The global plant based milk market size has the potential to attain US$ 20.1 billion in 2024. The global sales of plant based milk accounted for US$ 16.1 billion in 2019 and is slated to acquire a valuation of US$ 47.9 billion by 2034. This escalation exhibits a surge at a CAGR of 9.1% from 2024 to 2034.
Transition in Consumer Choices with Boom in Plant Based Milk Adoption
Consumers are consuming plant-based milk more than in the early years, owing to the escalating prevalence of these products. The rise of organic beverages is amplifying as consumers look for the right blend of taste and nourishment.
Customers with lactose intolerance disorder transition towards vegan milk because of their dairy-free characteristics, escalating the plant based milk market growth. The ready-to-drink drinks contain low to negligible cholesterol and since they are low in fat, supporting consumers with weight loss and management. Vegan beverages are high in protein, minerals, and vitamins, catapulting them as a prevalent choice.
Regional Outlook
Asia Pacific prevails in the plant based milk market. Ascending disposable incomes and broadening populations in developing economies like India, China, and Japan augment the plant based milk demand in the Asia Pacific.
The demand for non-dairy milk for example almond milk, soy milk, rice milk, and other dairy substitutes in Asia Pacific surges because of the escalation in people with lactose intolerance and soaring health issues linked with toxic chemicals put in milk products. North America is a significant region for lactose-free products owing to the mass consumption of vegan items.
“The plant based milk industry amplifies with escalating consumer needs for dairy substitutes. Health awareness, environmental challenges, and food habits boost growth of the plant based milk market. Spurring advancements and product portfolios are fundamental procedures for plant based milk vendors to seize the industry share.”, remarks an FMI analyst.
Key Takeaways
- The soy milk segment in the product type category to grab a share of 34% in 2024.
- In the form category, the powder segment to acquire a share of 19% in 2024.
- Germany vegan milk market indicates a CAGR of 11.5% through 2034.
- The United Kingdom plant based milk industry reflects expansion between 2024 and 2034 at a CAGR of 10.4%.
- Through 2034, China plant based drinks market show escalation at a CAGR of 5.9%.
- Between 2024 and 2034, the United States plant based milk industry imply growth at a CAGR of 8.5%.
- From 2024 to 2034, India plant based milk market equates at a CAGR of 9.8%.
Competitive Landscape
Prominent plant based milk providers grab capital and amplify their research and development funding for better devices to accelerate their growth opportunities. The plant based milk vendors emphasize broadening their sales and yield profits by rolling out new products globally to fulfill the elevating demand.
Noteworthy Breakthroughs
- Reitan and Oatly Inc. declared the evolution of their relationship in January 2023. Reitan possesses and manages around 300 Pressbyrn and 90 7-Eleven convenience shops across Sweden. This partnership aided Reitan to expand its business and grab the attention of novel consumers.
- In November 2022, The Planting Hope Company, which is a start-up launched in 2020 that makes and debuts revolutionary organic beverages, declared the introduction of Hope and Sesame’s Sesame Milk for consumers in Canada. The product was available in many foodstuffs stores and on the Amazon website in Canada.
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Key Segments
By Product Type:
The report consists of key product type like, soy milk, almond milk, coconut milk, cashew milk, hemp seed milk, rice milk, oat milk, peanut milk, pea milk, hazelnut milk, macadamia milk, and other product types (spelt milk, banana).
By Form:
Key forms present in the industry include liquid and powder.
By Category:
The market is classified into organic and conventional.
By Flavor:
The report consists of key product type like original/unflavored and flavored (chocolate, vanilla, strawberry, coconut, mocha, berry, hazelnut, and other flavors).
By End Use:
Key forms present in the industry include infant formula, dairy products (milk, cheese, yogurt, butter, spreads, ice cream, frozen dessert), bakery and confectionary, milk and milk-based beverages, and retail sales.
By Sales Channel:
The market is classified into direct sales, indirect sales (modern trade, convenience store, departmental store, traditional store, specialty store, online retailers), and other sales channel.
By Region:
Analysis of the market has been carried out in key countries of North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, and the Middle East and Africa.
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