Plant Based Milk Market Emerging Growth Areas

 Meticulous Research^®—a leading global market research company, published a research report titled ‘Plant-based Milk Market Size, Share, Forecast, & Trends Analysis by Type (Almond Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation (Flavored), Distribution Channel (B2B, B2C [Modern Groceries, Convenience Store]) - Global Forecast to 2031’.

According to this latest publication from Meticulous Research^®, the plant-based milk market is projected to reach $52.54 billion by 2031, at a CAGR of 11.4% from 2024 to 2031. The growth of the plant-based milk market is driven by the high prevalence of lactose intolerance & allergies to cow milk, the growing focus on health & well-being, changing eating habits & consumers’ drive toward sustainability, and increasing investments & government support for plant-based industries. However, the high preference for animal-based milk products and the growing consumption of soy-free & gluten-free products restrain the growth of this market.

Emerging economies in Asia-Pacific and Latin America are expected to generate market growth opportunities. However, the fluctuating raw material prices are a major challenge for market stakeholders.

Key Players

The plant-based milk market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the plant-based milk market are Hain Celestial Group, Inc. (U.S.), SunOpta Inc. (Canada), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods, Inc. (U.S.), Earth's Own Food Company, Inc. (Canada), Sunrise Soya Foods (Canada), Campbell Soup Company (U.S.), Danone S.A. (France), Plamil Foods Ltd. (U.K.), Sahmyook Foods (South Korea), Nestlé S.A. (Switzerland), Natura Foods (Canada), Blue Diamond Growers (U.S.), and Oatly Group AB (Sweden).

The plant-based milk market is segmented by type (almond milk, soy milk, coconut milk, oat milk, rice milk, and other plant-based milk), formulation (unflavored and flavored), distribution channel (business-to-business and business-to-consumer {modern groceries, convenience stores, specialty stores, online retail stores, and other b2c distribution channels), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on type, the plant-based milk market is mainly segmented into almond milk, soy milk, coconut milk, oat milk, rice milk, and other plant-based milk. In 2024, the almond milk segment is expected to account for the largest share of 59.9% of the global plant-based milk market. The large market share of this segment is mainly attributed to factors such as the increasing number of consumers switching to nut-based lactose-free milk, changing taste preferences, and growing health & environmental concerns. Almond milk is entirely plant-based, making it a suitable choice for individuals following vegan or vegetarian diets. The production of almond milk generally has a lower environmental impact compared to dairy milk, as it requires less water and produces fewer greenhouse gas emissions.

Based on formulation, the plant-based milk market is segmented into unflavored and flavored plant-based milk. In 2024, the unflavored segment is expected to account for the larger share of 64.4% of the global plant-based milk market. The large market share of this segment is mainly attributed to factors such as the increased consumer demand for naturally dairy-free & sugar-free products and the clean taste and smooth texture of unflavored dairy-free products, which allow for their seamless incorporation into various food and beverage recipes.

Based on the distribution channel, the plant-based milk market is mainly segmented into business-to-business (B2B) and business-to-consumer (B2C). In 2024, the business-to-consumer (B2C) segment is expected to account for the larger share of 67.4% of the global plant-based milk market. The large market share of this segment is attributed to the increased retail sales of plant-based milk in supermarkets & hypermarkets, increased shelf space for plant-based products in modern groceries, rising preference for shopping from brick-and-mortar grocers due to easy access & availability and growing consumer acceptance for vegan & vegetarian dairy alternatives, especially plant-based milk.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (the U.S. and Canada), Europe (Germany, U.K., Spain, Italy, France, Netherlands, Sweden, Belgium, Austria, Denmark, Poland, Portugal, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Thailand, South Korea and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa.

In 2024, Asia-Pacific is expected to account for the largest share of 49.7% of the global plant-based milk market, followed by Europe and North America. Asia-Pacific plant-based milk market is estimated to be worth USD 28.07 billion in 2024. The large share of this market is mainly attributed to consumers’ increasing awareness about the benefits of protein-rich foods, growing health consciousness, the rising adoption of advanced technologies in the F&B industry, and the region’s large vegan & vegetarian population base.

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Key Questions Answered in the Report:

·         What is the value of revenue generated by the plant-based milk market?

·         At what rate is the global demand for plant-based milk projected to grow for the next 5-7 years?

·         What is the historical market size and growth rate for the plant-based milk market?

·         What are the major factors impacting the growth of this market at global and regional levels?

·         What are the major opportunities for existing players and new entrants in the market?

·         Which type, formulation, and distribution channel segments create major traction for the manufacturers in this market?

·         What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the plant-based milk market?

·         Who are the major players in the plant-based milk market? What are their specific product offerings in this market?

·         What recent developments have taken place in the plant-based milk market? What impact have these strategic developments created on the market?

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