Market Research Blog

The U.S. automotive and aircraft leather aftermarket is projected to reach a valuation of US$ 7.8 Bn in 2021. Rising demand for high-quality, lightweight, and durable leather for automotive and aircraft interiors is expected to push sales at 3.6% CAGR, with the market valuation reaching US$ 11.1 Bn in 2031.

According to Future Market Insights (FMI), over the forecast period from 2021 to 2031, the global cargo bike tire market is projected to grow at a CAGR of 12.2%.

As per a recent market analysis by Future Market Insights (FMI), the global caps and closures market is anticipated to reach US$ 81.6 Bn in 2021. With a favorable demand outlook from the food & beverage and pharmaceutical industries, the market is projected to grow at a 5.6% CAGR through 2031.

Caps and closures made from plastic and metal are widely adopted in the packaging industry for closing and sealing a wide range of packaging formats such as bottles, jars, containers, and cartons. Attractive shelf-appeal, user friendly design and easy accessibility are key factors boosting sales of caps and closures.

FMI forecasts sales of caps and closures to gain traction on the back of their predominant use in both industrial and non-industrial sectors. Owing to surging demand, manufacturers operating in the global caps and closures market are offering innovative designs such as child resistant caps to gain a competitive edge in the market.

Growing preference towards lightweight and convenient packaging solutions is further anticipated to provide tailwinds to caps and closures sales. Improvements in formats such as screw closures and tethered caps will continue fostering sales of the same over the forecast period.

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Besides this, consistent development of pharmaceutical products and personal care products is propelling demand for caps and closures. Catering to high demand, manufacturers are investing in strategic collaborations, mergers, and acquisitions to expand their production facilities and product portfolios.

As per FMI’s in-depth regional analysis, the U.S. is anticipated to dominate the North American caps and closures market. Growth can be attributed to the presence of key market players, coupled with increasing per capita expenditure on food & beverages and pharmaceuticals in the country.

“Customized solutions aligned with end-use requirements offered by market players, along with intensive research and development to launch sustainable packaging solutions will continue augmenting the global caps and closures market growth through 2031,” says the FMI analyst.

Key Takeaways:

• By product type, the screw closures segment is projected to hold 51% of the total caps and closures sales.
• In terms of material type, plastic will emerge as the most-preferred material, growing at a 5.7% CAGR.
• By end-use, the food & beverage segment is estimated to remain the major revenue contributor in the global caps and closures market. The segment is projected to offer an incremental opportunity of US$ 35.2 Bn during the assessment period.
• The U.S. will continue witnessing high demand for caps and closures, with sales increasing at a 3.5% CAGR through 2031.
• Germany will lead the European caps and closures market, holding 16% of the total sales in Europe.
• India will emerge as an attractive market, accounting for nearly 23% of the APAC caps and closures market.
• The Japanese caps and closures market is projected to grow at a 6.8% CAGR.

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Competitive Landscape

Crown Holdings Inc, BERICAP Holding GmbH, Guala Closures S.p.A, Closure Systems International, Inc are the top players operating in the caps and closures market. Furthermore, Amcor Plc, Silgan Plastic Closure Solutions, Aptar Group, UNITED CAPS, Nippon Closures Co., Ltd. are also the noticeable players in the caps and closures market. The Tier 3 players in the market hold 85-95% in the global caps and closures market. In conclusion, key players contribute almost 05-15% of the global market. For instance in 2021, Berry Global Inc. one of the leading packaging and caps and closure manufacturer has introduced lightweight plastic caps through the reduction in overall plastic usage.

More Insights into the Global Caps and Closures Market Report

Future Market Insights, in its new report, offers an unbiased analysis of the global caps and closures market, analyzing historical demand from 2015-2020 and forecast statistics for 2021-2031. The study reveals growth projections on the caps and closures market on the basis of product (screw closures, snap closures, push-pull closures, tethered caps and others), production process (injection molding, compression molding and others (blow molding, and more), material (plastic, metal, aluminium and others) and end use (food & beverage, consumer goods, personal and homecare, pharmaceuticals and others) across five regions.

