Food and Beverages

Plant-Based Milk Market

Global Industry Analysis and Forecast 2024-2031

Pages : 120

Base Year : 2023

Released Year : April 2024

Format :Pdf Ppt Xls

Report ID:KR601

Author : Priyanka V.

Snapshot Icons

Base Year

2023

Snapshot Icons

Forecast Year

2024-2031

Snapshot Icons

Historical Years

2019-2022

Snapshot Icons

Market Value (2023)

USD 15.51 Billion

Snapshot Icons

Forecasted Value (2031)

USD 27.69 Billion

Snapshot Icons

CAGR (2024 - 2031)

7.5%

Snapshot Icons

Fastest Growing Region (2024 - 2031)

Europe

Snapshot Icons

Largest Region

Asia Pacific

Snapshot Icons

By Milk Type

Soy Milk, Oat Milk, Almond Milk, Coconut Milk, Rice Milk, Others

Snapshot Icons

By Nature

Organic, Conventional

Snapshot Icons

By Sales Channel

Hypermarket/Supermarket, Online Retails, Specialty Store, Others


Market Perspective

The global Plant-Based Milk Market was valued at USD 15.51 billion in 2023 and is projected to reach USD 27.69 billion by 2031, growing at a CAGR of 7.5% from 2024 to 2031.

The plant-based milk sector is witnessing robust growth, driven by increased consumer consciousness regarding health and environmental issues. This market encompasses a diverse array of alternatives, including almond, soy, coconut, and oat milk, catering to the growing demand for dairy substitutes.

Moreover, various factors such as lactose intolerance, the growing adoption of veganism, and a preference for sustainable food choices are driving consumers toward plant-based milk alternatives. Additionally, key players in this industry are actively involved in research and development, introducing new flavors and formulations to cater to evolving consumer preferences. Furthermore, the increasing availability of these alternatives in mainstream retail outlets and cafes, along with targeted marketing campaigns aimed at educating consumers about their benefits attracts the consumer base. As plant-based diets continue to gain popularity, the market for plant-based milk is projected to expand in the forthcoming years, attracting new competitors and compelling existing brands to diversify their product offerings. The plant-based milk sector is anticipated to witness greater variety and innovation, fueled by sustained consumer demand.

Analyst’s Review

The plant-based milk market has witnessed substantial growth in recent years, driven by growing consumer awareness of health and environmental issues. As individuals increasingly prioritize healthier lifestyles, there has been a notable shift toward plant-based milk as a dairy substitute. This trend is expected to persist as the market introduces more innovative plant-based milk products, catering to diverse dietary needs and preferences. Furthermore, growing environmental consciousness among consumers has contributed to the steady growth of the plant-based milk market, as they recognize the impact of animal agriculture on the environment. Additionally, the prevalence of lactose intolerance and milk allergies has contributed to the growing popularity of plant-based milk alternatives. Customers are discovering that they can achieve the identical rich texture and flavor of conventional dairy milk without encountering any negative reactions. With ongoing research reinforcing the benefits of plant-based milk, this trend is expected to support market growth in the coming years.

Market Definition

Plant-based milk is a non-dairy beverage made from various plants such as almonds, soy, oats, or coconuts. It is a popular alternative to traditional dairy milk for those who are lactose intolerant, vegan, or looking to reduce their consumption of animal products. Plant-based milk can be used in a variety of applications, including baking, cooking, and as a standalone beverage. The regulatory framework for plant-based milk varies by country, with some requiring specific labeling or composition standards. Plant-based milk is increasingly gaining popularity as a result of the rise of plant-based cafes and the introduction of plant-based milk options at major coffee chains. As more people become aware of the environmental and health benefits of plant-based milk, its popularity is expected to continue to grow in the forecast years. With the increasing demand for dairy alternatives, plant-based milk companies are constantly innovating and creating new flavors and varieties to cater to different preferences. Plant-based milk has become a staple in many households and is becoming more widely accepted as a mainstream option for individuals intending to incorporate more sustainable and ethical choices into their diets.

Market Dynamics

Increasing consumer awareness regarding the health benefits associated with plant-based milk, such as almond, soy, and oat milk, is driving a shift away from traditional dairy products. This increased health consciousness, coupled with factors such as lactose intolerance and ethical concerns, is fueling the expansion of the plant-based milk market. The rise in veganism and the growing emphasis on environmental sustainability are further contributing to the increased demand for plant-based milk alternatives. An increasing number of companies are investing in plant-based milk production and innovation, resulting in a wider range of options available to consumers based on their taste preferences and dietary requirements.

Furthermore, as consumers become more mindful of their impact on the environment and personal health, the adoption of plant-based milk alternatives aligns with their desire for more sustainable and ethical food choices. This shift toward plant-based milk benefits individuals seeking to reduce their carbon footprint and has positive implications for the planet as a whole. As the demand for sustainable and ethical food options continues to grow, the food industry is likely to undergo significant transformation in the coming years.

However, the high prices associated with plant-based milk are expected to hamper the growth of the plant-based milk market. Consumers are more likely to deter from purchasing plant-based milk regularly if its prices notably surpass those of traditional dairy milk. This could limit the overall adoption of plant-based milk products and slow down market expansion. Additionally, high prices may make it difficult for plant-based milk brands to compete with well-established dairy milk brands in terms of affordability and accessibility. Thus, despite growing consumer interest in plant-based alternatives. However, manufacturers are introducing affordable plant-based milk products that are attracting a wide consumer base.

