The global plant milk market size is anticipated to grow from USD 20 billion to USD 51.87 billion in 10 years. The market will experience rapid growth due to introducing a wide variety of plant milk during the forecast period. North America emerged as the most significant global plant milk market, with a 38% market revenue share in 2022.
Newark, Feb. 08, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 20 billion in 2022 global plant milk market will reach USD 51.87 billion in 2032. An alternative to dairy milk is plant milk. It is a beverage that aims to mimic the flavour and consistency of conventional milk. It comes from sources that are plants. The rising acceptance of plant milk can be attributed to several factors, including shifting dietary habits, rising rates of lactose intolerance, and environmental issues around conventional dairy farming. Soybeans, almonds, oats, rice, coconuts, cashews, hemp seeds, and yellow peas are common sources of plant milk. Plant milk has different textures and flavours depending on the type of source. Almond milk has a nutty flavour, and soy milk has a creamy smoothness. Plant milk is a good alternative to dairy milk since it includes the same important vitamins and minerals. For people who are lactose intolerant, plant milk offers a lactose-free substitute and treats protein allergies in cow’s milk.
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Key Insight of the Global Plant Milk Market
North America will dominate the market during the forecast period.
People are looking for dairy substitutes because they are becoming more conscious of their health and well-being. The main cause of this lifestyle change is the high frequency of dairy allergies and lactose intolerance in the area. Growth in the industry is also being aided by the popularity of plant-based and vegan diets, as well as the followers of these diets, as social media impact grows and more people become aware of the advantages of these diets. The large range of plant milk options accommodates a variety of palates and increases the goods’ accessibility and availability. Easy accessibility is ensured by the availability of plant milk in supermarkets and grocery stores.
In 2022, the almond segment dominated the market with the largest market share of 35% and market revenue of 7 billion.
The source segment is divided into almond, soy, rice, oat, coconut, and others. In 2022, the almond segment dominated the market with the largest market share of 35% and market revenue of 7 billion.
In 2022, the supermarket segment dominated the market with the largest market share of 60% and market revenue of 12 billion.
The distribution channel segment is divided into online, supermarkets, convenience stores, and others. In 2022, the supermarket segment dominated the market with the largest market share of 60% and market revenue of 12 billion.
In 2022, the retail/household segment dominated the market with the largest market share of 45% and market revenue of 9 billion.
The end-user segment is divided into retail/household, food services, food and beverages, and others. In 2022, the retail/household segment dominated the market with the largest market share of 45% and market revenue of 9 billion.
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Advancement in market
A low-sugar version of the company’s Kids Original Milk, Ripple Kids Unsweetened Original Milk, was introduced by plant-based dairy manufacturer Ripple Foods. With each serving, Ripple’s new formula provides 8 grammes of plant-based pea protein, 50 mg of choline and omega-3 fatty acids, prebiotics, and more calcium than regular milk. The drink is intended for customers looking for a quick, easy, dairy-free substitute with no added sugar. 48-oz cartons of Ripple’s unsweetened product are currently on sale at a few national Target stores and online.
Drivers: Dietary modifications and the rising incidence of lactose intolerance.
The demand for plant milk will rise as more health-conscious people switch to it due to its many health benefits, including decreased saturated fat content. The frequency of allergies further fuels the need for plant milk to the proteins in cow’s milk. The growing popularity of plant-based and vegan diets will help fuel the market’s expansion. With new business ventures and a growing range of plant-based alternatives, the plant milk industry will continue to grow and thrive.
Restraints: Plant milk’s nutritional value and other ingredient concerns.
Several nutritional, allergy, added sugar, thickening, and stabilizing factors may have a detrimental effect on the market for plant milk. Consumers looking to maintain balanced eating habits are concerned about nutritional differences, particularly the decreased protein level in some plant milks compared to cow’s milk. Consumer interest in plant milk will also decline due to the possibility of allergies from particular plant sources. For consumers who are concerned about their health, the inclusion of added sugars is another major worry. Consequently, the expansion of the industry will be constrained by the artificial and nutritional elements present in plant milk.
Opportunities: Growing knowledge regarding plant-based milk.
The market for plant milk is being driven by concerns about animal abuse and conventional dairy farming, as well as growing environmental consciousness. Plant milk is becoming increasingly popular among customers as an environmentally responsible choice. The consumer market is growing as new plant milk variants with various flavours and textures are introduced. The demand for plant milk is rising due to clever marketing campaigns highlighting the product’s health advantages, ethical considerations, and beneficial environmental impact. Celebrities and social media influencers also increase brand and product recognition and visibility. As a result, the growing public knowledge of plant milk will spur commercial expansion.
Challenges: Environmental concerns.
Plant milk production has several factors that might reduce its appeal to consumers on the sustainability front as its demand increases over time. For instance, almond milk requires large amounts of water, which is not ideal for a world facing water scarcity. Land use is another environmental concern, and chemical fertilisers are used to grow these plants. Transportation, processing, and packaging also contribute to the overall environmental impact as these crops can’t be grown everywhere, given the weather considerations. Therefore, the environmental concerns and the active advocacy by stakeholders may challenge the market’s growth.
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Some of the major players operating in the global plant milk market are:
• Chef’s Choice Food Manufacturer Company Limited
• Earth’s Own Food Company Inc.
• Edward & Sons
• Goya Foods, Inc.
• Mc Cormick & Co.
• Pacific Foods of Oregon, Inc.
• SunOpta Inc.
• The Hain Celestial Group Inc.
• The Hershey Company
• Vitasoy International Holdings Limited
Key Segments covered in the market:
By Distribution Channel
• Convenience Stores
By End User
• Food Services
• Food and Beverages
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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