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Newly released data by Future Market Insights (FMI) projects the global pharmaceutical cold chain packaging market to register a CAGR of ~15%, to reach US$ 46.9 Bn by 2031.

As per the report, polymer will emerge as the top-choice for packaging material and it is expected to account for over 62.1% of the global market share in 2021. It also is expected to attract an incremental opportunity of US$ 22.3 Bn through 2031.

The demand in the U.S. is expected to increase at a robust CAGR of 12.3%, sealing the country’s dominance in the North America pharmaceutical cold chain packaging market.

Future Market Insights has pegged the global pharmaceutical cold chain packaging market to expand at an impressive CAGR of 14.9% during 2021-2031, compared to 12.5% in 2015-2020. Growth registered in the market can be attributed to the increasing investment towards improved packaging solution to reduce the risk of loss or damage during shipment and transportation.

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Pan American Health Organization lists the appropriate cold chain storage temperature for packaging of vaccines. Increasing adoption of cold chain packaging in healthcare, clinical research, vaccine packaging, and biopharma industry is shaping the market growth.

With sudden outbreak of COVID-19, the demand for pharmaceutical cold chain packaging increased and it will continue to rise through the forecast period. Technological advancements and focus towards improving the performance of packaging formats are expected to further shape the market dynamics over the forecast period.

The global pharmaceutical cold chain packaging market is rendered fragmented by the presence of numerous companies. However, most of the key manufacturers primarily concentrate in India, China, and the U.S.

Impressive growth is on card for the market as new entrants are expected to establish their manufacturing units in developing nations such as India, Brazil, and Malaysia. Penetration is so low in the market that it would increase by ten folds in the forthcoming years.

Low production costs, easy access to labor, and easy availability of raw materials have attracted several market players to Asian countries. This trend also is visible in the pharmaceutical cold chain packaging market.

Demand for safe packaging materials is increasing in the pharmaceutical industry. Expansion of pharmaceutical delivery chains has fuelled the demand for solutions to allow storage of products in the prescribed cold temperature so that they don’t undergo any chemical reaction or change their formulation, which could be dangerous for the consumers. These factors are expected to bode well for the market.

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“Sales of sustainable pharmaceutical cold chain packaging solutions are driven by the need for more ecological packaging with improved tracking. Steered by increasing demand, market players are expected to focus on strategic collaborations. This also will help them expand their footprint globally” says FMI analyst.

Key Takeaways from Pharmaceutical Cold Chain Packaging Market

• By packaging format, active packaging is expected to grow by 4.5x times by 2031.
• By product, the demand for large sized pallet containers is expected to increase at a CAGR of 16.6% during the period of 2021-2031.
• By material, paper is expected to create an incremental opportunity of US$ 10.5 Bn during the forecast period.
• By application, vaccine and diagnostics segment is expected to hold a value market share of 44.1% in 2021.
• By end use, vaccine packaging industry is expected register Y-o-Y growth of 17.1% in 2021.
• The U.S. pharmaceutical cold chain market is expected to reach a market value of US$ 7.0 Bn by 2031.
• India is expected to be the most lucrative market across South Asia
• China and Germany are expected to spearhead the growth of East Asia and Europe market during the forecast period.

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Market Landscape

Sonoco ThermoSafe, Cold Chain Technologies, Sealed Air Corporation, Nordic Cold Chain Solutions, Cryopak, CSafe Global LLC, TemperPack Technologies, Inc., Insulated Product Corp., Global Cooling, Inc., Envirotainer AB, va-Q-tec AG, EMBALL’ISO, Softbox Systems, Sofrigam SAS, DGP Intelsius LLC, Tempack Packaging Solutions SL, TOWER Cold Chain Solutions, Pelican BioThermal LLC, Blue Star Limited, BIOBASE Group, Andores New Energy Co., Ltd., Haier Biomedical Co. Ltd., Tamai Kasei Co., Ltd., Dhruvraj Syndicate, Valor Industries, KODIAKOOLER, WoolCool Ltd., and Allwin Roto Plast are few of the market players in the pharmaceutical cold chain packaging market.

