Plant-based Milk Market
Report ID: SQMIG30H2121
Plant-based Milk Market Size, Share, Growth Analysis, By Source type(Soy, Almond, Coconut, Rice), By Packaging type(Bottles, Carton packaging, Pouches), By Distribution channel(Supermarkets & Hypermarkets, Convenience stores, Online retail, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30H2121 |
Region:
Global |
Published Date: February, 2024
Pages:
217
|Tables:
94
|Figures:
76
Plant-based Milk Market Insights
Plant-based Milk Market size was valued at USD 35 billion in 2019 and is poised to grow from USD 40.25 billion in 2023 to USD 123.1 billion by 2031, growing at a CAGR of 15% in the forecast period (2024-2031).
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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Plant-based Milk Market Segmental Analysis
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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Plant-based Milk Market Regional Insights
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 Dynamics
Plant-based Milk Market Drivers
- Consumers are drinking more than ever before, thanks in part to the growing popularity of plant-based beverages. The popularity of plant-based ready-to-drink beverages is growing as consumers seek the right combination of taste and nutrition. Lactose-intolerant customers prefer plant-based beverages because they are dairy-free. These ready-to-drink beverages also contain low to negligible amounts of cholesterol and, as a result, are low in fat, assisting consumers in weight loss and weight management. These are high in protein, minerals, and vitamins, making them a popular choice among consumers.
Plant-based Milk Market Restraint
- Although plant-based milk is becoming increasingly popular, a lack of understanding and familiarity with plant-based products among many consumers is limiting market growth to some extent. Consumers rely heavily on milk to obtain essential nutrients, which leads to a negative perception of plant-based milk products. Furthermore, the taste of plant-based milk differs from that of cow milk, which is an important consideration. Furthermore, the high cost of plant-based milk consumables is impeding sales of the product. Plant-derived milk is generally more expensive due to scarcity of resources and high processing costs. Plant-based milk products are subject to a value-added tax in some countries, which raises the price of the product.
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Plant-based Milk Market Competitive Landscape
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
- SunOpta Inc.
- Danone S.A.
- Nestle S.A.
- The Hain Celestial Group, Inc.
- WhiteWave Foods Company (Danone North America)
- Califia Farms, LLC
- Archer Daniels Midland Company
- Eden Foods Inc.
- Blue Diamond Growers, Inc.
- Daiya Foods Inc.
- Ripple Foods
- Oatly AB
- Vitasoy International Holdings Ltd.
- Earth’s Own Food Company Inc.
- Good Karma Foods, Inc. (Danone North America)
- Pacific Foods of Oregon, LLC (Campbell Soup Company)
- Forager Project, LLC
- Alpro
- Happy Planet Foods, Inc.
- Elmhurst 1925, LLC.
Plant-based Milk Market Recent Developments
- Alpro, a Danone-owned company, announced its latest investment for its Kettering-based U.K. factory in 2021. The company intends to increase the production capacity of its plant-based products destined for UK consumers while also improving its sustainability credentials.
- SunOpta announced in 2021 that it had acquired the non-dairy beverage brands of the Hain Celestial Group in North America for a total valuation of US$ 33 million. This transaction included the purchase of two plant-based beverage brands, Dream and WestSoy.
- Blue Diamond Growers, Inc. expanded its product portfolio in October 2019 by launching almond milk Mexican hot chocolate with red pepper, cinnamon, and allspice under the almond breeze product category.
Plant-based Milk Key Market Trends
- Veganism is increasing demand for plant-based milk around the world. According to a survey conducted among nearly a billion people across Europe by Vegan Life Magazine and Vegan Society. At least 542,000 people in the United Kingdom follow a vegan diet, representing a 300 percent increase in the last decade, with 42 percent of those aged 15 to 34 being vegan. Furthermore, the number of vegan buyers increased from 1% to 6% in the United States between 2018 and 2020. Tuning the demand for better and tastier vegan products is a growth opportunity.
Plant-based Milk Market SkyQuest Analysis
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 |
|---|---|
| Market size value in 2023 | USD 35 billion |
| Market size value in 2031 | USD 123.1 billion |
| Growth Rate | 15% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Plant-based Milk Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Plant-based Milk Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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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