REDDING,
Calif., June 26, 2024 /PRNewswire/ -- According to
a new market research report titled 'Plant-based Milk Market
Size, Share, Forecast, & Trends Analysis by Type (Almond
Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation
(Flavored), Distribution Channel (B2B, B2C [Modern Groceries,
Convenience Store]) - Global Forecast to 2031,' published by
Meticulous Research®, the plant-based milk market
is projected to reach $52.54 billion
by 2031, at a CAGR of 11.4% from 2024 to 2031.
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The growth of the plant-based milk market is driven by the high
prevalence of lactose intolerance & allergies to cow milk, the
growing focus on health & well-being, changing eating habits
& consumers' drive toward sustainability, and increasing
investments & government support for plant-based industries.
However, the high preference for animal-based milk products and the
growing consumption of soy-free & gluten-free products restrain
the growth of this market.
Emerging economies in Asia-Pacific and Latin America are expected to generate market
growth opportunities. However, the fluctuating raw material prices
are a major challenge for market stakeholders.
Plant-based milk, a milk alternative, is dairy-free,
protein-rich milk derived from plant-based sources, such as
almonds, soy, coconut, oats, and rice. It is a sustainable and
environmentally friendly milk alternative for the globally
increasing vegan, lactose intolerant, and flexitarian populations.
It addresses issues related to animal welfare, resource efficiency,
and climate change.
The plant-based milk market is segmented by type (almond milk,
soy milk, coconut milk, oat milk, rice milk, and other plant-based
milk), formulation (unflavored and flavored), distribution channel
(business-to-business and business-to-consumer {modern groceries,
convenience stores, specialty stores, online retail stores, and
other b2c distribution channels), and geography (North America, Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa).
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The report includes an extensive assessment of the key strategic
developments by leading market participants in the industry over
the past four years (2021–2024). The plant-based milk market has
witnessed several partnerships, agreements, collaborations,
mergers, and acquisitions in recent years. The key players
operating in the plant-based milk market are Hain Celestial Group,
Inc. (U.S.), SunOpta Inc. (Canada), Sanitarium Health and Wellbeing
Company (Australia), Axiom Foods,
Inc. (U.S.), Earth's Own Food Company, Inc. (Canada), Sunrise Soya Foods (Canada), Campbell Soup Company (U.S.), Danone
S.A. (France), Plamil Foods Ltd.
(U.K.), Sahmyook Foods (South
Korea), Nestlé S.A. (Switzerland), Natura Foods (Canada), Blue Diamond Growers (U.S.), and
Oatly Group AB (Sweden).
Key Findings in the Global Plant-based Milk Market
Study:
Based on type, the plant-based milk market is mainly segmented
into almond milk, soy milk, coconut milk, oat milk, rice milk, and
other plant-based milk. In 2024, the almond milk segment is
expected to account for the largest share of 60% of the
plant-based milk market. However, the oat milk segment is projected
to register the highest CAGR during the forecast period of
2024–2031 owing to consumers' increasing preference for soy-free,
low-fat, and gluten-free products; the high nutritional properties
of oat milk; and rising awareness about the health benefits of
oats. Oat milk contains vitamins and minerals, including vitamin B2
(riboflavin), vitamin B3 (niacin), phosphorus, and manganese, which
contribute to overall health. Oat milk is often fortified with
essential nutrients like calcium, vitamin D, and vitamin B12,
providing similar nutritional benefits to cow's milk.
Based on formulation, in 2024, the unflavored segment is
expected to account for the larger share of the plant-based milk
market. The large market share of this segment is mainly attributed
to factors such as the increased consumer demand for naturally
dairy-free & sugar-free products and the clean taste and smooth
texture of unflavored dairy-free products, which allow for their
seamless incorporation into various food and beverage recipes.
However, the flavored segment is projected to register the higher
CAGR of 13.6% during the forecast period of 2024–2031.
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Based on the distribution channel, the plant-based milk market
is mainly segmented into business-to-business (B2B) and
business-to-consumer (B2C). In 2024, the business-to-consumer (B2C)
segment is expected to account for the largest share of
67.4% of the global plant-based milk market. The large
market share of this segment is attributed to the increased retail
sales of plant-based milk in supermarkets & hypermarkets,
increased shelf space for plant-based products in modern groceries,
rising preference for shopping from brick-and-mortar grocers due to
easy access & availability, and growing consumer acceptance for
vegan & vegetarian dairy alternatives, specifically for
plant-based milk.
Based on geography, the global plant-based milk market is
majorly segmented into five regions: North America, Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In
2024, Asia-Pacific is expected to
account for the largest share of 50% of the plant-based milk
market, followed by Europe and
North America. The Asia-Pacific plant-based milk market is
estimated to be worth USD 28.07 billion in 2024. The
large share of this market is mainly attributed to consumers'
rising awareness about the benefits of protein-rich foods,
increasing health consciousness, the growing adoption of advanced
technologies in the F&B industry, and the region's large vegan
& vegetarian population base.
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Scope of the Report:
Global Plant-based Milk Market Assessment—by
Type
- Almond Milk
- Soy Milk
- Coconut Milk
- Oat Milk
- Rice Milk
- Other Plant-based Milks
Global Plant-based Milk Market Assessment—by
Formulation
Global Plant-based Milk Market Assessment—by Distribution
Channel
- Business-to-Business
- Business-to-Consumer
- Modern Groceries
- Convenience Stores
- Specialty Stores
- Online Retail Stores
- Other B2C Distribution Channels
Global Plant-based Milk Market Assessment—by
Geography
- North America
- Europe
- Germany
- U.K.
- Spain
- Italy
- France
- Netherlands
- Sweden
- Belgium
- Austria
- Denmark
- Poland
- Portugal
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Thailand
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
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