Tier one market players hold 10% to 15% of the total global pharmaceutical cold chain packaging market. As per FMI, tier-1 players include Sonoco ThermoSafe, Sealed Air Corporation, and Nordic Cold Chain Solutions. Sonoco ThermoSafe is expected to contribute approximately 3 to 4% to the total pharmaceutical cold chain packaging market share.

As per Future Market Insights, the two wheeler components & consumables demand is expected to rise at a year-on-year (YoY) growth of 6.7%, reaching US$ 26.1 Bn in 2021. Increasing demand from motorcycle segment will drive the two wheeler components & consumables market at 7.8% CAGR over the forecast period from 2021 to 2031.

A recent market study published by Future Market Insights on the two wheeler components & consumables aftermarket includes global industry analysis for 2016-2020 and opportunity assessment for 2021-2031, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical and current growth parameters of the two wheeler components & consumables aftermarket, the growth prospects of the market are obtained with maximum precision.

As per Future Market Insights, the two wheeler components & consumables demand is expected to rise at a year-on-year (YoY) growth of 6.7%, reaching US$ 26.1 Bn in 2021. Increasing demand from motorcycle segment will drive the two wheeler components & consumables market at 7.8% CAGR over the forecast period from 2021 to 2031.

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What is the Impact of COVID-19 on Two Wheeler Components & Consumables Aftermarket?

Lockdown imposed across various countries has negatively impacted the market. Limited production and supply-chains disruption due to travel restrictions negatively affected sales opportunities. Despite the difficult situation, economies are steadily recovering from the effect of COVID-19 induced slowdown. Some of the leading companies already have recommenced their production activities. Against this backdrop, the pandemic is unlikely to have a long-term effect on the two wheeler components & consumables aftermarket.

Key Points Covered in Two Wheeler Components & Consumables Aftermarket:

A recent study by Future Market Insight opines the sales of edible oil packaging solutions to grow by 1.7x to reach 3.7 billion units in 2031. Global edible oil packaging market is expected to register year-on-year growth of 4.1% in 2021.

FMI predicts, sales of drums to reach nearly US$ 5 billion by 2025.  In 2021, the U.S. edible oil packaging market is projected grow by 1.7%, in terms of value. Overall sales in North America is expected to increase by 4.7% CAGR through 2031.

“Growing sustainability have compelled the manufacturers to introduce eco-friendly and recyclable packaging solution, improving the demand for bag-in-box and drums. This is expected to bode well for the market,” says FMI analyst.

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Some of the key players dominating the global industrial packaging market are Tetra Pak International S.A., Berry Global Group Inc, Scholle IPN Corporation, Glenroy, Inc., Crown Holdings, Inc, Sealed Air Corporation, DS Smith Plc, Smurfit Kappa Group, Technocan S.A., Amcor Plc, ASA Group, Colep Packaging, Vetropack Holding Ltd, Baralan International S.p.A., Vidrala, S.A., Uflex Ltd, TPAC Packaging India Private Limited (Sunpet) and Neo Sun Industries Limited.

Growing Popularity of Organic & Low Cholesterol Oils will Offer Growth Opportunity

Key manufacturers of edible oils are launching advanced variants of products, such as oils having omega-3, variety of minerals and natural antioxidants to cater for the requirement of healthy oil among consumers, especially millennials.

Rising prevalence of heart diseases, diabetes and many other chronic diseases caused by consumption of unhealthy oils is improving the demand for low-cholesterol oils. Growing awareness about the same among consumer has resulted in the sharp rise in demand and consumption for olive oil, sunflower oil and other oils, which have good cholesterols.

Following the outbreak of COVID-19, as restrictions were imposed by governing authorities, demand for edible oil packaging solutions decreased to an extent due to disruptions in the supply chain.

However, sales are expected to pick up due to increasing international trade of edible oils and high demand for retail-ready edible oil packaging solutions.

