The Global Plant Milk Market accounted for USD 21.98 Billion in 2020 and is expected to reach USD 46.15 Billion by 2028, growing at a CAGR of 10.2% from 2021 to 2028.
Plant-Based Milk, also known as Non-Dairy or Milk Alternative Beverage, is prepared from water-based plant extract. It is extracted from sources like Almonds, Soy, Coconut, Rice, among others, as an alternative to dairy milk and other animal milk. The beverage is consumed as a vegan product and adds up many nutritional values along with proteins, vitamins, and minerals. Products prepared from Plant-Based Milk are vegan cheese, soy yogurt, ice cream, among others. The market is primarily driven by the growing number of consumers preferring vegan food, their awareness about health, and high nutritional values. The market that started with only Soy and Almond Milk is now expanded to various options, and consumers are looking for better products for Planet Earth. In addition to this, new technologies and manufacturing processes have been adopted by brands and companies to explore the new bases to find more alternatives. This trend is expected to continue over the forecast period.
COVID-19 Impact Analysis
The unprecedented interruptions caused by COVID-19 affected the Plant Milk Market negatively. With production lines paused, the supply chain disrupted, and the demand from consumers abridged, the market saw a very slow growth. The order for these alternative dairy products in places like hotels and restaurants was declined. But some people, owing to the fact that it is high in nutritional values, purchased through eCommerce services. Manufacturing operations have been allowed to start in the latter half of 2020 and are likely to boost the market.
The Global Plant Milk Market is generating a lot of demand because of the surge in consumer preference for lactose-free food products. Due to rising lactose intolerance and dairy milk allergies among consumers, there has been significant growth in dairy alternative milk. Lactose, which is the main carbohydrate in dairy products, causes bloating, diarrhea, and abdominal cramps. Consumers are now more aware of having healthy eatable food products, which will boost the market during the forecasted period.
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The increasing demand for organic foods and beverages has boosted the Plant Milk Market There has been a change in consumer preference, owing to rich and healthy benefits like boosting metabolism and strengthening immunity. Additionally, these products have anti-oxidants and omega-3 fatty acids, making them superior to conventional dairy milk.
Source Analysis Preview
Almond Milk Segment held a share of 27.82% in 2020. It has been widely accepted due to its creamy texture and health benefits, as it helps against weight control, acts as a substitute for milk for lactose intolerant people, and strengthens the bones and joints. Currently, new-age consumers are demanding healthy alternatives to dairy products and meats, which has given this segment to grow immensely. Many manufacturers in countries like U.S and Canada have started offering people looking for healthy drinks, a high-quality rich almond milk. People adhering to vegan foods will drive the overall segment.
Soy Milk Segment is expected to grow at a CAGR of 10.41% during the year 2021 to 2028. It contains a high amount of proteins and has low calories. Soy Milk is mainly preferred by people having cholesterol and heart problems. It also reduces the inflammation in the body, as it contains isoflavones.
Distribution Channel Analysis Preview
Supermarkets Segment held a significant share in Global Plant Milk Market. This is attributed to the rising convenience offered by the stores. Supermarkets and Hypermarkets are preferred due to their high range of variety available at the stores. Consumers see the distribution of all the nutrients and other vitamins on the pack, favoring a lot to shop from the supermarkets. These mainstream stores had significant shares due to the increasing income of the consumers in the developed regions.
Online Stores is expected to generate significant revenue over the forecasting period. It will also be the fastest-growing segment in the Plant Milk Market. This is attributed due to easy accessibility and low cost as compared to other segments. Online stores offer a discounted rate as their marketing strategy, and increasing consumer trend of buying all appliances in one touch will drive the segment.
Formulation Analysis Preview
The unsweetened Milk Segment is projected to grow at a CAGR of around 10.70% from 2021 to 2028. It is attributed to rising consumer awareness towards sugar-free and gluten-free products. It also provides more calcium than other types of milk. Sugar-free milk lessens the chances of getting diabetes and heart diseases with the same or more nutrients and vitamins as compared to another conventional dairy. It can blend with various foods and other beverages. Hence, it is expected to dominate the market over the forecasted period.
Packaging Analysis Preview
Cartons Packaging Segment held a significant share in the Global Plant Milk Market. The rise in urbanization and its trends of pack food products will drive the market significantly. Consumers are attracted towards the design of packaging with new fancy packaging into the industry. The packed food or beverage is at times easy to carry while traveling, and the new-age consumers prefer having it. Many manufacturers have turned up for packaging of cartons having significant recycling properties.
The bottles segment will grow over the forecasted period due to increased awareness for green and sustainable initiatives. The government is coming up with many initiatives towards sustainable packaging products. This trend is supposed to drive the market. Also, awareness among the manufacturers to manufacture recyclable and reusable bottle packaging will propel the segment, keeping in mind the environmental concerns. Pouches form the last packaging segment for this market.
Regional Analysis Preview
Asia Pacific is projected to grow at a CAGR of 10.4% during the forecast period. The Asia Pacific is likely to witness a significant increase in demand because of the increasing shift towards plant-based food, increasing urbanization, and awareness for healthy food. More and more consumers are preferring healthy lifestyles and thereby choose healthy food alternatives. There has been an increase in awareness of sustainability over the years in APAC regions. These regions are also the source of many raw materials used in the plant milk, which propels the market significantly.
North America is expected to hold a significant share in Global Plant Milk Market due to the rising trend of Vegan Food. The U.S. and Canada are among many countries where there is rising awareness about having a healthy life with nutrient-rich food. Many countries in North America have lactose intolerant and diabetic populations, and these people are a significant contributor to the Plant Milk Market. These are essential factors to boost the market demand.
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Key Market Players & Competitive Landscape
Some of the key players in the Plant Milk Market include:
- Danone S.A.
- Oatly AB
- Campbell Soup Company
- Organic Valley
- Earth’s Own Food Company
- Elmhurst Milked Direct LLC
- Califia Farms
- Blue Diamond Growers
- Hain Celestial Group Inc.
- Ripple Foods
- among the others.
These key players are focusing on business expansion to grow their footprints in other countries. Other strategies like improvement in quality and new product development are likely to boost and significantly capture the market significantly. Companies like Earth’s Own Food Company are coming up with new flavored products in their beverage segment to meet the rising demand of the consumers.
The Global Plant Milk Market is segmented as follows:
By Distribution Channel
- Specialty Stores
- Online Stores
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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