Popularity of vegan diets can be attributed to popularity of veganism and rising focus on sustainable living. As per Future Market Insights (FMI), these factors will create conducive environment for the expansion of the plant based milk market. The report also forecasts the sales of plant-based milk to increase at 8.8% CAGR between 2021 and 2031, the overall market value is expected to reach US$ 30.79 Bn by 2031.
Concerns about the humane treatment of animals have also had a significant influence in the gradual shift toward vegan diets. The market for plant-based milk is predicted to expand as a result of these factors.
Consumers have become more appreciative of and inclined toward plant-based products, such as juices and other plant-based beverages, as health and wellness concerns have grown, due to the rise in prevalence of obesity, diabetes, and cardiovascular diseases.
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Plant-based goods contribute to healthy eating habits by providing higher nutritional content, vitamins, minerals, and healthy fats. Veganism is gradually becoming more popular. Some of the countries have been identified to represent the trend from the fore at global forums. For instance:
- In 2016, Singapore earned the spot of second-most vegan friendly Asian city by PETA Asia. Singapore was also titled the top 6th vegan city in the world by Happy Cow.
- Hong Kong was listed in the top 10 vegan friendly countries by Peta Asia in 2020. According to a vegan business platform, Eco Warrior Princess, roughly 25% -70% of Hong Kong residents consume vegan meals.
- Thailand witnessed the launch of several vegan restaurants and food outlets recently such as Veganerie, Vistro, May Veggie Home, and Swees among others.
Key Takeaways from the Plant-based Milk Market Study:
- The U.S. is estimated to account for more than 80% of the North America market in 2021, supported by consumer awareness regarding nutritional foods.
- According to FMI’s analysis, China is estimated to account for more than 60% of the Asia Pacific market in 2021, supported by easy availability of raw materials.
- The U.K. is a high potential market in Europe, accounting for over 9.4% value share, supported by the popularity of clean label trends.
- Sales via online retail are expected to grow at 10.8% CAGR through 2031.
“Consumers across the globe are becoming increasingly health-conscious. Increasing focus on health and wellness have been drawing them towards plant-based milk in comparison to regular diary. This also is encouraging the market players to put greater emphasis on product launches,” said a lead analyst at FMI.
Sustainability of Plant-based Milk Production to Increase its Appeal
Plant-based milk is popular among customers because of benefits it provides in terms of sustainability, nutrition, and convenience. Consumers now demand food & beverages that are good for both their bodies and environment.
There are various concerns with conventional dairy products, including inhumane livestock rearing & addition of pesticides and chemicals to dairy milk, among others. Because of its vegan origins and branding as a health product, demand for plant based milk such as oat milk is likely to increase.
Who is winning?
Manufacturers of plant-based milk are trying to attract customers by packaging their products in cartons which are creatively and beautifully crafted. It helps plant-based milk producers differentiate their beverage from the rest and draws more customers as buyers choose to purchase a more visually appealing product compared to a typical product.
Some of the leading companies offering plant-based milk are
- 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 Company Limited
- Mc Cormick & Co.
- Natura Foods
- Nutriops SL
- Organic Valley
- Pacific Foods of Oregon, Inc
- Others
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Future Market Insights, in its new offering, provides an unbiased analysis of plant-based milk presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the plant-based milk based on nature (organic and conventional), by form (liquid and powder), 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, flax milk, walnut, and other product types), by flavor (unflavored & flavored), and by end-use (infant formula, dairy products, bakery & confectionary, milk & milk-based beverages, and retail sales), sales channel (direct sales and indirect sales) across seven major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa).
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Detailed Table of Content:
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.1.1. Transformed Packaging Format
3.1.2. Increased advertising spend
3.1.3. Brandishing Functional claims to acquire new customers
3.1.4. Increased retail shelves visibility
3.2. Product Innovation / Development Trends
4. Introduction to Flavor Profiles for Plant Based Milk
4.1. Manufacturers ensuring taste is the key
4.2. Flavors triggers interest
4.3. A movement towards more indulgent flavors in plant based dairy category
4.4. Going nuts about milk
4.5. Global Plant based Flavored Milk Market Outlook, 2020
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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