Marketers and end-users of edible oil packaging solutions are trying to differentiate their products based on ease in dispensing the consumable oil-packed inside it. Most of the consumer base today prefer hassle-free packaging without any risk of wastage or damage to the product, which allows them easy retrieval of edible oil.

Hence, manufacturers are offering pouring caps for easy dispensing of edible oil. A variety of self-closing dispensing taps are also offered along with bag-in-box packaging for edible oils, which keep the surface clean from spillage.

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Edible Oil Packaging Market by Category

By Packaging Type:

• Bottles
• Pouches
• Jerry Cans
• Cans
• Drums
• Bag in Box
• Others (Liquid Carton, etc.)

By Material:

• Plastic
• Glass
• Metal (Aluminum)
• Paper

By Capacity:

• 50 to 500 ml
• 501 to 1000 ml
• 1001 to 5000 ml
• Above 5000 ml

By Oil Type:

• Soybean Oil
• Coconut Oil

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Key Takeaways from Edible Oil Packaging Market

• Drums are the most versatile packaging type used for packaging edible oils across the globe. In terms of type, drums are anticipated to register growth at 5.9% CAGR between 2021 and 2031.
• The U.S. edible oil packaging market is anticipated to reach US$ 483 Mn over the forthcoming decade.
• Based on material, plastic is expected to be the most preferred type, registering growth at 5.4% CAGR during the forecast period..
• Due to disruption in supply chains in 2020, Germany is anticipated to register growth year on year growth of 1.5%. Demand for edible oil packaging solutions in Germany is driven by the rising consumption of edible for producing biodiesels.
• Rising consumption of palm oil across packaged food industries, hotels, restaurants and cafes will spur sales. The segment is expected to offer a total incremental opportunity of US$ 715 Mn over the forecasted period.

About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

As per newly released data by Future Market Insights (FMI), the demand in the tower crane rental market grew by year-on-year (YoY) rate of 4.8% in 2021, reaching a market valuation of US$ 6.49 Bn.

Expanding at a 5.7% CAGR, sales of tower crane rentals are projected to top 54,685 units over the forecast period, with China, Germany and Japan emerging as key producers in the market.

Demand for tower crane rental plummeted in 2020 due to the onset of the COVID-19 pandemic. However, considering the recovery of the construction sector, sales prospects of tower crane rentals are projected to be bright over the forecast period, as the market experienced year-over-year growth by 4.8% between 2020 and 2021.

The global construction industry has witnessed substantial growth in the past few years and the trend is expected to persist over the forecast period. Growth in the construction can be attributed to increasing government investments and rising per capita expenditure in home ownership and renovation. As infrastructure projects are rising globally, it is translating into high demand for tower crane rentals in the market.

Owing to high demand for tower crane rentals, key players operating in the market are focusing on enhancing their strategic partnerships with regional and local end-use industries to gain a competitive edge in the market. Besides this, players are offering customized fleet solutions, technologically advanced equipment, and robust aftersales services, which is further propelling demand for tower crane rentals in the market.

As per FMI’s in-depth regional analysis, China is projected to dominate the East Asia tower crane rentals market. Rapid adoption of technologically advanced equipment and machinery, along with increasing development of residential and commercial projects in the country will continue fostering sales of tower crane rentals over the forecast period.

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“Public Private Partnerships (PPP) for infrastructural development in various countries are positively shaping the demand outlook for tower crane rentals. In addition to this, collaborative efforts to offer personalized crane rental solutions by key market players will continue augmenting market growth in forthcoming years,” says the FMI analyst.

Key Takeaways:

• In terms of design type, the top slewing segment is projected to hold 60.4% of the total tower crane rental market share.
• Based on end-use, applications of tower crane rentals are anticipated to continue rising in the construction sector, accounting for 59.3% of the total market share.
• OEMs are expected to remain the most-preferred vendors for tower crane rental services, capturing 40.2% of the total market share.
• China is anticipated to emerge as an attractive market, commanding 76.1% of the East Asian tower crane rental market share.
• Germany is projected to lead the European tower crane rental market, growing at a 4.5% CAGR.
• India will continue experiencing high demand for tower crane rentals, capturing 43.1% of the South Asia Pacific market share.
• Japan and South Korea will collectively account for 8% of the global tower crane and rental market share.

