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Plant based milk is an alternative to Dairy Milk, which is made from base ingredients like Soy, Almond, Oat, Rice, Coconut, Cashew, Hazelnut, Hemp, Pea and others. It is of two types, Plain Milk or Flavoured Milk. Flavoured plant milks come in varied flavours like Chocolate, Strawberry, Vanilla, and Coffee, Hazelnut, Mocha, Berry, Banana, Coconut and others. The global climatic changes, increasing deforestation, lactose intolerance, gastric problems, indigestion and animal cruelty has led to a push to the vegan or plant based food products. Given this reasons, increasingly people around the globe are turning vegetarian, vegan, or even flexitarian. The vegan trend is in the air, due to its large presence over various social media platforms over the internet. It plays a pivotal role in luring the young demographics to turn to plant based milk.
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According to the research report “Global Plant Based Milk Market Outlook, 2026″ published by Bonafide Research, the plant based milk market is expanding speedily to attain revenue of USD 25 Billion by the end of forecast period. The global plant based milk market is three times more than plant based meat market, which is prudent that plant based milk market is a matured market. The Asia Pacific milk market has exorbitant percentage in the Global Plant Based Milk Market as it is an agricultural land. By value, the plant based milk market is 50% to 60% of the Global Dairy Alternative Market. Soy milk is one of the oldest plant based milk and so it is widely available and has massive acceptance globally. Whereas, Almond milk has recently captivated, vital reason being soy milks allergenic property. The report analyses influential trends that are currently determining the growth of the market. It further, interprets important dynamics, such as the drivers, restraints, and opportunities for key market players and also the new entrants with the manufacturing of the plant based milk market. The analyses also state the upholding of the future status of the plant based milk market over the forecast period. A detailed overview of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the plant based milk market, along with their product portfolios, enhances the reliability of this extensive research study.
Growing number of population is turning vegan and the 2020 statistics shows there are 5% vegans, 20% flexitarian and 11% vegetarians around the globe. People in the western countries are more inclined towards plant based milk than the developing countries. Widespread awareness of consuming plant based foods and its positive impacts on health are a major driver for this market. Obesity is on the rise, globally irrespective of varied food cultures in different regions of the world. Plant based milk provides more energy, improves health, balances body weight and adds flavour to milk.
Middle East & Africa plant based milk market is in its nascent stage and so is an emerging market during the forecast period. Oat milk has paved its way to become one of the fastest growing markets during the forecast period with a power to cross over 10% market share globally. The other types of milk like Cashew milk, Hazelnut milk are also gaining traction in the market, as consumers are always on a spur to taste new variants. The flavoured plant based milk market is expected to grow enormously, as manufacturers are bringing new flavours on the shelf like Berry, Hazelnut, Coffee, Mocha and Coconut. While, Chocolate, Vanilla and Strawberry are well established and have succeeded in capturing majority of the market share. Online sales of plant based milks is rapidly expanding as they offer discount schemes and free home delivery options. Today’s busy consumers want to enjoy the easy accessible shopping through their luxury home space. Many one-stop shops have put themselves on the web to ease the purchasing process for the consumers. Leading supermarket chains have their own online shopping apps which further paves the market to succeed.
The Covid-19 pandemic has negatively impacted the world economy at large. Major economies were hit hard resulting in decline of GDP to a significant extent. The demand and supply chain disruption led to a decline of plant based milk market in 2020 to a noticeable point. With the tourism industry coming to an halt altogether, the plant based milk market being inversely related suffered. However, the pandemic is now being seen as an advantage to plant based food products, as consumers moving towards healthy food eating habits. Consumers want to refrain from any animal origin product due to spread of diseases.
Major Companies present in the market:
The Hain Celestial (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium Health and Wellbeing Company (Australia), Danone (France), Freedom Foods Group (Australia), Earth’s Own Food Company (Canada), Triballat Noyal (France), Valsoia S.p.A (Italy), Panos Brands (US), Melt Organic (US), Oatly (Sweden), Living Harvest Foods (US), Ripple Foods (US), Kite Hill (US), Califia Farms (US), Hudson River Foods Inc. (US), Daiya Foods Inc. (Canada), Pureharvest (Australia), Yoconut Dairy Free (US), and Yumbutter (US)
Considered in this report
• Geography: Global
• Base year: 2020
• Estimated year: 2021
• Forecast year: 2026
Aspects covered in this report
• Global plant based milk market with its value and forecast along with its segments
• Region-wise plant based milk market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation
Regions covered in the report
• North America
• Europe
• Latin America
• Asia-Pacific
• Middle-East & Africa
Types of milk in the report
• Soy milk
• Almond milk
• Coconut milk
• Rice milk
• Oat milk
• Other milk (Cashew, hazelnut, other)
Type of milk by formulation:
• Plain milk
• Flavoured milk
Type of milk by flavour:
• Chocolate
• Vanilla
• Strawberry
• Berry
• Hazelnut
• Others (Coffee, coconut, mocha)
By Sales Channel:
• Supermarkets/Hypermarkets
• Convenience Stores
• Online
• Others (Airports, gas station, Cafes, Health shops)
Table of Content:
1. Executive Summary
2. Report Methodology
3. Global Plant Based Milk Market Outlook
3.1. Market Size By Value
3.2. Market Share
3.2.1. By Company
3.2.2. By Source
3.2.3. By Formulation
3.2.4. By Sales Channel
3.2.5. By Region
3.2.6. By Country
4. North America Plant Based Milk Market Outlook
4.1. Market Size By Value
4.2. Market Share
4.2.1. By Source
4.2.2. By Formulation
4.2.3. By Sales Channel
4.2.4. By Country
…continue
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Related Reports:
North America Plant-Based Milk Market
Europe Plant-Based Milk Market
Asia-Pacific Plant-Based Milk Market
Middle East & Africa Plant-Based Milk Market
Latin America Plant-Based Milk Market
