Plant-Based Milk Market to Grow with a CAGR of 6.38% Globally through to 2028
Rising consumer
awareness of the health benefits of plant-based milk and increasing concerns
about the environmental impact of dairy production are factors driving the global
Plant-Based milk market in the forecast period 2024-2028.
According to
TechSci Research report, “Global Plant-Based Milk Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Plant-Based Milk Market stood at USD12,624.01 Million in 2022 and is
anticipated to grow with a CAGR of 6.38% in the forecast period, 2024-2028. The
global plant-based milk market has witnessed significant growth in recent
years, driven by changing consumer preferences, health and sustainability
concerns, and innovations in product offerings. As the market continues to
evolve, several major trends have emerged, shaping its trajectory.
One of the most
prominent trends in the global plant-based milk market is the diversification
of milk alternatives beyond traditional soy and almond milk. Consumers are now
presented with a wide array of options, including oat, rice, coconut, hemp, and
cashew milk, among others. This diversification caters to various dietary
preferences, nutritional needs, and taste preferences.
Browse over 31
market data Figures spread through 230 Pages and an in-depth TOC on
"Global Plant-Based Milk Market”
The global
plant-based milk market has experienced remarkable growth in recent years,
driven by shifting consumer preferences, health-conscious choices,
sustainability concerns, and innovative product offerings. This burgeoning
sector has evolved from being a niche market to a mainstream choice for a
diverse range of consumers. Plant-based milk, also known as dairy alternatives
or milk substitutes, refers to non-dairy beverages made from plant sources such
as nuts, seeds, grains, and legumes. These alternatives have gained popularity
as consumers seek healthier, more sustainable, and ethical options to
traditional dairy milk. The plant-based milk market includes a wide variety of
options, including almond milk, soy milk, oat milk, coconut milk, rice milk,
hemp milk, and more.
Consumers are
increasingly seeking healthier dietary options. Plant-based milk is often
perceived as a healthier choice due to its lower saturated fat and cholesterol
content, as well as its potential for fortification with vitamins and minerals.
Environmental concerns related to the dairy industry, such as greenhouse gas
emissions and land use, have led consumers to explore more sustainable options.
Plant-based milk, particularly almond and oat milk, is often considered more
environmentally friendly.
The rise of
vegan, vegetarian, and flexitarian diets has spurred demand for dairy alternatives.
Plant-based milk fits well into these dietary choices. Lactose intolerance and dairy allergies
affect a significant portion of the population, driving individuals to seek
dairy-free alternatives. Companies
in the plant-based milk market continually innovate, improving taste, texture,
and versatility. Innovations like barista-quality oat milk and new flavor
profiles expand consumer options.
The market has
evolved beyond traditional soy and almond milk to include a wide variety of
options. Oat milk, in particular, has gained prominence for its creamy texture
and versatility. Consumers are
increasingly choosing plant-based milk for its perceived health benefits,
including lower saturated fat and cholesterol levels. Fortified versions cater
to those seeking added nutritional value. Environmental
and ethical concerns have driven demand for more sustainable options. Companies
are adopting sustainable practices in sourcing and production to align with
consumer values.
Oat milk has
gained significant popularity in recent years, emerging as a strong contender
in the plant-based milk market. This trend can be attributed to several
factors. Firstly, oat milk has a naturally sweet flavor and creamy texture,
making it a suitable replacement for dairy milk in coffee, lattes, and cereals.
Secondly, it is often perceived as more sustainable than almond milk due to its
lower water usage and smaller environmental footprint. Brands like Oatly have
capitalized on this trend, leading to widespread availability of oat milk
products.
The Global Plant-Based
Milk Market is segmented into type, category, packaging, distribution channel,
regional distribution, and company.
Based on type,
the global plant-based milk market is mainly segmented into almond milk, soy
milk, coconut milk, oat milk, rice milk, and others. According to projections,
in 2022, the market for plant-based milk would be dominated by the almond milk
category with market share of 29.99%.
Based on region,
Asia Pacific segment is expected to grow during the forecast
period. The significant market share of this region is primarily
attributable to greater health consciousness, faster adoption of technical
improvements in the F&B industry, and a larger demographic base of vegans
and vegetarians.
Major companies
operating in Global Plant-Based Milk Market are:
- Danone S.A.
- Hebei Yangyuan Zhihui Beverage Co., Ltd.
- Blue Diamond Growers
- Coconut Palm Group Co. Ltd.
- Oatly Group AB
- Califia Farms, LLC
- Earth’s Own Food Company Inc.
- The Hain Celestial Group, Inc.
- SunOpta, Inc.
- Ripple Foods PBC
- Australian Health and Nutrition Association Ltd
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“The global
plant-based milk market has experienced explosive growth driven by changing
consumer preferences for healthier, more sustainable, and dairy-free
alternatives. A wide variety of options, including almond, soy, oat, and
coconut milk, cater to diverse tastes and dietary needs. Major players, such as
Danone, Oatly, and Califia Farms, have expanded their product lines to meet
surging demand. Key trends include health and wellness focus, sustainability,
retail expansion, and competition from traditional dairy brands. Challenges include
pricing disparities and regulatory considerations. Despite these challenges,
the plant-based milk market shows immense potential for continued growth and
innovation.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Plant-Based Milk Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Soy Milk,
Coconut Milk, Almond Milk, Oat Milk, Others (Rice Milk, Pea Milk, etc.)), By
Category (Flavored Vs Non-Flavored), By Packaging (Cartons, Bottles, Others
(Pouches, Cans, etc.)), By Distribution Channel (Convenience/Grocery Stores,
Supermarkets, Online, Others (Specialty Stores, Hypermarkets, etc.)), By
Region, By Competition, 2018-2028”, has evaluated the future growth
potential of global plant-based milk market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in global plant-based milk market.
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