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Competitive Landscape

Key players operating in the global tower crane rental market are 

• Konecranes,
• Liebherr,
• Mammoet,
• Maxim Crane Works, L.P.,
• Morrow Equipment Company,
• Morwest Crane & Services,
• Bigge Crane and Rigging Co.,
• Stafford Crane Group,
• Leavitt Cranes,
• United Crane & Rigging,
• Locabens Equipamentos,
• Grumont Equipamentos Ltda,
• JASO Group, and

As per FMI’s market survey, top 5 players comprising

• Al Faris, Kanamoto Co., Ltd.,
• Konecranes,
• Mammoet and Uperio Group

are estimated to account for 41% of the total market share over the forecast period.

As a part of their growth strategies, leading players are investing in intensive research and development to offer innovative and safe tower crane rental options suitable for various end-use applications. Besides this, strategic collaboration, partnerships, mergers and acquisitions will remain prominent growth strategies among key players. For instance:

• In September 2021, Konecranes won a 14-crane order from Thyssenkrupp Marine Systems for Kiel Shipyard built in Germany.

More Insights on the Global Tower Crane Rental Market

In its latest report, FMI offers an unbiased analysis of the global tower crane rental market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of

By Lifting Capacity:

• Up to 5 Tons
• 5 – 10 Tons
• 10 – 20 Tons
• 20 – 50 Tons
• Above 50 Tons

By Product Type:

• Self-Erecting
• Hammerhead Crane
• Luffing Jib Tower Crane
• Mobile Tower Crane

By Design Type:

• Top Slewing Tower Crane
• Bottom Slewing Tower Crane

By Vendor Type:

• Original Equipment Manufacturer (OEM)
• Independent Service Provider

By Applications:

• Building and Construction
  • Residential and Commercial
  • Industrial
  • Civic Infrastructure
• Marine and Sea Ports
• Mining
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia Pacific
• Middle East and Africa

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Key Questions Answered in the Report

• What is the current tower crane rental market value?
• At what rate did the global tower crane rental market grow between 2016 and 2020?
• What are the key trends driving tower crane rental sales?
• Who are the leading players in the global tower crane rental market?
• What will be the demand outlook for North America tower crane rental market?
• What is the market share of the leading players operating in the tower crane rental market?
• What is the tower crane rental demand outlook for Europe?
• What is the current market share of Japan and South Korea in the global tower crane rental market?

Over the last decade, the rise in the number of homes with pets has played a crucial part in maintaining the pet population size. During this time, the number of homes with more than one dog increased by five million, compared to a 4.8 million increase in the number of families with only one dog. Along with this, there is growing evidence supporting the use of animal feed probiotics for companion animals such as cats and dogs.

Giving good bacteria to a companion animal may also have a positive impact on chronic gastro-intestinal illnesses, mental attitude, obesity, liver disease, dental disease, and behavior difficulties.

A daily feed probiotic supplement may also provide some additional benefits for dogs, including enhanced skin and coat appearance, reduced intestinal gas, and improved breath, among other things.

Thus, the rising pet population along with growing awareness about the animal health is driving the market growth.

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Key Takeaways from the Animal Feed Probiotics Market Study:

• On the basis of animal type, demand in livestock segment is expected to grow at a CAGR 6.7% over the forecast period and to be valued at US$ 3,483.9 Mn by 2031 end.
• Companion animals, equine and aquaculture combined are responsible for approximately 25.7% of the market in 2021. Demand from companion animals is expected to expand at 13.7% CAGR over the forecast period and to be valued at US$ 1,533.8 Mn by 2031 end.
• Equine is estimated to account for 5.0%, revenue share of the global animal feed probiotics market by 2021 end and is expected to gain 65 bps in its market share by 2031 over 2021. Aquaculture is expected to create absolute $ opportunity of US$ 377.6 Mn between 2021 and 2031.

