What is the global market size of Plant-based Milk Market?

Global Plant-based Milk Market was valued at USD 12.3 billion in 2021 and it is expected to reach at USD 23.4 billion by 2028, with CAGR of 11% over the forecast period (2022-2028). Read More

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 2025-2032

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 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.

Plant-based Milk Market Report Snapshots

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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. '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.'

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.

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.

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 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 2025-2032

Plant-based Milk Market Insights

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