Global Plant Milk Market Overview
The key driver impacting the plant milk market is the growing cases of lactose intolerance and milk allergies. for instance, according to the National Institute of Health (NIH), in adults, lactose intolerance shows up most frequently in East Asian heritage people, affecting 70 to 100% of the population. Also, as per Encyclopaedia Britannica, the condition affects around 75 to 90% of native Americans, Asians, black people, Mediterranean, and Jewish people. About 5% of northern and central Europeans have lactose intolerance. Moreover, the nutritional benefits offered by plant-based dairy alternatives are estimated to be a significant factor that positively impacts market growth.
According to Value Market Research, the global plant milk market size was valued at around USD 12000 million in 2020 and is projected to grow at a CAGR of about 10% during the forecast period of 2021 to 2027.
The growing preference of consumers for a vegan diet is estimated to augment plant milk demand in the forecast period. For instance, as per the food revolution network, in the U.S., there was around 600% rise in people identifying as vegans in the last three years. Similarly, in the UK, people who are identifying as vegans have raised by 350%. However, the volatility in prices of raw material prices may hamper the global plant milk market in the long run. also, the high cost of plant milk as compared to dairy milk is negatively impacting the market. the current industry trends, such as the rising demand for milk alternatives and the increasing consumer awareness about the vegan diet, are expected to provide market players with new market opportunities.
The plant milk market is vast, with many local and global players. the key leaders follow different strategies to advance their market position, such as contracts, amalgamation, contracts, extending product portfolio, acquisitions, expansions, and product upgrades to raise their market share across the globe. for instance, In 2019, Earth’s Own Food Company Inc. successfully extended its plant-based beverage line-up to a fresh, delicious flavor, Chocolate Oat. the product is readily available across retailers to meet the changing consumer demand. the known players included in the report are Blue Diamond Growers, Earth’s Own Food Company, Oatly AB, Danone S.A., Campbell Soup Company, Califia Farms, Organic Valley, Hain Celestial Group Inc., Elmhurst Milked Direct LLC, Hain Celestial Group Inc., and Ripple Foods.
In this research report, the plant milk market is segmented by source, sales channel, packaging, and region.
Analysis by Source:
By source, the report is categorized into almond, soy, coconut, and rice. The almond milk segment dominates the application segment with over 40% share in 2020. It is due to the high acceptance of almond milk among consumers due to its high nutritional values and rich in vitamins, carbohydrates, minerals, and proteins. Moreover, it has a range of applications in the dairy industry, food, beverage, and cosmetic industry that drive the demand for almond milk in the forecast period.
Analysis by Sales Channel:
By mainstream stores, the report is categorized into specialty stores, online natural food stores, and others. Mainstream store account dominates the sales channel segment with over 70% share in 2020. It is due to the increasing convenience store across the globe due to growing disposal income that will propel the plant-based market growth. Moreover, consumers preferred convenience shopping contributes to the high demand from a mainstream stores in the forecast period.
Analysis by Packaging:
By packaging, the report is categorized into carton packaging, bottles, and pouches. Carton packaging dominates the packaging segment with over 69% share in 2020. It is due to the rising demand for packaged food products due to disposable income and urbanization that will lead the carton packaging market growth. Moreover, the packaged food is easy to carry for transportation with recycling properties, and consumers are fascinated by fancy design packaging systems contributing to the high demand for carton packaging in the forecast period.
Analysis by Region:
In the regional outlook of the global plant milk market, the North America region dominates with an xxx market share during the forecast period. The increasing consumer awareness related to the benefits of plant-based milk consumption and the growing popularity of the vegan diet trend drives regional growth. Also, numerous health benefits associated with plant milk add a boost to the regional market. Moreover, the rise in lactose intolerance and related disorders among consumers across U.S and Canada contributes to the development of the plant milk market in North America.
Market Segmentation covered in the Report:
By Source
By Sales Channel
- Mainstream Stores
- Specialty Stores
- Online Natural Food stores
- Others
By Packaging
- Carton Packaging
- Bottles
- Pouches
By Region
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
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