Plant-Based Milk Market Analysis & Forecast Report

Plant-Based Milk Market Analysis & Forecast Report

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19 December 2022

The market for Plant-Based Milk will grow at a healthy CAGR of 3.68%, from a value of $35 billion in 2021 to $123.11 billion by 2030.

A product called “plant-based milk” is a beverage made from plants that look like milk. Water-based plant extracts are used to flavor and fragrance beverages made from non-dairy sources called “plant-based milk.” When used as a milk substitute, plant-based milk typically has a creamy flavor. There are around 17 different varieties of plant milk; soy, coconut, almond, and oat are the most often consumed ones worldwide. Plant-based beverages have been referred to as “milk-like plant liquids” since the 13th century. These days, they are commonly referred to as non-dairy milk, vegan milk, alternative milk, or plant-based milk. For commercial purposes, plant-based beverages are commonly packaged in bottles that are equivalent to and more affordable than those used for dairy milk.

Market Dynamics

DRIVERS:

  • One of the main factors driving market expansion is the rise in chronic lifestyle diseases & sensitivity to animal protein. The popularity of vegan eating habits on a global scale is also encouraging industry growth. Due to greater consumer awareness of animal welfare and a rise in the number of lactose intolerant persons worldwide, there is a shift in people’s preferences toward plant-based milk products. The majority of individuals in Asia and Africa, according to the Institute of Diabetes and Digestive & Kidney Diseases (NIDDK), are lactose intolerant. Northern Europe is one region where gluten intolerance is less prevalent. Lactose intolerance affects more than 35% of people in the U.S.

 

  • Growth is also aided by the production of novel products like meat, eggs, and milk from plants. According to the Great Food Institute, the market share of plant-based milk, which accounts for about 15% of the entire milk market, is sizable. These plant-based goods taste nearly identical to those derived from animals and are packed with vital nutrients. Numerous celebrity and athletic marketing campaigns that promote vegetarians as a healthier lifestyle choice and the ease of product accessibility throughout a variety of online retail channels are other factors that are projected to further fuel the sector.

RESTRAINTS:

Consumers’ ignorance of plant-based beverages and concerns about beverage additives will place restrictions on the market for plant-based milk. It might, however, impede the market prosperity for plant-based milk.

OPPORTUNITIES

Lactose intolerance is one of the most current market possibilities. The majority of individuals on earth will still be lactose intolerant. This population will always require a lactose-free alternative, which the plant-based milk industry can provide. Vegan milk is now readily accessible, as per recent research from Plant-Based Foods Organization & Good Food Institute. About 41% of American homes, according to data gathered in 2020, buy dairy-free or plant-based milk.

Market Segmentation

Product

  •       Rice Milk
  •       Soy Milk
  •       Pea Milk
  •       Wheat Milk
  •       Almond Milk
  •       Coconut Milk
  •       Hemp Milk
  •       Others

Formulation

  •       Flavoured
  •       Plain

End Use:

  •       Foodservice Industry
  •       Retail/Household
  •       Food & Beverage Industry

Application

  • Nutritional Application
    • Sports Nutrition
    • Medical Nutrition
    • Infant Nutrition
  • Desert and Confectionary
  • Snacks
  • Bakery
  • Animal Feed
  • Dairy
  • Beverages

  

Geography

North America

  • USA
  • Mexico
  • Canada
  • Rest of N.A.

Europe

  • Suomi (Finland)
  • Hungary
  • Germany
  • U.K.
  • France
  • Switzerland
  • Turkey
  • Netherlands
  • Rest of Europe

Asia Pacific

  • Japan
  • China
  • South Korea
  • India
  • Australia
  • Rest of APAC

LAMEA

  • Argentina
  • Brazil
  • Saudi Arabia
  • Uruguay
  • Rest of L.A.M.E.A.

Over the projected time frame, the soy milk category is anticipated to have the highest CAGR in the international market. In 2020, the market for soy-based milk held a sizable market share of more than 25% and grew at a rate of 11.9 percent during this anticipated period. It may be concluded from an extensive study and a poll by SMR that more than 78 percent of Americans who drink plant-based milk prefer milk obtained from soy plants. More and more lactose-intolerant persons and health-conscious consumers are driving the demand for soy milk & other plant-based dairy product varieties.

Formulation predicts that the market share for plant-based milk will be dominated by the category of flavored goods. During the prevised time, it is expected that the market for flavored plant-based milk would grow at a CAGR of 9%. Plant-based milk manufacturers make an effort to market more expensive tastes since the more options a business has, the more customers it draws. Understanding why natural lactose dairy flavors can be used to enhance the texture and flavour of dairy substitutes while accelerating the commercialization of innovative goods is vital. Tastes may be added at the beginning of the production process to counteract astringency or chalkiness, mask grassy or beany flavors, and neutralize an alternative dairy base.

According to the application, within the time period specified, the dessert & confectionary sector will dominate the global market. The market for desserts without dairy is predicted to result in the largest share of the dessert & confectionary market by 2022. The main factors influencing the need for dairy-free desserts provide an increase in the number of people who are lactose intolerant, a rise in health consciousness, and a rise in consumer demand for quick, nutritious, low-calorie foods.

Demand for plant-based milk and protein is increasing by region because of the growing acceptability of veganism in industrialized nations like Europe and North America. The poll found that North America and Europe together controlled more than 60% of the worldwide market share for plant-based dairy. Additionally, these areas are home to the majority of plant-based milk producers. The biggest producers of plant-based milk are also based in North America, accounting for more than 45% of the overall market.

Key Companies

  •       Herbalife International 
  •       Bayer AG
  •       Nestlé SA
  •       Glanbia PLC
  •       Abbott  
  •       Health Milk Manufacturer Association 
  •       DSM
  •       DuPont. 
  •       Premier Nutrition Corp 
  •       Amway
  •       Mead Johnson and Company
  •       The Nature’s Bounty Company 

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