DUBLIN, Nov. 23, 2023 /PRNewswire/ — The “Plant-based Milk Market by Type, Formulation, Distribution Channel – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
Global plant-based milk market is projected to reach $47.55 billion by 2030, at a CAGR of 11.7% from 2023 to 2030
The report provides an in-depth analysis of the plant-based milk market across five major geographies, current market trends, size, and recent developments, and the forecast till 2030.
The plant-based milk market is experiencing substantial growth driven by several factors. These include a high prevalence of lactose intolerance and cow milk allergies, a growing emphasis on health and well-being, evolving dietary preferences toward sustainability, and increased investments and government support for plant-based industries.
However, the market faces challenges, such as a strong preference for animal-based milk products and a rise in the consumption of soy-free and gluten-free alternatives.
Asia-Pacific is poised for significant growth during the forecast period (2023-2030). Key drivers include the region’s rising vegan and flexitarian populations, the increasing popularity of Western diets, and greater investments in the plant-based milk industry.
The oat milk segment is expected to exhibit the highest compound annual growth rate (CAGR) between 2023 and 2030. Oat milk is rich in vitamins and minerals, including vitamin B2, vitamin B3, phosphorus, and manganese, contributing to overall health. It is often fortified with essential nutrients like calcium, vitamin D, and vitamin B12, offering similar nutritional benefits to cow’s milk. The segment’s growth is fueled by consumers’ increasing preference for soy-free, low-fat, and gluten-free products, as well as growing awareness of oat milk’s health benefits.
Flavored plant-based milk is projected to achieve the highest CAGR during the 2023-2030 forecast period. This growth is attributed to rising demand for ready-to-drink beverages and shifting consumer taste preferences.
In 2023, the business-to-consumer (B2C) segment is expected to dominate the global plant-based milk market. This is primarily due to increased retail sales of plant-based milk in supermarkets and hypermarkets, expanded shelf space for plant-based products in modern grocery stores, a growing preference for shopping at physical grocers for easy access and availability, and increasing consumer acceptance of vegan and vegetarian dairy alternatives, particularly plant-based milk.
Key Questions Answered in the Report:
What is the value of revenue generated by the plant-based milk market?
At what rate is the global demand for plant-based milk projected to grow for the next 5-7 years?
What is the historical market size and growth rate for the plant-based milk market?
What are the major factors impacting the growth of this market at global and regional levels?
What are the major opportunities for existing players and new entrants in the market?
Which type, formulation, and distribution channel segments create major traction for the manufacturers in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the plant-based milk market?
Who are the major players in the plant-based milk market? What are their specific product offerings in this market?
What recent developments have taken place in the plant-based milk market? What impact have these strategic developments created on the market?
Market Insights
Factors Affecting Market Growth
High Prevalence of Lactose Intolerance & Allergies to Cow Milk Driving the Plant-Based Milk Market
Growing Focus on Health & Well-Being Boosting the Demand for Plant-Based Milk Products
Changing Eating Habits & Consumers’ Drive Toward Sustainability Increasing the Adoption of Plant-Based Milk
Increasing Investments & Government Support for Plant-Based Industries Accelerating the Growth of the Plant-Based Milk Market
High Preference for Animal-Based Milk Products Impacting Market Growth
Growing Consumption of Soy-Free & Gluten-Free Products Limiting the Adoption of Plant-Based Milk
Emerging Economies in Asia-Pacific and Latin America Expected to Generate Growth Opportunities for Market Players
Fluctuating Raw Material Prices Expected to Remain a Major Challenge for Market Stakeholders
Pricing Analysis
Overview
Almond Milk
Soy Milk
Coconut Milk
Oat Milk
Rice Milk
Other Plant-Based Milk
Competition Analysis
Key Growth Strategies
Competitive Benchmarking
Competitive Dashboard
Industry Leaders
Market Differentiators
Vanguards
Emerging Companies
Company Profiles: Overview, Financials, SWOT Analysis
Hain Celestial Group Inc. (U.S.)
SunOpta Inc. (Canada)
Sanitarium Health and Wellbeing Company (Australia)
Axiom Foods Inc. (U.S.)
Earth’s Own Food Company Inc. (Canada)
Sunrise Soya Foods (Canada)
Campbell Soup Company (U.S.)
Danone S.A. (France)
Plamil Foods Ltd. (U.K.)
Sahmyook Foods (South Korea)
Nestle S.A. (Switzerland)
Natura Foods (Canada)
Blue Diamond Growers (U.S.)
Oatly Group AB (Sweden).
Scope of the Report:
Global Plant-based Milk Market Assessment – by Type
Almond Milk
Soy Milk
Coconut Milk
Oat Milk
Rice Milk
Other Plant-based Milks
Global Plant-based Milk Market Assessment – by Formulation
Unflavored
Flavored
Global Plant-based Milk Market Assessment – by Distribution Channel
Business-to-Business
Business-to-Consumer
Modern Groceries
Convenience Stores
Specialty Stores
Online Retail Stores
Other B2C Distribution Channels
Global Plant-based Milk Market Assessment – by Geography
North America
U.S.
Canada
Europe
Germany
U.K.
Spain
Italy
France
Netherlands
Sweden
Belgium
Austria
Denmark
Poland
Portugal
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Thailand
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Argentina
Rest of Latin America
Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/s6ht8k
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SOURCE Research and Markets