Clear and Exclusive Information about Ingredients Used on Package Attracts More Customers

Consumers have become increasingly conscious about what they feed their pets and domestic animals in recent years. Customers appreciate a box that includes information on the product’s features and benefits. The information on a box should be correct, exclusive, and displayed clearly because buyers spend relatively little time looking at it. This can also help the buyer make more informed decision.

Furthermore, one method of giving nutritional information on animal feed probiotics is to use images to indicate the ingredients as well as the elements that are not contained in them. As a result, packaging design has begun to incorporate narrative illustration in the form of a storey using graphics.

Who is winning?

Technological advances in the field of molecular biology and gene sequencing have enabled researchers and scientists to create new probiotic compositions that are more animal-friendly.

Although probiotic supplements are unquestionably good for animal growth and intestinal health, consumers nonetheless face a number of adverse consequences on animal growth. Over the projection period, the growth of new generation technology is reforming the animal feed probiotics market, creating improved prospects.

Some of the leading companies offering animal feed probiotics are Alltech, Danisco Animal Nutrition (Dupont), Chr. Hansen Holding A/S, Evonik Industries AG, Novus International, Inc., Royal DSM, Lallemand, Pure Cultures LLC, Calpis Co., Ltd., Adisseo, and Others.

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Why Future Market Insights?

•   Comprehensive analysis on evolving purchase pattern across different geographies
•   Detailed insights of market segments and sub-segments for historical as well as forecast period
•   A competitive analysis of prominent players and emerging players in the keyword market
•   Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years

Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario

About FMI:
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact Us:
Mr. Debashish Roy
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
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Rapid improvement in coal, precious and rare-earth minerals mining coupled with increasing investments in capital equipment are the key factors driving the growth of underground mining vehicle market during the forecast period.

As per Future Market Insights, the underground mining vehicle market is projected to be valued at ~US$ 1.9 Bn in 2021, expanding at a CAGR of ~5.0% over the forecast period of 2021-2031. Unprecedented outbreak of COVID-19 pandemic has caused severe impact on the North America’s economy.

Complete shutdown in the region led to disruption of supply-chain networks and halt in manufacturing and mining activities. Subsequently, this affected the underground mining vehicle market negatively. However, underground mining vehicle market is expected to recover sharply as the economic activities resumes post the containment of pandemic.

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Key Takeaways of Underground Mining Vehicle Market Study

1. Canada is anticipated to be the leading market in North America owing to the increased mining production. Canada is expected to continue its reign as it’s the highest contributor in the regional GDP as compared to the U.S. and Mexico
2. Growing preference of mining companies for improved efficiency and productivity will improve the demand for advanced underground mining equipment
3. Rental service providers will be the most preferred owners for underground mining vehicles as manufacturers are looking to reduce high maintenance cost.
4. The market is moderately to highly competitive, with regard to scramble for resources and mining machinery. Key players are focusing on introduction of new product lines, fueling the competition in the industry.
5. For improved efficiency, key manufacturers are increasing the production of electric underground mining vehicles such as electric trucks which can take the load capacity the same as diesel truck.
6. The aftermarket segment is expected to be the most preferred as demand for customized and advanced underground mining vehicles is increasing among owners

Competitive Landscape

The Underground Mining Vehicle market North America specific is moderately fragmented, with leading players accounting for more than half of the market share. Penetration of regional and local players will further intensify the competition. Some of the key players in the market are Caterpillar Inc., Sandvik AB, Epiroc AB, Komatsu AB, Boart Longyear Ltd., Hitachi Construction Machinery, Liebherr Group, Sany Heavy Industry Co., Ltd., Volvo Construction Equipment and among others. The aforementioned players have higher shares in the North America’s underground mining vehicles market. Longstanding relationships with key distributors and end users is providing competitive edge to the key players.

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Why Future Market Insights?

•   Comprehensive analysis on evolving purchase pattern across different geographies
•   Detailed insights of market segments and sub-segments for historical as well as forecast period
•   A competitive analysis of prominent players and emerging players in the keyword market
•   Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years

Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario

About FMI:
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact Us:
Mr. Debashish Roy
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com

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.

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.

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, and others.

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