Covina, July 25, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global plant-based milk market share and sales are expected to grow steadily in the coming decade, registering a moderate CAGR of 8.6% from 2024 to 2034. The market is anticipated to reach a valuation of USD 20.23 Billion in 2024, which is expected to increase to USD 42.8 Billion by 2034.
Plant-based Milk Market Report Overview
It's milk prepared from plants, which the soaking, grinding, and filtering of plant material may fabricate. Alternatively, it's a milk substitute known as conventional dairy milk. Examples include almond milk, rice milk, hemp seeds, oat milk, soy milk, coconut milk, pea milk, hemp seeds, and nut milks like macadamias and cashews. Most people find plant-based milk interesting because most of them love plant-based products; some are lactose intolerant or maybe vegan in their diet. Some of these milk substitutes are fortified with calcium, vitamin A, and vitamin D to have a nutritional profile much like milk. Flavors range from nutty almond milk to creamy oat milk. Even though they're not milk, the name "milk" has tended to stick because they are creamy white in color and often used in coffee and while cooking.
A plant-based beverage, more colloquially known as "plant milk," is made by flavoring an extract of a plant with water and is primarily used as a smoothing agent or an alternative to milk. There are about seventeen in variety, with almonds, oats, soy, coconut, and peas being among the most consumed in the world. It is also more environmentally friendly than animal milk, requiring less land and water and causing fewer greenhouse gas emissions. In addition, it is used to flavor food in various cultures, such as soy yogurt, ice cream, plant cream, and vegan cheese. Plant content in commercial plant milk is usually only 2%.
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- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Plant-based Milk Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- SunOpta Inc.
- Danone S.A.
- Nestle S.A.
- The Hain Celestial Group, Inc.
- WhiteWave Foods Company
- Califia Farms
- 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.
- Pacific Foods of Oregon
- Forager Project
- Alpro
- Happy Planet Foods, Inc.
- Elmhurst 1925
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Analyst View:
There are, in all, approximately seventeen types of plant-based milk beverages available in the market worldwide. Having a similar nutritional value, it is a far healthier alternative to original dairy milk. It is more eco-friendly than animal milk since it requires less water and land and also has lower greenhouse gas emissions. Growth in plant-based milk can be attributed to demands for healthier diets, reduced cholesterol and saturated fat, probable enrichment of vitamins and minerals, and possible plant-based or vegan living. Affordability, accessibility in eateries, supermarkets, and cafés, and packaging alternatives, represented by bottles and pouches, are some market trends. The fastest-growing region is the Asia Pacific, where the rise in disposable incomes and health consciousness has kept soy milk at the top of the market.
Market Dynamics:
Drivers:
Health and Dietary Practices
- In addition, with the rising interest in healthier diets, plant-based milk—having very low levels of saturated fat and cholesterol and being potentially fortified with several vitamins and minerals—presents just one such option. People who are lactose intolerant or have some sort of allergy-related to dairy intake would be major gainers. Veganism or living a plant-based lifestyle is another trend driving demand, whereby plant-based milk forms part of their staple diet.
Innovations and advancements
- Plant-based milk producers have enhanced both the taste and texture of their products to provide creamier and better-tasting options for consumers. Now, increasingly available plant-based milk varieties can suit different nutritional needs and tastes, including almond milk, oat milk, soy milk, coconut milk, rice milk, cashew milk, hemp milk, and pea milk. Some plant-based milks are fortified with extra minerals or protein or have nutrient-enhancing ingredients added, such as omega-3 fatty acids or probiotics.
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Market Trends:
Market Affordability
- Plant-based milk is also much more readily available in many cafés, restaurants, and supermarkets. This too makes it easier for customers to choose plant-based solutions. While price remains an issue, the fight for prices does help in the accessibility of plant-based milk to a greater mix of customers.
Segmentation:
Plant-based Milk Market is segmented based on Type, Packaging, Distribution Channel, and Region.
Type Insights
- Soy milk is another popular milk alternative with the added advantages of a low price and high protein content. It is suitable for those who have lactose intolerance or are vegans but may prove unattractive because of possible allergens. Many people prefer almond milk because of its neutral taste and health benefits, but it is not environmentally friendly because it has a high requirement for water. Coconut milk is creamy, adding tropical authenticity and bright flavors to Asian dishes. Rice milk is hypoallergenic, suitable for those sensitive to nuts and soy, and can also have more carbohydrates and less protein. Oat milk has a creamy texture and rich flavor; in addition, it has an eco-friendly image. Of all the plant-based options, it is, in reality, pretty nutritionally sound and performs very nicely as a substitute for dairy in coffee drinks and lattes. Other options available to patients are cashew nut milk, hemp milk, and pea milk, which cater to different food preferences and tastes. Hemp milk is hypoallergenic. It tastes earthy and mild, and it's rich in protein, so it works well for people who normally drink nut or soy-based milk.
Packaging Insights
- Although they have a longer shelf life and are a more conventional option for bigger volumes, bottles are heavier and less ecologically friendly. While carton packaging is portable, lightweight, and recyclable, it cannot be as resilient as bottles. Pouches are less environmentally friendly and less convenient for consumers who are on the go compared to cartons; however, they are lightweight, portion-controlled, and portable.
Distribution Channel Insights
- E-commerce websites charm busy consumers and those in search of specific flavors with their wide varieties of brands and flavors for plant-based milk. Traditional formats such as in-store supermarkets, hypermarkets, convenience stores, and specialty shops offer shop-front experiences for people who prefer to shop in person; this also provides immediate product availability.
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Recent Development:
- In July 2024, Ripple Foods recently launched dairy-free protein smoothies for children. Vegan Brand Introduced Plant-Based Protein Shakes for Kids. The California-based vegan dairy firm promoted its product as the "first and only" kids' protein shake designed to combat hunger, containing 13g of pea protein and 3g of fiber in every 12-ounce carton. They are currently available in the "Chocolotta" and "Viva Vanilla" tastes.
- In May 2024, Lactalis Canada, a subsidiary of the French dairy behemoth, launched a new plant-based milk brand in the market, shortly after converting one of its facilities into a completely vegan hub. The Canadian part of French dairy company Lactalis, which had a $31.4 billion revenue in 2023, has introduced Enjoy, a plant-based milk brand geared toward health-conscious consumers. The six-strong selection includes unsweetened, high-protein milks such as oats, almonds, and hazelnuts.
Regional Insights
- Asia Pacific: This is the fastest-growing region; some of the reasons explaining this growth include increased disposable incomes, growing health consciousness, and an increase in the number of vegans. Since soy milk is cheaper compared to other milk brands and the culture in this area is more inclined towards this brand, soy milk has managed to maintain the leading position. Two other plant bases gaining traction are oat milk and coconut milk.
- Europe: It offers a well-established market, which has a history of consuming plant-based substitutes. Soy milk and oat milk are particularly on high demand in this region. Apart from demand, also exist highly concentrated population of plant-based milk producers has also developed good distribution networks in this market, coupled with the regulatory frameworks for plant-based products.
Browse Detail Report on "Plant-based Milk Market Size, Share, By Type (Soy Milk, Almond Milk, Coconut Milk, Rice Milk, Oat Milk, Others), By Packaging (Bottles, Carton Packaging, Pouches), By Distribution Channel (Online, Offline), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/plant-based-milk-market-5522
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