NEW YORK, July 10, 2023 /PRNewswire/ -- As per Facts and Factors study, the global Plant-based Milk market size was valued at USD 10.1 billion in 2022 and is predicted to reach a value of USD 25.3 billion by 2030 with a compound annual growth rate (CAGR) of approximately 10.2% during the forecast period (2023- 2030). The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketspace. The plant-based milk market report covers the geographical market along with a comprehensive competitive landscape analysis.
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Plant-based Milk Market: Overview
The global consumption of plant-based milk has increased due to the numerous health benefits provided by soy milk and coconut milk. In addition, major brands such as Archer Daniels Midland Company and Danone Corporation, as well as small and new industry participants, are making significant efforts to increase their market share through the introduction of plant-based milk products. With the rise of veganism among millennials, plant-based milk demand is expected to increase in the coming years.
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Key Industry Insights & Findings of the Plant-based Milk Market Reports:
- As per the analysis, the Plant-based Milk market share is likely to grow above a CAGR of around 10.2% between 2023 and 2030.
- The Plant-based Milk market size was worth around USD 10.1 billion in 2022 and is estimated to hit approximately USD 25.3 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The global plant-based milk market is anticipated to record massive growth over the forecast period owing to easy access to raw materials including soy and rice.
- In terms of type, the almond milk segment is slated to register the fastest CAGR over the forecast period.
- Based on formulation, the unflavored segment is slated to dominate the segmental surge over the forecast period.
- On the basis of distribution channel, the B2C segment is slated to dominate the segmental surge over the forecast period.
- Region-wise, the Asia-Pacific plant-based milk market is projected to register the highest CAGR during the assessment period.
Plant-based Milk Market: Growth Factors
- Lactose intolerance has driven market demand from 2023 to 2030
The prevalence of lactose intolerance has compelled people to seek alternatives that do not contain dairy products, resulting in a massive global demand for plant-based milk. A rise in consumer preferences for a vegan diet will contribute to the global expansion of the market.
According to the Plant-Based Foods Association, the global market grew by 9.5% between 2017 and 2018, contributing approximately 15.3% to the overall milk market. According to reports, the expansion of the global market will be fueled by the health benefits of a vegan diet and the increase in demand for dairy substitutes among people with cardiac conditions, obesity, and diabetes.
In addition, simple access to basic materials, such as soy and rice, will enhance global market trends. A significant increase in the consumption of non-dairy products will increase the extent of the global market for plant-based milk. Various governments and health companies have made recommendations for effectively managing lactose intolerance, thereby contributing to the expansion of the global market.
Plant-based Milk Market: Restraints
- From 2023 to 2030, fluctuating raw material costs will hinder the expansion of the global industry
The fluctuating prices of plant-based milk and the negative impact of plant-based milk consumption on infant health can impede the global plant-based milk industry.
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Plant-based Milk Market: Segmentation Analysis
The global plant-based milk market is sectored type, formulation, distribution channel, and region.
In terms of type segment, the global plant-based milk market is divided into almond milk, rice milk, soy milk, oat milk, and coconut milk. In addition, the almond milk segment, which held over 53% of the global market share in 2022, is anticipated to record the highest CAGR over the next few years. Increased demand for nut-based lactose-free milk, escalating health concerns, and a shift in consumer preferences may all contribute to the segmental growth predicted for the future.
On the basis of formulation, the global plant-based milk market is segmented into flavoured and unflavored segments. In addition, the unflavored segment, which held the largest share of the global market in 2022, is anticipated to dominate segmental growth in the coming years. Customers' demand for sugar-free and non-dairy products with a silky texture may contribute to segment growth in the coming years.
Recent Developments:
- In the first half of 2023, Reitan Group, a key retail firm having a presence in Nordic & Baltic states, and Oatly Inc., a Sweden-based firm producing dairy product substitutes, joined hands for operating nearly in a large number of convenience retail stores in Sweden. The move is likely to help the plant-based milk business record a marked growth in Sweden.
- In the second quarter of 2023, Oatly Group AB, the largest oat milk manufacturer based in Sweden, declared that its vegan cheese is available in the U.S. The move is likely to increase its regional presence along with helping it expand its business and increase its revenue. The initiative is likely to encourage other players in the market to increase their presence in various other countries.
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Competitive Players
The report contains qualitative and quantitative research on the global Plant-based Milk Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.
Some of the main players in the global Plant-based Milk market include;
- Mc Cormick & Co.
- Herbalife International of America Inc.
- Turtle Mountain LLC
- Glanbia PLC
- DSM
- Abbot Laboratories
- Edward & Sons
- Bayer AG
- DuPont
- U.S. Spice Mills Inc.
- Nestle SA
- Amway
- The Hershey Company
- The Nature's Bounty Company
- Alpina Foods
Key questions answered in this report:
- What is the growth rate forecast and market size for Plant-based Milk Market?
- What are the key driving factors propelling the Plant-based Milk Market forward?
- What are the most important companies in the Plant-based Milk Market Industry?
- What segments does the Plant-based Milk Market cover?
- How can I receive a free copy of the Plant-based Milk Market sample report and company profiles?
Report Scope:
Report Attribute | Report Details |
Market Size in 2022 | USD 10.1 Billion |
Market Forecast in 2030 | USD 25.3 Billion |
Growth Rate | CAGR of 10.2% |
Base Year | 2022 |
Forecast Years | 2023- 2030 |
Key Companies Covered | Mc Cormick & Co., Herbalife International of America Inc., Turtle Mountain LLC, Glanbia PLC, DSM, Abbot Laboratories, Edward & Sons, Bayer AG, DuPont, U.S. Spice Mills Inc., Nestle SA, Amway, The Hershey Company, The Nature's Bounty Company, Alpina Foods, Mead Johnson and Company LLC, Groupe Danone, The Hershey Company, Premier Nutrition Corporation., and others. |
Segments Covered | By Type, Formulation, Distribution Channel, and Region |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
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Regional Analysis:
- North American plant-based milk market to dominate over the forecast period
North America, which accounted for more than 61% of the global plant-based milk market's revenue in 2022, is projected to experience a substantial increase during the forecast period. The regional market expansion over 2023-2030 may be contingent on the subcontinent's increasing vegan population. Rapid demand for non-dairy products has led to the increasing prominence of plant-based milk, thereby influencing regional market trends. The increase in per capita expenditure of the population in the region will contribute to the expansion of the regional market. The expansion of the regional market will be driven by an increase in demand for healthy goods.
In addition, the Asia-Pacific plant-based milk market is anticipated to record the maximum CAGR over the assessment period. The regional population's increasing consumption of plant-based milk is likely to have a positive effect on the industry's growth. In addition, the readily available raw materials for the production of plant-based milk in China, South Korea, and India will enhance regional industry trends.
Global Plant-based Milk Market is segmented as follows:
By Type Segment Analysis
- Almond Milk
- Rice Milk
- Soy Milk
- Oat Milk
- Coconut Milk
By Formulation Segment Analysis
- Flavored
- Unflavored
By Distribution Channel Segment Analysis
- B2B
- B2C
By Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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