Farmington, May 09, 2023 (GLOBE NEWSWIRE) -- The Plant Milk Market Was Valued At $15 billion In 2022 And Is Expected To Expand $30 billion By 2030 at a CAGR Of 11% From 2022 To 2030. Key factors driving the growth of this market include increase in the vegan population, increasing health consciousness, increasing the incidence of chronic lifestyle diseases and milk intolerance.
In the past decade, the vegan market has expanded exponentially, causing more people to adopt plant-based diets annually. The demand for organic and natural foods has risen as health consciousness has increased. This has caused the majority of the population to make significant lifestyle and dietary changes.
Request Sample Copy of Report “Plant Milk Market Size, Share & Trends Estimation Report By Type Outlook (Soy, Almond, Rice, Coconut, Others) By Product Outlook (Plain, Flavoured) By Sales Channel (Supermarkets, Pharmacies, speciality Stores, Others) By Formulation (Sweetened, Unsweetened) By Packaging(Cartoon, Bottles, Pouches) By Category (Organic, Conventional) By Form(Liquid, Powder) By End-Use (Infant Formula, Dairy Products, Bakery and Confectionary) By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Segmentation Overview:
Type Outlook:
In 2021, the soy beverage segment dominated the market, accounting for over 38.40% of total revenue. Due to its similar health benefits to dairy-based milk, soy milk is widely consumed around the globe. Moreover, bakeries and confectioneries utilize it. In addition, it is a rich source of protein, vitamin A, vitamin B-12, potassium, and isoflavones. It is also considered the best alternative for lactose-intolerant consumers. Manufacturers are promoting their plant-based beverages and other products to meet the growing demand. Between 2022 and 2030, the coconut beverages segment is anticipated to have the highest CAGR.
These foods are rich in nutrients and offer numerous health benefits. The high levels of lipids and saturated fats in coconuts, however, limit their demand, particularly among consumers with cardiovascular diseases and hypertension. Asia-Pacific and South America consume significantly more coconut-based beverages than North America and Europe. Additionally, notable beverage companies are launching coconut-based products. Vita Coco, a New York-based coconut water brand, introduced its first Ready-To-Drink (RTD) beverage in July 2022.
Product Outlook:
In 2021, the segment of plain beverages led the industry worldwide and accounted for over 70.35 percent of total revenue. The segment is expected to maintain its leadership position throughout the forecast period. The majority of consumers prefer plain or unflavored plant-based beverages as a substitute for dairy milk. Depending on the beverage's base, distinct flavor profiles, such as almond, coconut, oat, and nut, are present in various beverages. These flavors are regarded as desirable characteristics in a variety of beverages. Market leaders' introduction of new products is likely to stimulate segment growth.
Between 2022 and 2030, the segment of flavored beverages is anticipated to have the highest CAGR. Due to the consistent growth of such products, a variety of flavored beverages have been introduced to the marketplace. Currently, these products are available in a variety of flavors, including strawberry, French vanilla, coconut, berry, chocolate, banana, coconut, and hazelnut. Manufacturers are introducing and combining multiple flavors to promote the consumption of beverages in a variety of applications, including smoothies, protein shakes, yogurt drinks, and other beverages with popular ingredients. Increasing numbers of new product developments and introductions are anticipated to drive segment growth over the forecast period.
Sales Channel:
By sales channel, the market is segmented into mainstream stores, specialty stores, and others. During the forecast period, it is anticipated that the others segment will hold the largest share of the global plant milk market.
Also included under sales channels are online stores, natural food stores, restaurants, and coffee shops. Health-conscious consumers can purchase all-natural and organic foods, including plant-based beverages, from natural food stores. Espresso and milkshakes in restaurants and coffee shops, coffees and beverages derived from plants are gaining popularity. Plant milk products are sold online by market participants and third-party vendors. The pandemic has altered consumers' offline to online behavior.
Formulation:
On the basis of formulation, the market is segmented into unsweetened and sweetened categories. The sweetened segment includes chocolate, vanilla, strawberry, coconut, mocha, berry, hazelnut, and other flavors. The remaining segment contains pista and rose. Increasing awareness of gluten-free and sugar-free products, as well as the use of sugar-free milk to maintain diabetic health and prevent cardiovascular disease, will increase the unsweetened formulations market segment over the forecast period.
Packaging:
By packaging, the market is divided into carton packaging, bottles, and pouches. The bottles segment is anticipated to hold the largest share of the global plant milk market over the forecast period.
For bottles, both glass jars and plastic bottles are available. The contents of these bottles are liquid and powdered plant milk. Key to the segment's growth is the introduction of eco-friendly packaging for bottles.
Category:
By category, the market is segmented into organic and conventional segments. The organic segment is anticipated to hold the largest market share in the global plant milk industry over the forecast period.
Numerous producers of premium plant-based milk employ a variety of marketing techniques to encourage consumers to purchase their product. Premium product sales are now prevalent on a global scale, and they are rapidly differentiating themselves from private label. Customers who are willing to pay more for premium ingredients and plant-based milk are the target market for premium organic variants.
