Plant-based Milk Market Size, Share, By Type (Soy Milk, Almond Milk, Coconut Milk, Rice Milk, Oat Milk, Others), By Packaging (Bottles, Carton Packaging, Pouches), By Distribution Channel (Online, Offline), and By Region - Trends, Analysis, and Forecast till 2034

Plant-based Milk Market Size was valued at USD 20.23 Billion in 2024 and is expected to reach USD 42.8 Billion by 2034 growing at a CAGR of 8.6%

Plant milk is a plant beverage with a color much like that of milk. Essentially, plant milks are non-dairy beverages flavored and perfumed with a water-based plant extract. As such, plant milks are consumed either as an alternative to milk or as a means to provide creaminess. Indeed, there have been approximately 17 different types in the past few years, but almonds, oats, soy, coconut, and peas are what have long been recommended as the best sellers worldwide. Production of plant-based milk, particularly soy, oat, and pea milk, can have environmental benefits compared to animal milk in terms of greenhouse gas emissions and land and water use. Plant-based beverages have been consumed for centuries, with the term "milk-like plant juices" in use since the 13th century. In the 21st century, they are commonly called plant-based milk, alternative milk, non-dairy milk, or vegan milk. These plant-based beverages are bottled in cartons, which are comparable in size and rivalrous to that of dairy milk. However, these kinds are not labeled as "milk" specifically in the European Union.

Plant milk has been used in different cultures as a beverage and as flavoring to dishes both in sweet and savory preparations, as coconut milk in curries. And it is suitable for vegans and vegetarians. Plant milk also features in the production of ice cream alternatives, plant cream, vegan cheese, and yogurt analogs, for example, soy yogurt. Indeed, the real content from the highlighted plant in commercial plant milk is usually only about 2%. Other ingredients blended in processing with this plant milk base include guar gum, xanthan gum, or sunflower lecithin for texture and mouthfeel; selected micronutrients such as calcium, B vitamins, and vitamin D; salt; and natural or artificial ingredients, including flavors typical of the featured plant, for aroma, color, and flavor. Ice cream, plant cream, vegan cheese, and yogurt analogs like soy yogurt are made specifically from plant milk.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Key Drivers of Target Market:

Rise of Vegan and Plant-Based Diets

• They are increasingly turning to vegan or plant-based diets for the endlessly creative reasons attributed to health, the environment, animal welfare, and ethics. Plant-based milk is a nutritional and ethical substitute when consumers seek cow milk alternatives. A few studies have been conducted that suggest plant-based diets are associated with a lower risk of developing coronary heart diseases, type 2 diabetes, and certain types of malignancies. Some will go for plant-based milk, as a way of avoiding hormones and antibiotics that are used in vast amounts by conventional dairy farming in its intensive rearing methods.

Lactose Intolerance and Allergies:

• A large portion of the global population, about 65%, suffers from a condition called lactose intolerance. Lactose intolerance limits the body's ability to digest lactose, which is a sugar found in milk. Lactose intolerance can cause diarrhea, bloating, and gastrointestinal disorders with gas. Plant-based milk is a readily and safely available alternative through which such consumers can consume milk beverages and milk products and not need to digest milk.

Restrains:

Price Issues:

• Compared to conventional dairy milk, plant milk alternatives can be more expensive, especially organic or fortified ones. This can become a prohibition for budget-sensitive customers, mostly in regions with a lower average disposable income. Indeed, with higher raw materials costs, different processing methods, and novelty related to plant-based milk production compared to the traditional and well-structured dairy industry, a higher pricing can be explained.

Opportunities:

Product innovation:

• With the current rising demands for new and innovative plant-based milk options, from alternative bases like pea milk, and hemp milk, and blends with new bases to improve nutrition and functionality to flavor varieties, sugar content, and fortification of certain vitamins and minerals to attract the very vast individual tastes among consumers, further research in new plant bases with better creaminess, protein content, and environmental impact can result in breakthrough product developments.

The market is segmented based on Type, Packaging, Distribution Channel, and Region.

