Austin, TX, USA, May 25, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Plant-based Milk Market Size, Trends and Insights By Type (Soy Milk, Oat Milk, Coconut Milk, Almond Milk, Rice Milk, Others), By Form (Liquid, Powder), By Flavor (Unflavored, Flavored), By End-use (Infant Formula, Dairy Products, Bakery & Confectionary, Others), By Distribution Channel (Direct, Indirect), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.

“According to the latest research study, the demand for global Plant-based Milk Market size & share was valued at approximately USD 15 Billion in 2022 and is expected to reach USD 16.87 Billion in 2023 and is expected to reach a value of around USD 30 Billion by 2030, at a compound annual growth rate (CAGR) of about 9% during the forecast period 2022 to 2030.”

CMI research report offers a 360-degree view of the Plant-based Milk market’s drivers and restraints, coupled with their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Plant-based Milk market.

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Plant-based Milk Market: Overview

Given the rising prevalence of hypercholesterolemia among consumers, greater lactose intolerance, and worries about calories, plant-based milk is considered the ideal milk substitute for dairy beverages. Additionally, a growing inclination for vegan diets drives customers to select cow milk alternatives. To draw in more customers, food and beverage producers are also developing novel and unique items using plant-based sources.

Growth Factors

With the ongoing demand from customers for products to be reformulated without synthetics and artificial additives, the clean label trend is not showing any signs of slowing down. The usage of plant-based milk is anticipated to increase as the demand for “clean label” products keeps rising. 

Suppliers want to capitalize on this trend as millennials, and others of Generation Z look for sustainable, healthful plant-based replacements to traditional necessities like milk. Plant-based milk has become increasingly popular due to the sharp increase in demand for plant-based protein sources. Particularly among millennials, who comprise a sizeable portion of the consumer population, interest in veganism is rising. For competitors in the market for plant-based milk, this has presented growing potential.

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The prevalence of lactose sensitivity has prompted people to choose alternatives that don’t contain dairy. Governments and health organizations have made a number of recommendations aimed at managing lactose intolerance effectively, one of which is to choose lactose-free milk and dairy products, hence fostering the market for plant-based milk.

Even while plant-based milk is becoming increasingly popular with health-conscious customers, the relatively lower protein level in these dairy substitutes is expected to impact the product’s overall consumption. Another difficulty for producers of plant-based milk is the time-consuming legal and regulatory inspection procedure, as industry associations forbid producers from using labelling that can mislead customers about the product’s nutritional content.

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Segmental Overview

The market for Plant-based Milk is segmented into type, form, flavor, end-use, and distribution channel. Due to its high protein content and widespread consumer appeal, the soy milk sector held the largest market share of more than 50% in 2021. Through the projected period of 2022–2030, Soya Milk is also anticipated to post a CAGR of above 10%. Better flavor and a wider selection of flavors are available in plant-based milk. Due to its low-fat content and accessibility of flavor in the plant-based milk market, almond milk is progressively increasing its market share to about 40%.

Regional Overview

In terms of revenue share among the regional markets, the North American market is anticipated to rule the global Plant-based Milk market over the expected time frame. High nutritional value and one of the most well-liked dietary trends among consumers, the vegan diet, drive consumer demand for plant-based milk. Additionally, the prevalence of illnesses connected to lactose intolerance among consumers will increase demand for plant milk from the United States and Canada. Similar to how consumers’ increased sensitivity to lactose and other ailments would increase demand for plant milk in Canada and the United States.

(A free sample of the Plant-based Milk report is available upon request; please contact us for more information.)


Our Free Sample Report Consists of the following:

(Please note that the sample of the Plant-based Milk report has been modified to include the COVID-19 impact study prior to delivery.)

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Report Scope

Feature of the ReportDetails
Market Size in 2021USD 13 Billion
Projected Market Size in 2030USD 30 billion
Market Size in 2022USD 15 Billion
CAGR Growth Rate9% CAGR (2022-2030)
Base Year2022
Forecast Period2023-2032
Prominent PlayersGroupe Danone., The Hain Celestial Group Inc., Pacific Foods of Oregon Inc., Vitasoy International Holdings Limited. , Turtle Mountain LLC., Natura Foods, Sunopta Inc., Alpina Foods., Freedom Foods Group Ltd., Mc Cormick & Co., Goya Foods., Earth’s Own Food Company Inc., The Hershey Company., The Bridge s.r.l. Kaslink Foods Oy Ltd., Edward & Sons., Blue Diamond Growers Inc., Chef’s Choice Food Manufacturer Company Limited., Liwayway Holdings Company Limited, and Others
Key SegmentBy Type, Form, Flavor, End-use, Distribution Channel, and Region
Report CoverageRevenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional ScopeNorth America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying OptionsRequest tailored purchasing options to fulfil your requirements for research.

Competitive Landscape

Our market analysis includes a section specifically devoted to key players operating in the Plant-based milk market. Our analysts give an overview of each player’s financial statements, product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.

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Key questions answered in this report:

Key Offerings:

Some of the prominent players

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The global Plant-based Milk market is segmented as follows:

By Type

By Form

By Flavor

By End-use

By Distribution Channel

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(We customized your report to meet your specific research requirements. Inquire with our sales team about customizing your report.)

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Browse the full “Plant-based Milk Market Size, Trends and Insights By Type (Soy Milk, Oat Milk, Coconut Milk, Almond Milk, Rice Milk, Others), By Form (Liquid, Powder), By Flavor (Unflavored, Flavored), By End-use (Infant Formula, Dairy Products, Bakery & Confectionary, Others), By Distribution Channel (Direct, Indirect), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” Report at https://www.custommarketinsights.com/report/plant-based-milk-market/

By Region

North America

Europe

Asia Pacific

The Middle East & Africa

Latin America

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This Plant-based Milk Market Research/Analysis Report Contains Answers to the following Questions.

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