Rising Trend of Veganism to Steer Plant-based Milk Market Past US$ 32 Billion by 2031

Plant-based Milk to Remain Highly Sought-After Amid Rising Prevalence of Lactose Intolerance Worldwide

Fact.MR most recent report on the market for plant-based milk gives a 10-year prognosis through 2021 and beyond. The report provides insights into market dynamics including growth drivers, restraints, and opportunities. Besides this, it discusses about opportunities arising across segments like products, nature, end-use, and sales channel

NEW YORK, Aug. 16, 2022 /PRNewswire/ — The global plant-based milk market revenue totalled US$ 11 billion in 2020. With rising trend of veganism and surge in lactose intolerance cases, the overall demand for plant-based milk products is anticipated to grow at a prolific CAGR of 11% between 2021 and 2031, totalling around US$ 32 billion by the end of 2031.

Over the years, plant-based milk products have gained immense traction across the world due to their various health benefits, easy availability, and surge in vegan population. Consumers, especially ones who are allergic to milk are showing a keen inclination towards utilizing plant-based milk products.

Hence, demand for these products, including plant-based milk, plant-based butter, and plant-based cheese, is expected to gain immense traction over the forthcoming decade. This will continue to provide a strong thrust to the growth in plant-based milk products during the forecast period.

Similarly, evolving trends such as the demand for healthy and clean label products will propel sales of plant-based milk products over the next ten years. According to the Plant Based Foods Association, sales of new categories of plant-based milk product exceeded US$7 billion in 2020 and saw double-digit increases of 27%.

Demand is especially high for plant-based milk due to surge in cases of lactose intolerance and awareness about the high nutritional benefits of plant-based milk. Subsequently, adoption of effective marketing strategies to increase plant-based products awareness and their health benefits is expected to boost sales of plant-based milk products during the assessment period.

Key Takeaways:

• Based on product, almond milk sales reached a valuation of US$ 6.5 Bn in 2020 and is likely to further grow at a CAGR of 14.2% over the forecast period
• By sales channel, around 2 out of 5 sales is expected to be contributed by online channels.
• The U.S. plant-based milk market is likely to grow a 10% CAGR over the upcoming decade.
• Demand for plant-based milk is poised to grow at a healthy pace across China during the forecast period.
• With rising shift towards veganism, India will emerge as a lucrative market for plant-based milk.

Growth Drivers:

• Rise in vegan population along with increasing popularity of organic foods will continue to bolster the demand for Plant-based milk during the forecast period.
• Increasing prevalence of lactose intolerance is acting as a catalyst for the growth of Plant-based milk.
• Effective marketing strategies and adoption of advanced manufacturing technologies will help leading players to improve their revenue share.

Restraints:

• Increasing usage of milk and milk products is restraining growth of the Plant-based milk market.
• Low availability of Plant-based milk across emerging regions is also limiting market growth to some extent.

Competitive Landscape:

Leading players are embracing novel strategies including cutting-edge marketing strategies, technology developments, mergers, and acquisitions to improve their market share

For instance,

• Danone SA, a major producer, entered the dairy-free market by spending $12.5 billion to buy WhiteWave Foods, the US producer of the Alpro and Silk Plant-based milk-alternative lines.
• Danone made the announcement in February 2019 that a new structure will be dedicated to plant-based food items, such as yogurt, at its factory in DuBois, Pennsylvania.
• The debut of a variety of cold, oat-based drinks under the new Jörd brand was announced by Arla in March 2020. The drinks would first be offered in Denmark, Sweden, and the United Kingdom.

Key Companies Profiled by Fact.MR

• Danone SA.
• Lactalis
• Arla Foods
• Chobani
• General Mills
• Saputo
• Unilever
• Kraft Heinz
• Nestle
• Bel Group
• Muller
• The Hain Celestial Group, Inc.
• Sahmyook Foods.
• Sanitarium Health and Wellbeing Company. …
• Axiom Foods, Inc.
• Daiya Foods Inc.
• Earth’s Own Food Company, Inc.

Key Companies Profiled by Fact.MR

In the latest study, Fact.MR offers a detailed study on global plant-based milk market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of Plant-based milk through detailed segmentation as follows:

By Product:

• Plant-based Milk (by Protein Source)
  • Almonds
  • Cashews
  • Coconuts
  • Hazelnuts
  • Oats
  • Rice
  • Soy
  • Flax
  • Hemp
  • Macadamia
  • Peanuts
  • Pistachios
  • Quinoa
  • Sesame
  • Others
• Plant Based Frozen Desserts (by Protein Source)
  • Avocados
  • Oats
  • Cashews
  • Soy
  • Almonds
  • Coconuts
• Plant Based Butter (by Form)
  • Sticks
  • Spread
• Plant Based Creamers (by Protein Source)
  • Soy
  • Coconuts
  • Almonds
  • Others
• Plant Based Yogurt (by Protein Source)
  • Oats
  • Cashews
  • Soy
  • Almonds
  • Coconuts
  • Others
• Plant Based Cheese (by Form)
  • Blocks and Wedges
  • Creams, Sauces and Spreads
  • Shredded and Crated
  • Sliced

By Nature:

• Organic Plant Based Dairy
• Conventional Plant Based Dairy

By End Use:

• Plant Based Dairy for B2B Consumers
  • Bakery and Confectionary
  • Snacks and Savouries
  • Ready Meals
  • HoReCa
  • Other Food Products
• Plant Based Dairy for B2C Consumers
  • HoReCa
  • Household

By Sales Channel

• Plant Based Dairy Sales through Direct Channels
• Plant Based Dairy Sales through Retail Channels
  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Independent Grocery Stores
  • Specialty Stores
  • Online Stores

Key Questions Covered in the Plant-based Milk Market Report

• What is the projected value of the plant-based milk market in 2021?
• At what rate will the global plant-based milk market grow until 2031?
• Which are the factors hampering the growth in the plant-based milk market?
• Which region is expected to lead in the global plant-based milk market during 2021-2031?
• Which are the factors driving the plant-based milk market during the forecast period?
• What is the expected market value of the plant-based market during the forecast period?

Explore Fact.MR’s Coverage on the Food & Beverages Domain

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Dairy Whiteners Market: During the projected period of 2021–2031, the global sales of dairy whiteners are anticipated to grow at 6% CAGR, reaching around US$ 18 Billion by 2031. Rising adoption of a healthy lifestyle and growing health awareness are fueling the demand for dairy whiteners.

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Milk Thistle Supplements Market:  Milk Thistle Supplements Market Analysis by Form (Softgel, Capsules, Liquid, Tablets, Milk Thistle Supplement Powder & Granules), by Sales Channel, by Region – Global Forecast 2022-2032

Milk Frother Market: The U.S. is one of the prominent consumers and manufacturers of coffee products, and has grown rapidly over the years. The U.S. milk frother market currently accounts for US$ 75.1 million (3.9 million units of milk frothers).

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About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.

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Article Credits: PR Newswire