Type Insights:

• Soy Milk: This is the champion of all, simply because it produces high protein for a very low cost. That makes it easy on the wallet and highly nourishing for many users. It goes without saying about lactose intolerant or vegan individuals— it is one of the oldest, established dairy alternatives with a history in its use across cuisines. Some may find its taste unattractive, or people might be hesitant because of potential allergens like soy.
• Almond Milk: This is one of the most preferred due to the neutrality in taste and some health aspects, such as being low in calories and fat compared to other dairy milk. Almond milk also has a naturally sweet flavor that turns out to appeal quite well to those who like their drinks with less added sugar. At the same moment, almond production requires a lot of water, which might be an issue with an environmental concern; equally, people are allergic to nuts.
• Coconut Milk: Creamy with the potential for versatility, added tropical authenticity, and brighter flavors in an Asian dish, but not at all a low source of protein. It is also a source of healthy fats and can be used in both sweet and savory dishes. This caters to nut and soy allergies and is another dairy-free option for those seeking a richer mouthfeel in their plant-based milk.
• Rice Milk: This is a hypoallergenic option and, therefore, best for those who are nut and soy-sensitive. Rice milk is also basically lactose-free and vegan. It can, however, be higher in carbs and lower in protein relative to others, and the taste is kind of flat to some consumers.
• Oat Milk: This new rising star contains a creamy texture and rich flavor, with an eco-friendly image to boot. Fortified forms are good sources of vitamins and minerals, thus making it one of the better, more well-rounded nutritional choices among plant-based options. Oat milk's creamy texture also makes it a fantastic dairy substitute in coffee beverages and lattes.
• Others: This makes a niche segment but with an important impact since it would include varieties just like cashew nut milk, hemp milk, and pea milk in serving to the crowd depending on food preferences and taste. — smooth and creamy, oat milk, but there is a very slight nutty flavor profile. Hemp milk has many omega-3s with an earthly, mild taste. It's another hypoallergenic option and high in protein, making it another good option for individuals who typically drink nut- or soy-based milk.

Packaging Insights:

• Bottles: Being the traditional and more convenient alternative, bottles are used with the need for larger volumes that provide a good shelf life. On the other hand, they are heavier and less environmentally friendly than available options.
• Carton Packaging: It is lightweight, recyclable, portable, and popular in light of green exercises. However, they might not be as strong as bottles.
• Pouches: Light, portion-controlled, and on-the-go delivery. It is suitable for the on-the-go consumer, yet less handy for storage, and has a reduced environmental impact compared to cartons.

Distribution Channel Insights:

• Online: e-commerce websites provide easy access to a wide array of brands and flavors in plant-based milk, which caters well to busy consumers and those seeking specific brands or flavors.
• Offline: Traditional formats such as supermarkets, hypermarkets, convenience stores, and specialty shops give consumers shop-front experiences, with product availability on the spot. This thus serves those consumers who would rather wander around and make their choices in person.

Regional Insights

• North America: North America is a mature market in terms of awareness and adoption of plant-based milk, driven by the need for better health—lactose intolerance and veganism—and environmental consciousness. Trying new plant bases will be easy, as consumers are very receptive to innovations in the category.
• Asia Pacific: This is the fastest-growing region, and rising disposable incomes, increasing awareness about health, and a growing vegan population are some of the factors. Soy milk has maintained a top position in this region because of the culture being more oriented towards it, and soy milk is very cheap compared to other milk brands. There is also growing interest in other plant bases like oat milk and coconut milk.
• Europe: Europe presents an established market, accustomed to the application of plant-based alternatives. Soy milk and oat milk are much sought after in this region. Aside from the demand, there is also a high concentration of plant-based milk producers with a well-built distribution chain acquired within Europe. Well-established regulatory frameworks concerning plant-based products exist here.
• Latin America: Fast-growing interest in plant-based products, driven by health concerns such as lactose intolerance, coupled with the rise of the middle class. Moreover, nut allergy cases are high in the region—making rice milk and coconut milk very attractive.
• Middle East and Africa: Developing market with huge potential in the future. However, lower disposable incomes, inadequate infrastructure, and restricted availability of various plant-based milk limit this region.

