Plant-based Milk Market
Report ID: SQMIG30H2121
Report ID:
SQMIG30H2121 |
Region:
Global |
Published Date: February, 2024
Pages:
217
|Tables:
94
|Figures:
76
Plant-based Milk Market size was valued at USD 40.25 Billion in 2023 and is poised to grow from USD 46.29 Billion in 2024 to USD 141.57 Billion by 2032, growing at a CAGR of 15% during the forecast period (2025-2032).
The demand for various plant-based milk products has increased as a result of increased awareness about the health and environmental benefits of plant-based foods. Consumer demand for plant-based milk has had a significant impact on the introduction of all such products in recent years, assisting the global plant-based milk market's growth. Plant-based milk is expected to replace dairy milk in food service restaurants on a large scale. Coconut milk, rice milk, and other non-dairy milk substitutes are also popular. Coconut milk is useful for cooking, baking, and flavouring foods.
US Plant-based Milk Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global plant-based milk market is segmented based on source, packaging type, distribution channel, and region. Based on source, plant-based milk market is segmented as soy milk, almond milk, coconut milk, rice milk, oats milk, others. By packaging, market is segmented as bottles, carton packaging, pouches. Based on distribution channel, market is segmented as retail stores, online channels, speciality stores, others. Based on region, market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
Plant-based Milk Market Analysis by Source:
Soy led the market, accounting for more than 35.0 percent of revenue in 2021. Almond is the market's second-largest source segment. It is high in Vitamin B, which helps to increase the body's base metabolic rate, allowing it to burn fat and calories more efficiently. Almond milk's demand is expected to contribute to growth due to the nutritional benefits it provides. Soy milk is high in protein and nutrients compared to other dairy alternatives, and it is expected to drive the segment over the forecast period. Soy milk has been used for centuries in the Asia Pacific region and is used in a variety of recipes, which is expected to keep product demand consistently stable over the forecast period. It is used to reduce obesity and blood cholesterol levels, as well as the risk of several postmenopausal issues, as well as to improve cardiovascular health, making it a popular supplement. Almond milk contains essential minerals such as iron, magnesium, phosphorous, zinc, and copper, which aid in blood pressure control, blood oxygenation, and disease prevention. Furthermore, almond milk is high in Vitamin E and manganese, making it a more potent drink for improving skin quality and cancer prevention.
The growing consumer preference for plant-based products, as well as the ease of raw material availability, are driving plant-based milk market growth. Furthermore, rising consumer demand for rice milk for the production of various food and beverage items such as ice cream, snacks, and beverages is expected to drive demand for the product over the forecast period.
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Based on region, global plant-based milk market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East Africa. Asia Pacific dominated the market, accounting for more than 40.0 percent of revenue in 2021. Rising disposable incomes and expanding populations in emerging markets such as India, China, and Japan are expected to boost demand for the product in the Asia Pacific region. The region's demand for non-dairy products such as soy milk, almond milk, rice milk, and other dairy alternatives is expected to increase due to an increase in cases of lactose intolerance and rising health concerns associated with harmful additives used in dairy products. North America is a major market for dairy alternatives due to the widespread consumption of dairy alternatives.
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Plant-based Milk Market Drivers
Plant-based Milk Market Restraint
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The global plant-based milk market is fragmented, with a prominent market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective.
Top Players in the Global Plant-based Milk Market
Plant-based Milk Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global plant-based milk market analysis, consumers' reconsideration of the consumption of animal proteins and dairy for health, environmental, and ethical reasons has resulted in the elimination of dairy. As a result, the plant-based milk industry is booming. While APAC is expected to remain the leading plant-based milk market, Latin America is expected to grow rapidly. As a result, market entrants considering geographical expansion may want to consider the lucrative Latin American plant-based milk market.
Report Metric | Details |
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Market size value in 2023 | USD 40.25 Billion |
Market size value in 2032 | USD 141.57 Billion |
Growth Rate | 15% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Plant-based Milk Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Plant-based Milk Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Plant-based Milk Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Plant-based Milk Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG30H2121
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