolate products.

 

Market Segmentation

 

By Product Type

 

In 2021, the soy milk segment held the biggest market share of 58% because of its high protein content and widespread customer appeal. The Soya Milk market will grow at over 11% CAGR from 2022 to 2029. The plant-based milk has a great flavor and a variety of flavors. Due to its low-fat content and accessibility of flavor in the plant-based milk market, almond milk is progressively increasing its market share to about 40%.

 

By End-User

 

On the basis of end-user, the market is segmented into retail household, food and beverage, food service industry, and online retail.

 

In 2021, the retail household ruled the market with a share of 24.6%. Growing consumer interest in plant-based diets and rising health consciousness are both having a beneficial effect on the market expansion. In 2021, the food and beverage sector led the market with a maximum revenue share of 68%. The market for plant-based milk is being significantly impacted by the growing variety of foods that use various milk flavors that numerous food sectors have introduced.

 

By Packaging

 

In 2021, the carton packaging segment led the market with 60% of the revenue share. The market will meet the growing need for packaged food products due to urbanization and rising disposable income.

 

Regional Analysis 

 

Demand for plant-based milk and protein is increasing as veganism gains popularity in industrialized regions like Europe and North America. Europe and North America controlled more than 60% of the global market share for plant-based milk. Additionally, these areas are home to the majority of plant-based milk producers. The biggest producers of plant-based milk are also in North America, accounting for more than 45 percent of the market. In Europe, there are also a lot of small- and medium-sized regional producers. Additionally, this has increased both areas’ market penetration and industry share. The vegan movement is becoming increasingly popular, and more individuals are following it in Europe and North America.

 

Key Players 

 

  • Glanbia PLC (Ireland)
  • Herbalife International of America, Inc. (U.S.)
  • Health Milk Manufacturers’ Association (U.K.)
  • Bayer AG (Germany)
  • S. Spice Mills, Inc. (U.S.)
  • Abbott (U.S.)
  • Premier Nutrition Corporation (U.S.)
  • DSM (Netherlands)
  • Mead Johnson and Company, LLC. (U.S.)
  • (U.S.)
  • Amway (United States.)
  • The Nature’s Bounty Company (U.S.)
  • Nestlé SA (Switzerland)

 

The market for plant-based milk in 2021 was USD 35 billion, and by 2030 it will be worth USD 123.1 billion, growing at a 15% CAGR during the forecast period. An increase in incidences of lactose intolerance and milk allergies, rising investments in the plant-based milk industry, a rise in the number of vegans and vegetarians, and the nutritional advantages of plant-based milk are some of the main reasons propelling the expansion of this market.

 

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