Form:
The market is segmented by form into liquid and powder segments. The liquid segment is anticipated to hold the largest share of the global plant milk market over the forecast period.
End-Use:
By application, the market is divided into infant formula, dairy products, and bakery and confectionery. The infant formula segment is anticipated to hold the largest share of the global plant milk market over the forecast period. As an alternative to human breast milk, infant formula is used to meet the nutritional needs of infants. The demand for innovative plant-based infant formulas is rising, especially among vegetarian and vegan communities seeking sustainable plant-based alternatives and healthy alternatives for themselves and their infants. Protein infant formulas derived from soy are the predominant source of plant-based protein in non-dairy infant formula products. This drives segment expansion.
Regional Analysis:
Geographically, the global Plant Milk market is segmented into North America, Latin America, the Middle East, Asia-Pacific, Africa, Europe, and India. The global Plant Milk region will dominate the global Plant Milk market in the near future.
North America is anticipated to hold the largest revenue share of the global plant-based market due to the region's rapidly expanding vegan population. It is anticipated that the rapid expansion of the dairy alternatives market in North America will significantly contribute to the growth of the region. It is anticipated that increased North American population spending on food and beverage products, coupled with a rapid shift in American population preferences and adoption of a healthy diet, will contribute to the expansion of the North American plant-based milk market.
Due to the increasing adoption of plant-based milk by the Asian population as a result of the product's health benefits, the Asia-Pacific region is expected to experience the highest growth rate over the forecast period. The abundance of raw materials for the production of plant-based milk, such as soy and rice, in Asian countries such as China, India, and South Korea, among others, will continue to fuel the growth of the plant-based milk market in the region.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 11% from 2023 to 2030. |
| Revenue Forecast by 2030 | $30 billion |
| By Type |
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| By Product Type |
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| By Sales Channel |
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| By Formulation |
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| By Packaging |
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| By Category |
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| By Form |
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| By End-Use |
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| By Companies |
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| Regions and Countries Covered |
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| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Restraining Factors:
• Growing incidence of nut allergies among consumers
Nut-related food allergies, such as anaphylaxis, can cause severe and potentially fatal reactions. Nuts are a well-established allergen trigger. Due to differences in dietary practices and cooking methods, there appear to be disparities in the prevalence of nut allergies between countries. Especially among children and adults, nut allergy is extremely prevalent, and this population is growing daily. As consumers have become more health-conscious, growth in sales has slowed.
In addition, tree nuts and seeds are among the most prevalent food allergens that can cause life-threatening allergic reactions. In Europe, tree nut allergies are pervasive, with hazelnut allergy being the most common. Cashews are the second most allergenic seed in the United States and a major health concern. Avoiding nuts and foods containing nuts is the only treatment available for nut allergies. This has had a substantial effect on the nut industry and is expected to continue.
• Insufficient consumer awareness
The market for plant-based milk will be hindered by consumers' lack of knowledge about plant-based beverages and their apprehension about beverage additives. However, it can hinder the growth of the plant-based milk market.
Opportunity Analysis:
• Increasing market leaders' new product launches, new partnerships, and acquisitions
Consumers and food and beverage manufacturers are implementing various innovations and making strategic business decisions to meet the rising demand for plant-based consumables, such as plant-based milk. From the introduction of new products to investments and acquisitions, market leaders are evolving their business strategies and expanding their product lines.
As a result, these developments will generate additional growth opportunities for the global plant-based milk market and attract a growing number of consumers to the market for nut-based milk.
• Lactose intolerance
In recent years, lactose intolerance has emerged as one of the newest market opportunities. Lactose intolerance will continue to affect the majority of the world's population. This population will always require a lactose-free alternative, which can be supplied by the plant-based milk industry. According to recent research conducted by the Plant-Based Foods Association and the Good Food Institute, vegan milk is now widely available. Approximately 41% of American households purchase non-dairy or plant-based milk, according to 2020 data.
• Increasing Millennials' awareness
The millennial generation is becoming more cognizant of the harmful effects of food additives, chemicals, and other substances on their health. It is anticipated that millennials will be active consumers of organic products, given that they purchase more naturally occurring and organic products than previous generations. Increased millennial awareness presents a future expansion opportunity. More than 3,200 individuals aged 18 to 75 participated in a study conducted by the Vegan Society. 42% of the sample consisted of respondents aged 18 to 44 years old. The most significant finding was that 60% of respondents desired chocolate products made from plant-based ingredients.
Key Segments Covered:
Top Market Players:
- Ripple Foods
- Danone
- WhiteWave Foods
- Archer-Daniels-Midland
- Hain Celestial Group
- Daiya Foods
- Califia Farms
- Freedom Foods
By Type
- Soy
- Almond
- Rice
- Coconut
- Others
By Product
- Plain
- Flavored
By Sales Channel
- Supermarkets
- Speciality stores
- Pharmacies
- Online Stores
By Formulation
- Unsweetened
- Sweetened
By Packaging
- Cartoons
- Bottles
- Pouches
By Category:
- Organic
- Conventional
By Form:
- Liquid
- Powder
By End-Use:
- Infant Formula
- Dairy Products
- Bakery and Confectionery
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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