Plant Milk Market 2024

The plant milk market size has grown rapidly in recent years. It will grow from $16.67 billion in 2023 to $18.99 billion in 2024 at a compound annual growth rate (CAGR) of 14%. The growth during the historical period can be attributed to several factors, including a rising consumer demand for plant-based diets, collaborations among industry players, a greater emphasis on health and wellness, a focus on reducing carbon footprints, and efforts to minimize environmental impacts during production.

The plant milk market size is expected to see rapid growth in the next few years. It will grow to $32.4 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The anticipated growth during the forecast period can be attributed to several factors, including rising urbanization, a growing vegan population, an increasing demand for organic foods and beverages, a heightened demand for lactose-free milk, a growing interest in dairy alternatives, and increasing awareness of plant milk. Key trends expected in this period include the introduction of innovative products, new varieties of plant milk, a wider range of flavors and textures, strategic marketing efforts, and advancements in technology.

The rising vegan population is anticipated to drive the growth of the plant milk market in the coming years. The vegan population consists of individuals who adhere to a vegan lifestyle, which excludes all animal products, such as meat, dairy, eggs, and honey. The growth in the vegan population is influenced by several key factors, including increased awareness of animal welfare, environmental sustainability, and the health benefits associated with a vegan diet. Plant milk has become a popular alternative to dairy milk among vegans for ethical, environmental, or health-related reasons. For example, a survey conducted in January 2024 by Finder.com LLC, a US-based personal finance comparison site, revealed that there were 2.5 million vegans in Great Britain at the start of 2024, a rise from 1.1 million in 2023. Thus, the growing vegan population is propelling the plant milk market's expansion.

Key players in the plant milk market are concentrating on creating innovative products, such as creamy plant milk, to meet the increasing demand for dairy-free alternatives. Creamy plant milk is a type of non-dairy milk derived from plant sources such as almonds, oats, soy, coconut, cashews, or rice, offering a richer and thicker texture akin to traditional dairy milk. For instance, in February 2024, Califia Farms LLC, a US manufacturer of plant-based dairy products, introduced Califia Farms Complete, a creamy plant milk formulated to replicate the nutritional profile of dairy milk while having 50% less sugar. It is made from a blend of pea, chickpea, and fava bean proteins and contains higher amounts of nine essential nutrients compared to an eight-ounce serving of dairy milk, including protein, calcium, vitamins A, D, and B12, magnesium, phosphorus, potassium, and riboflavin.

In July 2024, Califia Farms LLC acquired Uproot Inc. for an undisclosed sum. This acquisition aims to enhance Califia Farms’ Away From Home product portfolio by utilizing Uproot's technology to minimize packaging waste and improve sustainability in its offerings. Uproot Inc. is a US-based producer known for healthy and sustainable plant milk products.

Major companies operating in the plant milk market are Danone S.A., Campbell Soup Company, Döhler Gmbh, Mc Cormick & Company Inc., Univar Solutions Inc., The Hain Celestial Group Inc., Blue Diamond Growers Inc., Goya Foods Inc., Fazer, Oatly Group AB, Califia Farms LLC, Pacific Foods, Earth’s Own Food Company Inc., Ripple Foods, Oatsome, Elmhurst Milked Direct LLC, Good Karma Foods Inc., Elden Foods LLC, Natura Foods, Alpina Foods LLC.

North America was the largest region in the plant milk market in 2023. The regions covered in the plant milk market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the plant milk market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Plant milk is a non-dairy beverage made from plant-based ingredients such as nuts, seeds, grains, and legumes. It is produced by blending the plant material with water and then straining it, resulting in a liquid that closely resembles the appearance and texture of dairy milk. To enhance its nutritional profile, plant milk is often fortified with vitamins and minerals, such as calcium and vitamin D. It serves as a popular alternative to dairy milk for individuals who are lactose intolerant, follow a vegan diet, or are looking for plant-based dietary options.

The primary types of plant milk include coconut, soy, almond, rice, and oat milk, among others. Coconut milk is made from the grated meat of coconuts combined with water. Various formulations are available, including unsweetened and sweetened options, and they come in different packaging formats such as bottles, pouches, and cartons. These plant milk products are utilized in a range of applications, including the food and beverage industry, households, hotels, and restaurants, and they are available in mainstream and specialty stores.

The plant milk market research report is one of a series of new reports that provides plant milk market statistics, including plant milk industry global market size, regional shares, competitors with a plant milk market share, detailed plant milk market segments, market trends and opportunities, and any further data you may need to thrive in the plant milk industry. This plant milk market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The plant milk market consists of sales of hemp milk, pea milk, and macadamia milk. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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