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

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.