DUBLIN--(BUSINESS WIRE)--The "Global Plant-based Milk Market Size, Share, Growth Analysis, By Source type, By Packaging type, By Distribution channel - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The plant-based milk market size was valued at USD 35 billion in 2021 and is poised to grow from USD 40.25 billion in 2022 to USD 123.1 billion by 2030, growing at a CAGR of 15% in the forecast period (2023-2030).
Due to growing knowledge of the environmental and health advantages of plant-based diets, there is an increased demand for diverse milk products made from plants. The launch of all such products in recent years has been greatly influenced by consumer demand for plant-based milk, contributing to the expansion of the market for plant-based milk globally.
Dairy milk is anticipated to be largely replaced by plant-based milk in food service establishments. Popular non-dairy milk substitutes include coconut milk, rice milk, and others. Food flavouring, baking, and cooking may all be done with coconut milk.
Segments covered in this report
Global plant-based milk market is segmented based on source, packaging type, distribution channel, and region. Based on source, plant-based milk market is segmented as soy milk, almond milk, coconut milk, rice milk, oats milk, others. By packaging, market is segmented as bottles, carton packaging, pouches. Based on distribution channel, market is segmented as retail stores, online channels, speciality stores, others. Based on region, market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
Drivers
Due in part to the rising popularity of plant-based beverages, consumers are drinking more than ever. As consumers look for the ideal balance of nutrition and flavour, plant-based ready-to-drink beverages are becoming more and more popular. Customers who cannot tolerate dairy like plant-based beverages because they are dairy-free.
These pre-made drinks are low in fat and have minuscule to no cholesterol content, which helps people lose weight and maintain their weight. Since they are rich in protein, minerals, and vitamins, consumers frequently choose them.
Restraint
Even if plant-based milk is gaining popularity, many customers' ignorance about and unfamiliarity with plant-based goods is in part preventing the market from expanding. Because consumers rely largely on milk to get key nutrients, plant-based milk products are seen negatively by consumers.
Additionally, a crucial factor to take into account is that plant-based milk has a different flavour from cow milk. Additionally, sales of the product are being hampered by the high price of plant-based milk consumables. Because there are fewer resources available and processing expenses are higher, plant-derived milk is typically more expensive. In some nations, value-added taxes are applied to plant-based milk products, increasing the cost of the item.
Market Trends
Demand for plant-based milk is rising due to veganism globally. According to a study by Vegan Life Magazine and the Vegan Society that involved almost a billion people in Europe.
The number of vegans in the UK has increased by 300 percent in the previous ten years to at least 542,000, with 42% of persons between the ages of 15 and 34 being vegan. In addition, between 2018 and 2020, there were 6% more vegan consumers in the United States. A growth potential is to increase consumer demand for more superior and delicious vegan products.
Companies Mentioned
- SunOpta Inc.
- Danone S.A.
- Nestle S.A.
- The Hain Celestial Group, Inc.
- WhiteWave Foods Company (Danone North America)
- 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. (Danone North America)
- Pacific Foods of Oregon, LLC (Campbell Soup Company)
- Forager Project, LLC
- Alpro
- Happy Planet Foods, Inc.
- Elmhurst 1925, LLC.
For more information about this report visit https://www.researchandmarkets.com/r/2dxzhs
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