Plant-based Milk Market

Market Study on Plant-based Milk: Popularity of Soy Milk Surging across Geographies

Plant-based Milk Market Segmented By Soy, Almond, Coconut, Rice, Oats Type with Original and Flavored Flavors in Food and Beverage Industry

Plant-based Milk Market Outlook (2021-2031)

The global plant-based milk market is currently valued at US$ 12.1 Bn, and is anticipated to surge at a value CAGR of 9.5% to close in on a valuation of US$ 29.5 Bn by 2031.

Plant-based Milk Market Size (2021E)

US$ 12.1 Bn

Projected Sales of Plant-based Milk (2031F)

US$ 29.5 Bn

Value CAGR (2021-2031)


Value Share of Top 5 Countries (2020A)


The East Asia plant-based milk alternatives market currently holds the highest market value share of over 30%. By value, plant-based milk consumption accounts for 50% to 60% share of the global dairy alternatives market.

Find Out More about the Report Coverage


  • Groupe Danone
  • The Hain Celestial Group Inc.
  • Vitasoy International Holdings Limited.
  • McCormick & Co.
  • Sunopta Inc
  • Pacific Foods of Oregon, Inc
  • Goya Foods
  • Blue Diamond Growers, Inc.
  • Califia Farms
  • Ripple Foods
  • Oatly
  • Sanitarium
  • Ecomil
  • Hiland Dairy
  • Natura Foods
  • Earth’s Own Food Company Inc
  • Edward & Sons
  • Chef’s Choice Food Manufacturer Company Limited
  • Liwayway Holdings Company Limited
  • The Bridge s.r.l.

Plant-based Milk Demand Analysis (2016-2020) Vs Market Estimations (2021-2031)

The global market for plant-based milk expanded at a CAGR of 7.2% from 2016-2020. Rising health consciousness among consumers along with the ongoing trend of non-dairy and plant-based beverages are some of the driving factors for plant-based milk sales. Plant-based milk is an emerging segment in the category of functional beverages.

Plant-based milk is also regarded as a perfect milk alternative to dairy beverages due to increased lactose intolerance, calorie concerns, and high prevalence of hypercholesterolemia among consumers. Moreover, increased preference for vegan diets is also influencing consumers to choose cow milk alternatives. Food & beverage manufacturers are also creating new & innovative products from plant-based ingredients to attract more customers.

As per detailed analysis by Persistence Market Research, from 2021 to 2031, the global plant-based milk industry is expected to surge at a CAGR of 9.5%.

Customize this Report

Explore Intelligence Tailored to Your Business Goals.

Will Growing Consumer Preference toward Plant-based Diets Drive Market Growth?

Consumers are increasingly interested in reducing their dependency on animal-based beverage and food products because of health issues, ethical concerns, and sustainability. Plant-based products are becoming the perfect substitutes for animal-based diets due to increased awareness regarding veganism and relevant nutritional composition.

Plant-based milk substitutes have become increasingly popular over the past few years and various types of plant-based milk are readily available in the market. These plant-based milk products are designed to have the similar look and feel to cow milk, but have widespread applications across the food & beverage industry.

Plant-based eating patterns majorly lean toward food products that are primarily derived from plants. This not only includes fruits and vegetables but also seeds, oils, whole grains, plant-based dairy alternatives, beans, and many more.

Growing consumption of plant-based food has also led to higher plant-based dairy product sales. Moreover, increasing popularity of almond milk, soy milk, and other plant-based milk is also driving demand for plant-based dairy alternatives.

Market Research Methodology - Perfected through Years of Diligence

A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.

Get actionable insights on Ship Repair And Maintenance Services Market

Increased Consumption of Diary-free Ready-to-Drink Beverages to Boost Plant-based Milk Demand

Consumers nowadays are embracing ready-to-drink beverages more than ever before, which is also led by the increasing popularity of plant-based RTD beverages. The popularity of plant-based RTDs is increasing as consumers are getting the necessary combination of taste along with adequate amount of nutrients.

Plant-based ready-to-drink beverages are dairy-free, due to which, they are preferred by lactose-intolerant customers. These ready-to-drink beverages also contain low to negligible amounts of cholesterol, and hence, are low in fat, as such helping consumers in weight loss and better weight management. These are rich in protein, minerals, and vitamins, which makes them the preferred choice for consumers.

The ready-to-drink segment includes sub-categories such as milk, yogurt, smoothies, coffee, teas, and many more. These RTDs also contains many trending labels claims such as natural, clean, vegan, low-fat, non-dairy, and lactose free, which helps manufacturers attract health concerned customers.

