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in-depth analysis of plant based milk market

Due to rising lactose intolerance, calorie concerns, and the high frequency of hypercholesterolemia among consumers, plant-based milk is also recognized as the ideal milk substitute for dairy beverages. Additionally, a growing inclination for vegan diets drives customers to select cow milk alternatives. To draw in more customers, food and beverage producers are also developing novel and unique items using plant elements.

The market worth of plant-based milk in 2021 was USD 35 billion, and it will be worth USD 123.1 billion by 2030 at a 15% CAGR during 2021-2030. 

Market dynamics

Consumption of lactose-free milk is increasing globally, and consumers always choose this type of milk for their better health and to avoid allergic reactions. The plant-based milk market is expanding due to the increased use of this product in the food and beverage categories. Plant-based milk products that are lactose-free are also gaining much popularity among producers. Among the recently introduced goods is milk with almond, oat, and coconut bases. Hilad dairy introduced brand-new Chocolate lactose-free milk products in 2019. The product comes in half-gallon containers. Minerals and vitamins are present. The product was introduced in response to the rising demand for flavorful, lactose-free dairy products. Milk allergies and lactose intolerance impact many clients.

The trend of consumers becoming more accustomed to meat alternatives is followed by dairy products. Different plant-based milk products are in high demand due to rising knowledge of the environmental and health benefits of plant-based diets. For instance, in June 2021, the Swedish company Sproud, which sells pea-based milk, introduced its product in North America. The most widely consumed beverage products worldwide, ready-to-drink beverages provide consumers with the ideal balance of flavor and nutrition. The availability of dairy-free, ready-to-drink beverages to consumers is rising as the vegan diet gains popularity worldwide.

Restraining Factors

Consumers’ ignorance of plant-based beverages and concerns about beverage additives will restrict the plant-based milk market. However, it will hamper the market expansion.

Market Opportunities

Millennials are becoming more aware of the consequences of food preservatives, chemicals, and other things on their health. Millennials will be active customers of organic goods since they purchase more naturally occurring organic goods than prior generations. The growing awareness among millennials represents a chance for future growth.

Market Segmentation

On the basis of product type, the plant based milk market is segmented into rice, soya, almond, coconut, and oats. In 2021, the soy milk segment recorded a maximum market share of 58% because of its high protein content and widespread customer appeal. The Soya Milk market will grow at over 11% CAGR from 2022 to 2029. The plant-based milk has a great flavor and a variety of flavors. Due to its low-fat content and accessibility of flavor in the plant-based milk market, almond milk is progressively increasing its market share to about 40%.

On the basis of end-user, the market is segment into retail household, food and beverage industry, online retail, and food service industry. Retail households held a considerable position in the market, with the largest share of 24.6% in 2021. Growing consumer interest in plant-based diets and rising health consciousness are both having a beneficial effect on the market expansion. Plant-Based Milk products will increase online retail sales at a CAGR of 13.1%. It is stimulate by rising consumer awareness of health issues and a move toward plant-based diets.

On the basis of packaging, the plant-based milk market is segmented into bottle packaging and carton packaging. In 2021, the largest market was contributed by the carton packaging segment, with the largest share of 60%. As a result of urbanization and rising disposable income, the market for carton packaging will expand and meet the growing need for packaged food products. The Demand for packaged food will rise because it is very simple to transport and has recycling capabilities. Additionally, consumers choose extravagant packaging designs, which is profitable for the market. By the end of 2029, bottle packaging will expand at a CAGR of 11%.

Regional Analysis

By 2029, the North American market for plant-based milk will reach a value of over USD 6 billion. High nutritional value and one of the most well-liked dietary trends among consumers, the vegan diet, drive consumer demand for plant-based milk. Additionally, the prevalence of disorders related to lactose intolerance among consumers will increase Demand for plant milk from the United States and Canada. Similar to how consumers’ increased sensitivity to lactose and other diseases would increase Demand for plant milk in Canada and the United States.

Is Developing Veganism Essential Element Fuelling the Interest for Plant-based Milk?

With the developing pattern among competitors and youthful shoppers to take on a vegetarian diet that incorporates just plant-based items, totally barring dairy food varieties or beverages, interest for plant-based items and dairy options is expanding.

Shoppers are likewise turning out to be more acquainted with creature government assistance, which is another component controlling them from creature based items.

Such changing patterns in shopper food utilization cultivate interest for plant-based food varieties and options in contrast to dairy items. This, as a result, powers the development of the market for plant-based milk, as it gives a generally excellent decision to individuals following severe dairy, sans gluten, or veggie lover eats less carbs. In this manner, these shoppers’ inclination for plant-based milk is driving the market development.

Following the Advancement of the Plant-based Milk Industry

People initially guzzled the possibility of the drinking milk of different vertebrates following the training of creatures during the Neolithic Upset. The ascent in metropolitan populace, and development of rail route networks during the nineteenth 100 years, further altered milk creation and supply. Throughout the course of recent many years of the nineteenth hundred years, milk interest in many areas of the planet flooded altogether. Despite the fact that milk held a tradition of solid market hold over hundreds of years, the inclination for plant-based milk has likewise been there over hundreds of years, albeit not viewed as a substitute for dairy milk. Recipes from Levant, harking back to the thirteenth 100 years, depict the very first plant-based milk — almond milk, though, soy milk was another plant-based milk drank in China during the fourteenth 100 years. Archaic Britain likewise denoted the utilization of almond milk in a few dishes.

Key Players Analysis

  • Herbalife International of America, Inc. (U.S.)
  • Bayer AG (Germany)
  • Abbott (U.S.)
  • Glanbia PLC (Ireland)
  • DuPont. (U.S.)
  • U.S. Spice Mills, Inc. (U.S.)
  • The Nature’s Bounty Company (U.S.)
  • Premier Nutrition Corporation (U.S.)
  • Mead Johnson and Company, LLC. (U.S.)
  • DSM (Netherlands)
  • Health Milk Manufacturers’ Association (U.K.)
  • Amway (United States.)
  • Nestlé SA (Switzerland)