Segmentation Analysis

The global plant-based milk market is segmented based on milk type, nature, sales channel, and geography.

Based on milk type, the plant-based milk market is bifurcated into soy milk, oat milk, almond milk, coconut milk, rice milk, and others. The soy milk segment led the plant-based milk market with the largest share of 35.1% in 2023, driven by its long-standing presence and reputation as a nutritious alternative to dairy milk. Its popularity can be attributed to its high protein content, versatility in cooking and baking, and familiar taste. Additionally, soy milk is often more affordable than other plant-based milk options, making it accessible to a wider consumer base. The consistent quality and widespread availability of soy milk have solidified its position as a top choice among consumers opting for plant-based milk.

Based on nature, the plant-based milk market is bifurcated into organic and conventional. The conventional segment acquired the largest market share of 79.4% in 2023, due to its widespread availability and established reputation among consumers. Brands such as Silk and Almond Breeze have been household names for years, making them a trusted choice for those looking to make the switch from dairy to conventional plant-based products. Additionally, these conventional products are often more affordable than their niche counterparts, making them accessible to a wider range of consumers. This accessibility, combined with the familiarity of traditional flavors like almond and soy, has solidified the conventional segment's hold on the market.

Based on sales channel, the plant-based milk market is bifurcated into hypermarket/supermarket, online retails, specialty store, and others. The hypermarket/supermarket segment accounted for a significant market share of 42.0% in 2023, mainly fueled by its extensive distribution network and strong brand presence. These retail giants have the resources and reach to stock a wide variety of plant-based milk options, making it convenient for consumers to find and purchase their preferred products. Additionally, their ability to offer competitive pricing and run promotions solidifies their position in the market.

Geographical Analysis

Based on region, the global plant-based milk market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Plant-Based Milk Market Size & Share, By Region, 2024-2031

Asia-Pacific accounted for the largest market share of 25.8% in 2023, propelled by a rise in awareness of the health advantages associated with plant-based milk alternatives. A diverse range of plant-based milk varieties, including soy, almond, and coconut milk, aligns with the varied dietary needs and preferences prevalent among consumers in the Asia-Pacific,. This facilitates the transition to plant-based milk as a healthier and more sustainable alternative to conventional dairy products. This trend has prompted numerous food and beverage corporations within the region to diversify their product lines with plant-based milk offerings, in response to rising demand. The expansion of the market in the region is supported by an increasing consumer inclination towards health-conscious and environmentally sustainable choices.

Europe is anticipated to register the highest CAGR over the forecast period, mainly attributed to the rise in consumer awareness regarding health and environmental sustainability and the burgeoning demand for plant-based milk products. This trend is underscored by an increasing recognition of the environmental ramifications associated with conventional dairy farming, coupled with the perceived health benefits of plant-based alternatives. Moreover, the proliferation of veganism and flexitarian dietary practices within Europe has emerged as a pivotal factor fostering plant-based milk market expansion. There is a significant trend among consumers towards adopting dairy-free dietary preferences, resulting in increased demand for plant-based milk options across the region.

Competitive Landscape

The global plant-based milk market study will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Manufacturers are adopting a range of strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, to strengthen their market standing.

The major players in the Plant-Based Milk Market are:

  • Bayer AG
  • Herbalife International of America, Inc.
  • Abbott
  • Glanbia PLC
  • DSM
  • Health Milk Manufacturers' Association
  • DuPont,
  • U.S. Spice Mills, Inc.
  • Amway
  • Premier Nutrition Corporation

Key Developments

  • June 2022 (Product Launch): SMA Feeding expanded its Little Steps infant nutrition range with the launch of Plantygrow Growing Up Drink, a vegan toddler milk alternative designed for children aged one to three.
  • December 2022 (Product Launch): Molson Coors Beverage Co. launched Golden Wing Barley Milk. The formulation of Golden Wing Barley Milk incorporates water, barley, sunflower oil, pink Himalayan salt, and shiitake mushroom extract.

The global Plant-Based Milk Market is segmented as:

By Milk Type

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

By Nature

  • Organic
  • Conventional

By Sales Channel

  • Hypermarket/Supermarket
  • Online Retails
  • Specialty Store
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
CHOOSE LICENCE TYPE
CUSTOMIZATION OFFERED
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global plant-based milk market is projected to reach USD 27.69 billion by 2031, growing at a CAGR of 7.5% from 2024 to 2031.
The global plant-based milk market was valued at USD 15.51 billion in 2023.
The major driving factor for the market growth is increasing awareness about the health benefits associated with plant based milk along with growth in vegan population across the globe.
Top manufacturers of plant-based milk market are as Bayer AG, Herbalife International of America, Inc., Abbott, Glanbia PLC, DSM, Health Milk Manufacturers' Association, DuPont., U.S. Spice Mills, Inc., Amway, and Premier Nutrition Corporation, among others.
Europe registered highest CAGR of 8.2% over the forecasted period (2024-2031).
By milk type segment, soy milk segment will hold the maximum share of 36.2% in the plant-based milk market in the forecast period.
Get the latest!

Get actionable strategies to empower your business and market domination

  • Deliver Revenue Impact
  • Demand Supply Patterns
  • Market Estimation
  • Real-Time Insights
  • Market Intelligence
  • Lucrative Growth Opportunities
  • Micro & Macro Economic Factors
  • Futuristic Market Solutions
  • Revenue-Driven Results
  • Innovative Thought Leadership