The global plant based milk market size was estimated to be US$ 12.5 billion in 2020 and is expected to reach US$ 40 billion by 2031 at a CAGR of 11.3%. Plant milk is an option to regular dairy milk produced using plants, for example, almond milk, soy milk, and coconut milk. Plant-based milk is frequently meant for individuals with clinical issues or lactose intolerance.
Plant dairy items are loaded with supplements like proteins, fats, vitamins and carbs. It is a concentrate from sources, for example, plant milk, soybeans, almonds, coconut, oats, and rice, as indicated by the National Institute of Pediatric Health and Human Development. For dairy items and other animal milks available.
Vegetable milk is broadly acknowledged by shoppers due to its high healthy benefit and abundance of nutrients, minerals, sugars and proteins. Conventional cow's milk buyers have recently been observed inclining to without lactose milk, which will significantly help the plant milk industry share. The most fundamental factor related with the expanded prevalence of plant-based milk is its creation cycle—liberated from animal cruelty.
Various changes are observed over the years in plant based milk sector.
In January 2019, Costa Coffee has added almond milk to its line-up to satisfy the developing need for vegetarian alternatives. Plant-based milk consumption is developing hugely across the globe, because of various medical advantages presented by plant-based milk, for example, soy milk, coconut milk, and others. Alongside worldwide, small scale and new market players are likewise putting forth huge attempts to expand their fairly estimated worth by dispatching plant-based milk items. For example, in September 2018, Life Health Foods India Private Limited dispatched a scope of plant-based milk, under its new brand, called 'So Good'.
The plant-based milk market is projected to extend at a quick speed during the forecast period, resulting from rising purchaser tendency towards vegetarian food and drinks. As per Plant-Based Foods Association, plant-based milk market developed significantly during 2018 and plant-based milk addresses sizable percentage of the absolute milk market at present. Medical advantages presented by vegan lover diet over regular eating routine, combined with expanded reception of dairy substitutes by individuals experiencing obesity, cardiovascular disorders, and diabetes, is relied upon to fuel the development of plant-based milk market during the forecast period. Hypersensitivity from lactose among certain people is another critical aspect that is driving the development of plant-based milk market since last few years.
North America is assessed to hold the significant income share in the worldwide plant-based market, attributable to the quickly expanding vegetarian populace in the province. The fast development of dairy choices market in North America is relied upon to contribute fundamentally to the development of the province. Expanded consumption of North American populace of food and beverages items, combined with a fast change in inclination of American populace and reception of a solid eating regimen, is additionally expected to help the development of North America plant-based milk market during 2021-2031.
Global Plant-based Milk Market Value Share Analysis, by Geography (2021)
The report titled “Global Plant-based Milk Market - Global Market Share, Trends, Analysis and Forecasts, 2022-2032”, wherein 2020 is historic period, 2021 is the base year, and 2022 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the Global Plant-based Milk Market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global Plant-based Milk market is segmented as source, packaging, distribution channel, and region. Based on source, the Plant-based Milk market is segmented into soy milk, coconut milk, rice milk, almond milk, others. Based on packaging, the Plant-based Milk market is segmented into bottles, carton packaging, pouches, other. Based on distribution channel, the Plant-based Milk market is segmented into retail stores, online channels, specialty stores, others.
Based on geography, the Global Plant-based Milk Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Italy, France, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, UAE, South Africa and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on Global Plant-based Milk Market. Further, market share of prominent companies in the Global Plant-based Milk Market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the Plant-based Milk companies. The Global Plant-based Milk Market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the Plant-based Milk business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the Global Plant-based Milk Market.
The key players of the Global Plant-based Milk Market are:
Danone, Daiya Foods, DREAM, Archer Daniels Midland, Ripple Foods, Malk Organic, The New Barn, Califia Farms, and others.
Global Plant-based Milk Market Key Segments:
Based on source
Based on packaging
Based on distribution channel
Rest of North America
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
Rest of Middle East & Asia
Rest of South America
InsightSLICE adopts a research methodology which is highly meticulous and comprehensive, yielding accurate research results. Our research methodology utilizes data triangulation model which helps in the precise collection and validation of information. Our set processes for problem solving and paid primary tools guarantee that any client requirement is met with utmost diligence and accuracy. Some of the primary components that are consequential to our research approach are:
Secondary Research or Desk Research
Distinctive Data Model
Secondary Sources include but are not limited to:
Past Published Research
Historical Data and Information
Primary Sources include but are not limited to:
InsightSLICE also leverages three types of data triangulation approaches as follows:
Data Source Triangulation
Extracting data and validation from multiple type of secondary and primary sources
Combining various methodologies to validate data inputs
Applying different theories to check credibility of data sets