Many top plant-based ready-to-drink manufacturers are focusing on product development to cater to more consumers. Innovation capabilities help companies come up with new flavors to increase their customer base.

  • For instance, REBBL expanded its plant-based portfolio with the introduction of REBBL Stacked Coffee, which is a plant-powered cold-brew with additional health benefits.
  • Simply Beverages also entered into the alternative milk category with the launch of Simply Almond.


Explore Persistence Market Research’s expertise in promulgation of the business !

Will Utilization of Innovative Ingredients in Plant-based Milk Products Provide More Opportunities for Market Players?

The manufacturing of plant-based milk takes place with various ingredients such as soy, rice, coconut, oat, and almond. Since the global market for plant-based milk is witnessing a rise, plant-based milk brands are also using innovative ingredients to offer their customers new and innovative products.

Additionally, due to numerous plant-based milk benefits, high demand for nutrition and healthy plant-based products has led plant-based milk competitors to expand their product portfolios by launching various types of plant-based milk products.

Plant-based milk companies are also using different types of nuts such as hazelnuts, cashews, walnuts, and macadamia nuts to produce different plant-based milk flavors. Moreover, various cereal- and seed-based milk are also coming into the market, including corn, spelt, hemp seeds, flax seeds, sunflower seeds, sesame seeds, and others.

  • Ripple Foods, a California-based company, specializes in the manufacturing and marketing of pea-based milk products.
  • The Bridge s.r.l. is Italian company that is engaged in the manufacturing and marketing of different types of plant-based milk products such as Brazil nut milk, quinoa milk, buckwheat milk, spelt milk, and others.

What are the Factors Restraining Plant-based Milk Demand Growth?

Although the popularity of plant-based milk is growing at a very fast pace, lack of understanding and familiarity with plant-based products among many consumers is stunting market expansion to some extent.

Consumers are highly dependent on milk to get the essential nutrients, which leads them with a negative perception toward plant-based milk products. Furthermore, the taste of plant-based milk is also different from that of cow milk, which is also a considerable factor for.

Additionally, the high price associated with plant-based milk consumables is also hampering sales of the product. Plant-derived milk generally is costlier due to scarce resources and high processing costs. In some countries, plant-based milk products also carry a value-added tax, due to which, price of the product goes high.

Country-wise Insights

Why is Germany a Leading Market for Plant-based Milk in the European Region?

The market for plant-based milk is set to witness significant growth in Germany at a value CAGR 8.2%. Demand for plant-based milk in Europe is increasing at a significant rate, which provides a favourable growth opportunity for plant-based milk product manufacturers.

Which Country is Propelling the East Asia Market for Plant-based Milk?

China holds a high share in the East Asian plant-based milk market. This is mainly because of the high health and nutritional benefits of plant-based milk. Also, rising demand for convenient foods and high presence of plant-based milk products with high nutrition in the food & beverage industry will have a positive impact on market growth in China, which is predicted to surge at a CAGR of 10.7% through 2031.

Category-wise Insights

Why is Soy-based Milk the Most Demanded in the Global Market?

Based on product type, soy-based milk is mostly demanded and consumed in the plant-based milk category, with the market value share of soy being 36.9%. Demand for soy-based milk is surging in the retail sector owing to its popularity among consumers and the convenience offered. It also offers numerous health benefits.

Which Distribution Channel Would Be Profitable for Plant-based Milk Suppliers?

Plant-based milk product sales are rising due to easy availability of the product through various distribution channels. Market value of plant-based milk in the business to business distribution channel, which is the leading segment, is expected to reach US$ 17.6 Bn by the end of the forecast period.

Impact of COVID-19 Crisis

The global pandemic slowed down industrial and economic activities around the world, due to which, there was a significant drop in demand for plant-based milk majorly due to lockdowns, restrictions on travel, and closure of retail outlets. Additionally, restrictions on trade and exports also made the situation worse.

Plant-based milk is made from various ingredients such as oats, coconut, rice, and others. These plants are grown in different seasons across various countries across the world. Top raw material producing countries such as India, China, and those in Europe were widely affected by the spread of COVID-19. Thus, manufacturers of plant-based milk faced a shortage of raw material owing to reduced production of raw material crops.

However, change in lifestyles of consumers, people’s growing interest in buying plant-based milk as the situation improved, and rising plant-based milk usage across the foodservice industry are all set to revive market growth substantially.

