New York, March 29, 2023 (GLOBE NEWSWIRE) -- The revenues of the Plant-based Milk Powder Market were estimated at US$ 373.4 million in 2022 and are anticipated to grow at a CAGR of 7.6% from 2023 to 2033, according to a recently published Persistence Market Research report. By the end of 2033, the Plant-based Milk Powder Market is expected to reach a revenue of US$ 833.9 million.
The market for almond milk powder is projected to grow at a CAGR of 7.4% from 2023 to 2033.
The key drivers influencing plant-based milk powder market expansion include Increasing demand for plant-based products, rising prevalence of lactose intolerance and milk allergies, sustainability and environmental concerns, availability of a wide range of plant-based milk powders, and increasing vegan and vegetarian population.
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Plant-based milk powders offer a variety of benefits over traditional dairy milk powders, including being vegan-friendly, lactose-free, and often containing lower levels of fat and calories. They are also a good source of vitamins, minerals, and other nutrients, depending on the type of plant used. For example, soy milk powder is a good source of protein, while almond milk powder is a good source of vitamin E. These powders can be used as a convenient and long-lasting alternative to fresh plant-based milk, and they have a longer shelf life than liquid plant-based milk.
Many people are unable to consume traditional dairy products due to lactose intolerance or milk allergies. Plant-based milk powders such as almond, soy, and coconut provide a viable alternative for these individuals. Furthermore, the increasing prevalence of lactose intolerance and milk allergies are driving the growth of the plant-based milk powder market.
Competitive Analysis:
Key players in the market are Asahi Group Foods, Ltd., Bulk Barn Foods Limited, BMS Organics, NOW Foods, Unisoy Foods, Enfamil, Urban Platter, Bio Nutrients (India) Pvt. Ltd., Chocolate Alchemy, and Jaffe Bros. Inc.
A few of the recent developments in the Plant-based Milk Powder Market are:
- In June 2021, BMS Organics announced that it had partnered with Vizcarra Pharmaceuticals, a Philippines-based company, to distribute its plant-based milk powders in the Philippines.
- In April 2021, Asahi Group Foods announced the launch of a new plant-based milk product in Japan under its Calpis brand. The product, called Calpis Milk Plus, is made from almonds and soybeans and is fortified with calcium and other nutrients. The company cited the growing demand for plant-based products in Japan as the reason for the launch.
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More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Plant-based Milk Powder Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in the Plant-based Milk Powder Market
- by Type (Almond Milk Powder, Soy Milk Powder, Coconut Milk Powder, Other Types),
- by Application (Bakery & Confectionary, Nutritional Food, Infant Formulas),
- by Distribution Channel (Online Sales, Supermarkets/Hypermarkets, Specialized Stores, Convenience Stores, Retail Stores)
- by Region (North America, Latin America, Europe, Asia- Pacific, Middle East and Africa) - 2023 to 2033.
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