Plant-based Milk Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2031- (By Derivatives Coverage, Geographic Coverage and By Company)

The global plant-based milk market is experiencing rapid growth, fueled by increasing consumer demand for dairy alternatives. According to market projections, the plant-based milk market is expected to grow at a value-based CAGR of 10.0%, with revenue increasing from USD 16.27 billion to approximately USD 31.8 billion by 2031. The growing preference for sustainable and ethical food choices, alongside rising health consciousness, is driving this market expansion.

The rise of veganism and a shift in dietary habits toward sustainable alternatives have significantly influenced the plant-based milk market. Consumers are increasingly favoring plant-based products such as almond milk, oat milk, and soy milk, primarily driven by health benefits, ethical concerns, and a growing awareness of environmental sustainability. These factors have boosted the demand for plant-based milk products across the globe, with businesses expanding their portfolios to meet the changing preferences.

Key players in the industry, such as Vitasoy International Holdings Limited and Arla Foods, have introduced new product lines, focusing on fresh plant-based milk varieties like oat and almond milk to cater to growing demand. For example, Vitasoy’s Fresh Vitasoy Plant+ range and Arla Foods' launch of oat drinks reflect the industry's response to shifting consumer preferences.

Drivers of Growth

Several key factors are driving the growth of the plant-based milk market:

1.Rising Health Consciousness

As consumers become more health-conscious, many are reducing their consumption of animal-based products. The demand for lactose-free and digestive-friendly milk alternatives, such as almond, oat, and coconut milk, is on the rise. Plant-based milk is also gaining traction for its nutritional benefits, offering vitamins, protein, and fiber.

2.Sustainability Concerns

Consumers are increasingly focused on sustainability and are looking for eco-friendly food options. Plant-based milk offers a more sustainable alternative to dairy milk, contributing to its growing popularity. The ethical sourcing of raw materials and the reduction of environmental impact are becoming critical decision-making factors for buyers.

3.Lactose Intolerance and Digestive Health

With a significant portion of the global population suffering from lactose intolerance and digestive issues, plant-based milk is emerging as a popular alternative. According to the National Institutes of Health, 60-70% of the East Asian population experiences lactose intolerance, creating a large potential market for dairy alternatives in this region.

Business Opportunity

The increasing demand for plant-based milk presents a lucrative opportunity for manufacturers to diversify their product offerings and expand their operations globally. The business-to-business (B2B) distribution channel is expected to witness growth at a CAGR of 9.3%, while the demand for plant-based milk through online retail and hypermarkets/supermarkets is rising. This expansion in distribution channels is expected to boost overall market sales.

Manufacturers are also investing in research and development (R&D) to create new flavors and improve the nutritional profile of plant-based milk. The growing consumer demand for innovative and tasty plant-based beverages is driving product differentiation and quality enhancement efforts by market leaders.

Regional Insights

1.North America and Europe

Europe, particularly Germany, is showing a strong growth trajectory with a value-based CAGR of 8.2%, as consumers in this region increasingly shift towards plant-based diets. Meanwhile, in North America, the rising trend of health-consciousness and veganism is driving demand for plant-based dairy alternatives.

2.East Asia

China holds a significant market share in the East Asian region, with a growth rate of 10.7%. The country’s rising health awareness and increasing demand for convenient, nutritious food options are key factors contributing to the market’s expansion. As more consumers adopt plant-based diets, the demand for products like soy milk, almond milk, and oat milk is expected to surge.

Key Players

Several major companies dominate the plant-based milk market, focusing on product innovation and expanding their global footprint. Some of the key players in this space include:

• Groupe Danone
• The Hain Celestial Group Inc.
• Vitasoy International Holdings Limited
• McCormick & Company
• SunOpta Inc.
• Pacific Foods of Oregon, Inc.
• Blue Diamond Growers, Inc.
• Califia Farms
• Ripple Foods
• Oatly
• Earth’s Own Food Company Inc.

These companies are prioritizing R&D investments to develop new plant-based milk variants, address nutritional concerns, and cater to the evolving preferences of health-conscious consumers. Additionally, they are expanding their global presence to tap into the growing demand for plant-based dairy alternatives.

Plant-based Milk Market Segmentation

By Product Type:

• Soy
• Almond
• Coconut
• Rice
• Oat
• Others

By End User:

• Food & Beverage Industry
• Bakery & Confectionery
• Dairy & Desserts
• Infant Formula
• Retail/Household
• Foodservice Industry

By Distribution Channel:

• Business to Business
• Business to Consumer
• Hypermarkets/Supermarkets
• Convenience Stores
• Specialty Stores
• Online Retail

By Region:

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

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