Surging Popularity of Veganism and Lactose Intolerance Drive Plant-Based Milk Market Growth Globally

Dublin, Oct. 27, 2023 (GLOBE NEWSWIRE) -- The "Plant-Based Milk Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028F" report has been added to ResearchAndMarkets.com's offering.

The Global Plant-Based Milk Market was valued at USD 12.62 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 6.38% through 2028.

Key Market Drivers:

1. Rise in Veganism and Lactose Intolerance: The growing trend of veganism and an increase in the lactose intolerant population have contributed significantly to the surge in demand for plant-based milk alternatives. People are seeking dairy-free options for various reasons, including ethical concerns, health benefits, and dietary restrictions.
2. Consumer Health Consciousness: A profound shift in consumer health consciousness has driven the adoption of plant-based milk. Consumers are becoming more aware of the health benefits associated with plant-based diets, such as lower saturated fat and cholesterol content. Plant-based milk is often perceived as a healthier alternative to traditional dairy milk.
3. Diversification of Product Offerings: The plant-based milk market has diversified beyond traditional soy and almond milk to include a wide range of options, such as oat milk, coconut milk, rice milk, hemp milk, and more. This diversity allows consumers to choose products that align with their taste preferences and dietary needs.
4. Availability and Accessibility: Plant-based milk products have become widely available in supermarkets, convenience stores, and online retail platforms. This increased availability has made it convenient for consumers to access these products, contributing to market growth.
5. Innovation: Plant-based milk companies are continuously innovating and developing new products, including plant-based yogurt, ice cream, and cheese. Innovation in taste, texture, and nutritional profiles has made these products more appealing to consumers.

Key Market Challenges:

1. High Prices: The production of plant-based milk can involve cost-intensive processes, including sourcing high-quality ingredients and processing. As a result, some plant-based milk products can be priced higher than traditional dairy milk, which may deter price-sensitive consumers.
2. Competition from Conventional Dairy Brands: Established dairy companies have entered the plant-based milk market, leveraging their brand recognition and resources. This competition can make it challenging for specialized plant-based brands to gain market share and compete on pricing.

Key Market Trends:

1. Diversification of Plant-Based Milk Varieties: The market has witnessed the diversification of plant-based milk options beyond soy and almond. Oat milk, in particular, has gained popularity due to its creamy texture and suitability for coffee beverages. Specialized blends of plant sources are also emerging.
2. Health and Wellness Focus: Plant-based milk products are being fortified with vitamins and minerals to enhance their nutritional profiles, making them comparable to dairy milk. Low-sugar and unsweetened varieties cater to health-conscious consumers. Protein-enriched options are also available.
3. Retail Expansion and Convenience: Plant-based milk products are now prominently featured in supermarkets and convenience stores, making them easily accessible. Online retail platforms and subscription services provide added convenience for consumers.

Key Market Players

• Danone S.A.
• Hebei Yangyuan Zhihui Beverage Co., Ltd.
• Blue Diamond Growers
• Coconut Palm Group Co. Ltd.
• Oatly Group AB
• Califia Farms, LLC
• Earth's Own Food Company Inc.
• The Hain Celestial Group, Inc.
• SunOpta, Inc.
• Ripple Foods PBC
• Australian Health and Nutrition Association Ltd

Report Scope

In this report, the Global Plant-Based Milk Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Plant-Based Milk Market, by Type

• Soy Milk
• Coconut Milk
• Almond Milk
• Oat Milk
• Others

Plant-Based Milk Market, by Category

• Flavored
• Non-Flavored

Plant-Based Milk Market, by Packaging

• Cartons
• Bottles
• Others

Plant-Based Milk Market, by Distribution Channel

• Convenience/Grocery Stores
• Supermarkets
• Online
• Others

Plant-Based Milk Market, by Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Key Attributes:

For more information about this report visit https://www.researchandmarkets.com/r/5u8wfh

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Attachment

• Global Plant-based Milk Market