Plant-based Milk Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. This study segmented the target market report based on Type, Packaging, Distribution Channel, and Region.

By Type:

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

By Packaging:

• Bottles
• Carton Packaging
• Pouches

By Distribution Channel:

• Online
• Offline

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of the Middle East & Africa

The key players operating the Plant-based Milk Market include SunOpta Inc., Danone S.A., Nestle S.A., The Hain Celestial Group, Inc., WhiteWave Foods Company, Califia Farms, LLC, Archer Daniels Midland Company, Eden Foods Inc., Blue Diamond Growers, Inc., Daiya Foods Inc., Ripple Foods, Oatly AB, Vitasoy International Holdings Ltd., Earth’s Own Food Company Inc., Good Karma Foods, Inc., Pacific Foods of Oregon, LLC (Campbell Soup Company), Forager Project, LLC, Alpro, Happy Planet Foods, Inc., Elmhurst 1925, LLC.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

• In July 2024, Ripple Foods recently launched dairy-free protein smoothies for children. Vegan Brand Introduced Plant-Based Protein Shakes for Kids. The California-based vegan dairy firm promoted its product as the "first and only" kids' protein shake designed to combat hunger, containing 13g of pea protein and 3g of fiber in every 12-ounce carton. They are currently available in the "Chocolotta" and "Viva Vanilla" tastes.
• In May 2024, Lactalis Canada, a subsidiary of the French dairy behemoth, launched a new plant-based milk brand in the market, shortly after converting one of its facilities into a completely vegan hub. The Canadian part of French dairy company Lactalis, which had a $31.4 billion revenue in 2023, has introduced Enjoy, a plant-based milk brand geared toward health-conscious consumers. The six-strong selection includes unsweetened, high-protein milks such as oats, almonds, and hazelnuts.
• In February 2024, Califia Farms launched Califia Farms Complete, a creamy plant milk that has nine vital nutrients, eight grams of protein, all nine essential amino acids, and half the sugar of dairy milk. Califia Farms Complete, made with a proprietary blend of pea, chickpea, and fava bean protein, is now available at Target, Walmart, and other shops nationwide for $6.69.

• SunOpta Inc.*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Danone S.A.
• Nestle S.A.
• The Hain Celestial Group, Inc.
• WhiteWave Foods Company
• Califia Farms, LLC
• Archer Daniels Midland Company
• Eden Foods Inc.
• Blue Diamond Growers, Inc.
• Daiya Foods Inc.
• Ripple Foods
• Oatly AB
• Vitasoy International Holdings Ltd.
• Earth’s Own Food Company Inc.
• Good Karma Foods, Inc.
• Pacific Foods of Oregon, LLC (Campbell Soup Company)
• Forager Project, LLC
• Alpro
• Happy Planet Foods, Inc.
• Elmhurst 1925, LLC

“*” marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Research Objectives
• Assumptions
• Abbreviations

Market Preview

• Report Description
  • Market Definition and Scope
• Executive Summary
  • Market Snippet, By Type
  • Market Snippet, By Packaging
  • Market Snippet, By Distribution Channel
  • Market Snippet, By Region
• Opportunity Map Analysis

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restraints
  • Market Opportunities
• Market Trends
• Product Launch
• Merger and Acquisitions
• Impact Analysis
• PEST Analysis
• Porter’s Analysis

Market Segmentation, Type, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Soy Milk
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Almond Milk
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Coconut Milk
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Rice Milk
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Oat Milk
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Others
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, Packaging, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Bottles
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Carton Packaging
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Pouches
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, Distribution Channel, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Online
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Offline
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Region, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (USD Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Packaging, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Distribution Channel, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • U.S
    • Canada
• Asia Pacific
  • Market Size and Forecast (USD Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Packaging, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Distribution Channel, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Europe
  • Market Size and Forecast (USD Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Packaging, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Distribution Channel, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
• Latin America
  • Market Size and Forecast (USD Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Packaging, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Distribution Channel, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • Brazil
    • Mexico
    • Rest of Latin America
• Middle East and Africa
  • Market Size and Forecast (USD Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Packaging, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Distribution Channel, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of the Middle East and Africa

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