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

• In 2024, the plant-based milk market size was worth USD 20.23 billion.
• The market is expected to reach USD 42.8 billion by 2034.
• The market is projected to grow at a CAGR of 8.6%.

Plant milk is a plant beverage with a color similar to 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. 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. Surging vegan and plant-based diets drive plant-based milk market growth globally.

Key Takeaways:

• North America is the dominating region in the market due to the growing awareness and plant-based milk adoption.
• Asia Pacific is expected to be the fastest-growing region in the market. The growth is attributed to the increasing number of vegan population.

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Key Drivers of Target Market:

Rise of Vegan and Plant-Based Diets to Boost Market Growth

• 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.

Market to Grow Owing to Surge in Lactose Intolerance and Allergies Globally

• 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.

Restraints:

Issues Related to Pricing May Impede Market Expansion

• 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 to Create Opportunities in the Future

• With the current rising demands for new and innovative plant-based milk options, from alternative bases, such as 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 plant-based milk market is segmented into type, packaging, distribution channel, and region.

Type:

On the basis of type, the market is classified intro soy milk, almond milk, coconut milk, rice milk, oat milk, and others. The soy milk segment is expected to hold the largest plant-based milk market share as it produces high protein at a very low cost.

Packaging:

Under packaging, the market is divided into bottles, carton packaging, and pouches. The market is being dominated by bottles segment owing to their growing need for larger volume providing good shelf life.

Distribution Channel:

By distribution channel, the market is bifurcated into online and offline. The online segment is the most dominant segment in the market. The growth is attributed to the wide availability of various plant-based milk products on the e-commerce websites.

Regional Insights:

Geographically, the plant-based milk market is studied across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

• 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, such as oat milk and coconut milk.

Plant-Based Milk Market Report Scope:

Segmentation:

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
• U.K.
• 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 competitors in the market are SunOpta Inc., Nestle S.A., WhiteWave Foods Company, and others. The key players in the market are launching new products to enhance their position in the market.

List of Key Players in the Market:

• 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

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• 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 USD 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 USD 6.69.

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