Competitive Landscape

Major producers of plant-based milk are inclined toward research & development and innovation to come up with new plant-based milk products. Manufacturers are also investing heavily to enhance their operation capabilities and expand their product footprint across the world.

  • In 2021, Alpro, a Danone-owned business announced its latest investment for its Kettering-based U.K. factory. The company plans to ramp up the production capacity of its plant-based products destined for U.K. shoppers and enhance its sustainability credentials.
  • In 2021, SunOpta announced that it acquired the Hain Celestial Group’s North America non-dairy beverage brands for a total valuation of US$ 33 Mn. This acquisition involved the purchase of two plant-based beverage brands that include Dream and WestSoy.
  • In October 2019, Blue Diamond Growers, Inc. broadened its product portfolio by launching almond milk Mexican hot chocolate, which consists of red pepper, cinnamon, and allspice, under the almond breeze product category.
  • Vitasoy International Holdings Limited has increased its focus on offering premium quality soy milk products. The company is mostly focused on increasing the protein content in soy products to enhance quality.

Plant-based Milk Market Report Scope



Forecast period


Historical data available for


Market analysis

USD million for value

Key regions covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key countries covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key market segments covered

  • Type
  • End Use
  • Distribution Channel
  • Region

Key companies profiled

  • Groupe Danone
  • The Hain Celestial Group Inc.
  • Vitasoy International Holdings Limited
  • McCormick & Company
  • SunOpta Inc.
  • Pacific Foods of Oregon, Inc.
  • Goya Foods
  • Blue Diamond Growers, Inc.
  • Califia Farms
  • Ripple Foods
  • Oatly
  • Sanitarium
  • Ecomil
  • Hiland Dairy
  • Natura Foods
  • Earth’s Own Food Company Inc.
  • Edward & Sons
  • Chef’s Choice Food Manufacturer Company Limited
  • Liwayway Holdings Company Limited
  • The Bridge s.r.l.

Report coverage

  • Market Forecasts
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & pricing

Available upon request

Plant-based Milk Industry Research by Category

Plant-based Milk Market by Type:

  • Soy Milk
  • Almond Milk
  • Coconut Milk
  • Rice Milk
  • Oat Milk
  • Others

Plant-based Milk Market by End Use:

  • Food & Beverage Industry
    • Bakery & Confectionery
    • Dairy & Desserts
    • Infant Formula
  • Retail/Household
  • Foodservice Industry

Plant-based Milk Market by Distribution Channel:

  • Business to Business Sales of Plant-based Milk
  • Business to Consumer Sales of Plant-based Milk
    • Hypermarkets/Supermarkets
    • Convenience Stores
    • Specialty Stores
    • Online Retail

Plant-based Milk Market by Region:

  • North America Plant-based Milk Market
  • Latin America Plant-based Milk Market
  • Europe Plant-based Milk Market
  • East Asia Plant-based Milk Market
  • South Asia Plant-based Milk Market
  • Oceania Plant-based Milk Market
  • Middle East & Africa Plant-based Milk Market

Media Release

- FAQs -

The global plant-based milk market is at present valued at over US$ 12.1 Bn.

Growing consumer shift toward plant-based diets and dairy-free ready-to-drink beverages, increasing investments in the plant-based milk business, and rising demand for almond- and oat-based beverages, are factors driving market expansion.

From 2016 to 2020, plant-based milk consumption increased at a CAGR of 7.2%.

Sales of plant-based milk products are projected to surge at 9.5% CAGR and be valued at close to US$ 29.5 Bn by 2031.

Groupe Danone, The Hain Celestial Group Inc., Blue Diamond Growers, Inc., Sunopta Inc, and McCormick & Co. the top 5 plant-based milk product manufacturers accounting for around 35-45% market share.

The U.K. is leading the European plant-based milk market.

The Japan plant-based milk market is anticipated to top US$ 1.3 Bn by 2031, with that in Canada reaching US$ 314 Mn.


Carotenoid Market

As per PMR's latest study reports, the global carotenoids market is expected to account for over 6,900 units over the forecast period of 2017-2026.

Coconut Milk Market

Global coconut milk market is set to experience a value growth of close to 9% CAGR over the next ten years..

U.S. Egg Replacement Market

The U.S. egg replacement market is valued at US$ 229.5 in 2022 and is expected to expand at a CAGR of 6.2% to reach US$ 419.2 Mn by 2032..

Plant-based Beverage Market

The report sheds light on a detailed value-chain analysis, an all-inclusive opportunity analysis, and a comprehensive forecast of opportunities brimming in the global plant-based beverages landscape..

Our Clients

Our Clients