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The global plant milk market was valued at USD 20 billion in 2022 and grew at a CAGR of 10% from 2023 to 2032. The market is expected to reach USD 51.87 billion by 2032. Given the rising prevalence of lactose intolerance, the increasing demand for dairy alternatives will drive the growth of the global plant milk market.
Plant milk is a non-dairy milk alternative. It is a category of beverages designed to replicate the taste and texture of traditional milk. It is derived from plant sources. The changing dietary preferences, including the rising prevalence of lactose intolerance and environmental concerns associated with traditional dairy farming, contribute to plant milk's growing popularity. Common sources of plant milk include soybeans, almonds, oats, rice, coconuts, cashews, hemp seeds, and yellow peas. The type of source leads to varying textures and flavours of plant milk. For instance, soy milk has a creamy consistency and almond milk has a nutty flavour. Plant milks have essential vitamins and minerals similar to dairy milk, making them suitable substitutes. Plant milk provides a lactose-free alternative for those with lactose intolerance and addresses allergies to cow's milk proteins.
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The dietary changes and increasing prevalence of lactose intolerance – the increasing prevalence of health-conscious individuals turning to plant milk for its numerous health advantages, such as lower saturated fats, will propel the demand for plant milk. The prevalence of allergies to cow's milk proteins further drives the demand for plant milk. The popularity of vegan and plant-based diets will also propel the market's growth. With business initiatives and an expanding variety of plant-based options, the market for plant milk will witness sustained growth and development.
Nutritional and other ingredient concerns of plant milk – Several factors related to nutrition, allergies, added sugars, and thickening agents and stabilizers could potentially negatively impact the demand for plant milk. Nutritional variations, especially the lower protein content in some plant milk than cow's milk, concern consumers seeking balanced dietary habits. The risk of allergens from specific plant sources will also reduce the appeal of plant milk to consumers. The presence of added sugars is another significant concern for health-conscious consumers. Therefore, the nutritional and artificial ingredients of plant milk will limit the market's growth.
The increasing awareness about plant milk – Increasing environmental awareness and concerns related to traditional dairy farming and animal cruelty drive the demand for plant milk. Consumers are opting for plant milk as a more sustainable and eco-friendly option. The introduction of innovative plant milk varieties with diverse flavours and textures is expanding the consumer market. Strategic marketing efforts promoting plant milk's health benefits, ethical considerations, and positive environmental impact and roping in celebrities and social media influencers to improve brand and product recognition and visibility are increasing the demand for plant milk. Therefore, the increasing awareness about plant milk will positively impact the market’s growth.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global plant milk market, with a 38% market revenue share in 2022.
The increasing awareness of health and wellness has driven individuals to seek alternatives to traditional dairy. The region's prevalence of lactose intolerance and dairy allergies is the most significant contributor to this lifestyle shift. The rise of vegan and plant-based diets and followers of the same, given the rising awareness about these diets and their benefits with growing social media influence, is also contributing to the market's growth. The diverse offerings of plant milk cater to varied taste preferences and wider availability and accessibility of these products. The presence of plant milk in supermarkets and grocery stores ensures easy accessibility.
North America Region Plant Milk Market Share in 2022 - 38%
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The source segment is divided into almond, soy, rice, oat, coconut, and others. The almond segment dominated the market, with a market share of around 35% in 2022. Almond milk is versatile with a mild and nutty flavour, positioning it as the go-to choice for various applications, which contributes to its rising popularity. Almond milk is also environmentally sustainable with its relatively lower environmental impact of almond tree cultivation than traditional dairy farming. It is the preferred alternative to dairy milk for vegan and plant-based diets. The widespread availability of almond milk in supermarkets and the ease with which consumers can find it in various flavours and formulations contribute to its accessibility and popularity. Its favourable taste profile, nutritional attributes, and adaptability to diverse dietary lifestyles contribute to its dominance in the market.
The distribution channel segment is divided into online, supermarkets, convenience stores, and others. The supermarket segment dominated, with a market share of around 60% in 2022. A supermarket is a large retail store offering diverse products, where customers can select items from shelves and check out the billing counter. Supermarkets provide convenience and accessibility options like almond, soy, oat, and coconut milk. The ease of finding plant milk alongside other groceries simplifies the consumer's shopping experience. Supermarkets offer an ideal distribution partnership due to their extensive market reach, established infrastructure, and reliable supply chains. Supermarkets enhance visibility and brand exposure for plant milk products.
The end-user segment is divided into retail/household, food services, food and beverages, and others. The retail/household segment dominated the market, with a market share of around 45% in 2022. A rising emphasis on health consciousness has led many households to seek alternatives to traditional dairy milk, with plant milk offering a near-perfect substitute. The prevalence of lactose intolerance and dairy allergies in the population has further propelled the adoption of plant milk. As consumers become more aware of the ecological impact of traditional dairy farming, they are gravitating towards plant milk. The popularity of vegan and plant-based diets in households also contributes to its popularity in the retail sector. The market's continuous innovation, offering diverse plant milk options, contributes to its widespread acceptance and adoption. Influences from social media, celebrity endorsements, and cultural trends further contribute to the positive perception and increasing adoption of plant milk in households.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 20 Billion |
| Market size value in 2032 | USD 51.87 Billion |
| CAGR (2023 to 2032) | 10% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Source, Distribution Channel and End User |
As per The Brainy Insights, the size of the global plant milk market was valued at USD 20 billion in 2022 to USD 51.87 billion by 2032.
Global plant milk market is growing at a CAGR of 10% during the forecast period 2023-2032.
The market's growth will be influenced by the dietary changes and increasing prevalence of lactose-intolerance.
Nutritional and other ingredient concerns of plant milk could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global plant milk market based on below mentioned segments:
Global Plant Milk Market by Source:
Global Plant Milk Market by Distribution Channel:
Global Plant Milk Market by End User:
Global Plant Milk Market by Region:
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