Regardless of what consumers think of the taste and nutrition of plant-based milk products, they are still preferring to go beyond milk and adapting to plant-based food products. As consumers are increasingly familiarizing themselves with meat alternative products, the same trend is also being followed for dairy products.
Substantial rise in awareness regarding the health and environment benefits of plant-based food products has also flourished the demand for various plant-based milk products. A significant impact of consumers’ desirable demand for plant-based milk has led to an unexpected rise in the launch of such products over the past few years, aiding the expansion of the global plant-based milk market size.
- For instance, in June 2020, Sproud, a Swedish pea-based milk provider, launched its product across North America.
- In January 2020, Nestle, one of the largest food & beverage companies, debuted in the plant-based milk market by launching the ‘Nesquik’ brand, which offers oat milk.
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- 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
- 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 Market Trends
Dairy-free Ready-to-Drink Beverages Gaining Traction: Ready-to-drink beverages are among the widely popular beverage products across the world, as consumers are getting the necessary combination of taste and nutrition. Since the adoption of the vegan diet is rising around the globe, manufacturers are increasingly offering dairy-free, ready-to-drink beverage products to consumers.
Availability of diverse flavors, unique taste, and essential nutrients has also created a favorable scenario for the plant-based milk market, especially ready-to drink products, among consumers. Some of the products such as plant-based RTD coffee, tea, and others, which include flavors of vanilla, chocolate, barista, and orange, are becoming widely popular among consumers.
- For instance, in October 2017, Starbucks announced the expected launch of plant-based ready-to-drink products. The company is mainly offering almond milk-based products such as bottled Frappuccino, a chilled coffee drink with almond milk.
Rising Demand for Almond- and Oat-based Beverages: Plant-based milk products are produced using a diverse range of ingredients such as soy, almond, coconut, oat, cashew, rice, and many others. Among these, almond- and oat-based milk products are becoming quite popular among consumers, owing to the unique taste and essential health beneficial properties of almonds and oats.
Almond is known to be one of the prominent heart healthy nuts, rich in fiber, calcium, magnesium, riboflavin, and unsaturated fatty acids, and frequently appears in nutritional recommendations and guidelines for vitamin E (alpha-tocopherol). Almond milk is also presumed to be good for children. Whereas, the rising popularity of oats along with availability of high content of dietary fiber, phytochemicals, and antioxidants is also expanding the consumer base of the plant-based milk market.
- For instance, in June 2020, Pacific Foods of Oregon, Inc. launched organic oat-based beverages with reduced sugar.
- In October 2019, Blue Diamond Growers, Inc. launched its new product, almond milk Mexican hot chocolate, under the almond breeze product category.
Growing Use of Plant-based Milk in Foodservice Industry: Plant-based milk products are also gaining rapid traction among foodservice providers, as consumers are also seeking plant-based food in restaurants and cafes. Plant-based milk is expected replace dairy milk in foodservice restaurants on a large scale. Also, coconut milk, rice milk, and others are becoming perfect replacements for diary milk. Coconut milk is ideal for cooking, baking, and giving food a delicious aroma. It is majorly used in all kind of dishes such as curries, soups, smoothies, and others. Moreover, a thin texture of rice milk makes it a suitable option for coffee. Oat, almond, and soy milk are considered healthy beneficial milk for cooking.
- For instance, The McCormick & Company offers coconut milk products under the Thai Kitchen brand, especially for the foodservice industry.
- Oatly, a Swedish oat milk company, distributes its oat-based milk products across the HoReCa sectors in Europe, China, the U.S., UAE, and other regions.
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Regional Analysis of Plant-based Milk Market
The plant-based milk market has been witnessing high growth from the past few years, and Asia Pacific holds the highest plant-based milk market value share. Asia Pacific countries such as China, India, Indonesia, and others are prominent producers of soy, coconuts, and rice.
The consumption of soy-, coconut-, and rice-based products has popular in the region from centuries. Along with that, Europe is also exhibiting significant value share in the global plant-based milk market.
This is attributable to the high population of vegan consumers who are preferring plant-based milk products over dairy products. Moreover, the Middle East & Africa and Latin America are also anticipated to exhibit substantial growth in the global plant-based milk market, over the coming years.
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COVID-19 Impact on Plant-based Milk Market
The COVID-19 pandemic has disrupted the global economy and adversely impacted different industries across the world. The food & beverage industry has also faced unwanted consequences, with the sales of food and beverage products showing a decline over the past few months due ongoing lockdowns across the globe.
The plant-based milk market has also been affected due to low production and supply chain disruptions. However, as restrictions are eased, the growth of the plant-based milk is expected to increase gradually.
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The global plant-based milk market is anticipated to exhibit significant growth, with Asia Pacific projected to offer substantial growth opportunities during the forecast period of 2020-2030. More and more consumers are preferring plant-based milk products over dairy products, which is a considerable factor for the growth of the global plant-based milk market in the foreseeable future.
Leading market players such as Groupe Danone, The Hain Celestial Group Inc., Blue Diamond Growers, Inc., and others are focusing on business expansion and targeting product innovation to strengthen their positions in the global plant-based milk market.
Increasing production capacity and improvement in quality are other strategies that are being adopted by key players to gain a competitive edge in the global plant-based milk market space.
Key Segments of Global Plant-based Milk Market
PMR’s report on the global plant-based milk market offers information divided into four segments- type, end use, flavor, distribution channel, and region.
Key Questions Answered in PMR’s Global Plant-based Milk Market
- Which region will hold the highest market share in the global plant-based milk market during the forecast period?
- Which region is experiencing the highest growth (CAGR)?
- Which factors are impacting the global plant-based milk market?
- What are the global trends impacting the plant-based milk market?
- What strategies must emerging players adopt to capture opportunities in various regions in the plant-based milk market?
- What is the market structure of the global plant-based milk market?