New York, USA, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The market worth of Plant-Based Milk in 2021 was USD 35 billion, and it will be worth USD 123.1 billion by 2030 at a 15% CAGR. Consumption of plant based milk is growing enormously globally owing to various health benefits offered by plant based milk like coconut milk, soy milk, and others. The market will expand due to the growing preference of consumers towards vegan beverages and food.
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The Plant-Based Milk Market Insights:
- On the basis of product type, the soya milk segment held the majority of the market, with 58% of the share in 2021.
- In 2021, the food and beverage industry segment ruled the entire market with 68% of the revenue share.
- Asia Pacific significantly contributed to the largest market share in 2022 regionally.
Factors influencing the Plant-Based Milk Market growth:
Factors like the growing levels of lactose intolerance and demand for plant-based nutrition sources stimulate market expansion.
- Plant-based milk has become increasingly popular as a result of the sharp increase in the need for plant-based protein sources. Veganism is gaining popularity among millennials who are particularly opting for healthier choices. This has also provided lucrative growth potential for participants in the plant-based milk market.
- The prevalence of lactose intolerance has prompted people to choose alternatives that don't contain dairy. Governments and health organizations have made several recommendations to manage lactose intolerance, effectively fostering the market for plant-based milk.
Plant-Based Milk Market Segmentation Analysis
The market segmentation of plant-based milk is done on the basis of product, formulation, end-use, application, and region.
By Product
- Rice Milk
- Pea Milk
- Almond Milk
- Soy Milk
- Hemp Milk
- Wheat Milk
- Coconut Milk
- Others
By Formulation
- Flavoured
- Plain
By End Use:
- Retail/Household
- Food & Beverage Industry
- Foodservice Industry
By Application
- Medical Nutrition
- Nutritional Application
- Infant Nutrition
- Sports Nutrition
- Desert and Confectionary
- Snacks
- Bakery
- Animal Feed
- Beverages
- Dairy
For Region
- South Asia
- North America
- Latin America
- Middle East & Africa
- Oceania
- East Asia
- Europe
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On the basis of product type, the soya milk segment held the majority of the market with 58% of the share in 2021, owing to the high level of protein and widespread customer popularity. The increasing prevalence of lactose-intolerant and health-conscious among consumers are driving the demand for soy milk and other plant-based dairy varieties.
In 2021, the food and beverage industry segment ruled the entire market with 68% of the revenue share. The segment market growth is significantly impacted by the growing variety of foods that use various milk flavors introduced by numerous food sectors.
Asia Pacific significantly contributed to the largest market share in 2022 regionally. The significant growth of this region is related to growing health awareness, increased utilization of technical improvements in the F&B business, and a larger demographic base of vegans and vegetarians.
Plant-Based Milk Market Report Coverage
| Report Attribute | Details | |
| Forecast Period | 2021 - 2030 | |
| The market size value in 2021 | USD 35 Billion | |
| The Revenue forecast in 2030 | USD 123.1 Billion | |
| Growth rate | 15% | |
| The base year for estimation | 2021 | |
| Historical data | 2017-2020 | |
| Report Coverage | Competitive landscape, Revenue forecast, growth factors, trends and company ranking. | |
| Segments Covered | Product Type, Formulation, Region, Application | |
| Regional scope | North America, South Asia, Middle East & Africa, Latin America, Oceania, Europe, East Asia | |
| Key companies profiled | Bayer AG (Germany), Herbalife International of America, Inc. (U.S.), Abbott (U.S.), Glanbia PLC (Ireland), DSM (Netherlands), Health Milk Manufacturers' Association (U.K.), DuPont. (U.S.), U.S. Spice Mills, Inc. (U.S.), Amway (United States.), Premier Nutrition Corporation (U.S.), The Nature's Bounty Company (U.S.), Mead Johnson and Company, LLC. (U.S.), Nestlé SA (Switzerland) | |
To read the summary of the report, visit the website at
https://www.strategicmarketresearch.com/market-report/plant-based-milk-market
Key players in the Plant-Based Milk Market:
- Herbalife International of America, Inc. (U.S.)
- Bayer AG (Germany)
- Glanbia PLC (Ireland)
- Abbott (U.S.)
- DSM (Netherlands)
- U.S. Spice Mills, Inc. (U.S.)
- Health Milk Manufacturers' Association (U.K.)
- DuPont. (U.S.)
- Nestlé SA (Switzerland)
- The Nature's Bounty Company (U.S.)
- Amway (United States.)
- Premier Nutrition Corporation (U.S.)
- Mead Johnson and Company, LLC. (U.S.)
Recent Developments
- On June 2022, SMA Feeding, owned by Nestlé, introduced a new product to its Little Steps infant nutrition line. For kids ages one to three, Plantygrow Growing Up Drink is a vegan alternative for toddler milk.
- On December 2022, The Molson Coors Beverage Co. entered the market for plant-based milk with the lunch of Golden Wing Barley Milk. Water, barley, sunflower oil, pink Himalayan salt, and shiitake mushroom extract are utilized in Golden Wing Barley Milk formulation.
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