Global Plant-based Milk Market: Market Outlook
Plant-based milk is made from plants such as soy, almond, hemp, coconut, rice, cereals, nuts, and other sources. Dairy usage in some categories has to witness decline from the last two decades, owing to the consumers respond to the worries over hormone usage, allergens, and the perceived unhealthy profile for some dairy offerings. These factors lead to increased preferences for dairy alternative products such as plant-based protein, dairy products, and other food products. Besides, a wide variety of flavor and taste characteristics of plant-based milk products further fueling the growth of the global plant-based milk market. Plant-based milk is comparatively low in fat, sugar, and calories and high in protein, vitamin, calcium, and gluten-free. The plant-based milk offers numerous health benefits to the consumers as compared to dairy milk which driving the growth of plant-based milk markets across the globe.
Global Plant-based Milk Market: Market Dynamics
Millennials and Generation Z are the main consumers of plant-based milk products as they show an inclination towards experimenting and trying out new products. These consumers are highly aware of health and health beneficial ingredients and are always seeking new and healthy alternatives in the global food and beverage market. Plant-based milk products can provide additional nutritional content with the same taste and flavor for the traditional consumers who are seeking for the real taste of dairy in the plant-based milk which attracting them towards the use of plant-based milk instead of dairy milk. On the other hand, plant-based milk products are fulfilling the taste and flavor demand of the consumers. Owing to these factors the demand for plant-based milk products is increasing across the globe. The increasing lactose intolerance among consumers, especially in the established market has become a key growth driver of the plant-based milk market. Besides rising concern regarding health and wellness, and the increase in diabetes, obesity, and other cardiovascular diseases among consumers have made them prefer plant-based and vegan products including plant-based milk. Plant-based milk offers a balanced diet and healthy lifestyle, and also offers high nutritional value, minerals, healthy fats, and vitamins as compared to dairy milk and products.
Global Plant-based Milk Market: Market Segmentation
Based on nature, the global plant-based milk market has been segmented as,
Based on formulation, the global plant-based milk market has been segmented as,
Based on the source, the global plant-based milk market has been segmented as,
Based on application, the global plant-based milk market has been segmented as,
Based on the distribution channel, the global plant-based milk market has been segmented as,
Based on regions, the global plant-based milk market has been segmented as,
Global Plant-based Milk Market: Key Players
Some of the key players are engaged in the business of the global plant-based milk market are: Pacific Foods of Oregon, Inc, Turtle Mountain LLC., Natura Foods, Sunopta Inc., Earth’s Own Food Company Inc., The Hershey Company, Edward & Sons, Alpina Foods, The Bridge s.r.l. Kaslink Foods Oy Ltd., Groupe Danone, The Hain Celestial Group Inc., Vitasoy International Holdings Limited., Freedom Foods Group Ltd., Mc Cormick & Co., Goya Foods., Blue Diamond Growers, Inc., Chef’s Choice Food Manufacturer Company Limited., Liwayway Holdings Company Limited., and others. These manufacturers are focused on promoting plant-based milk as a healthy alternative to dairy milk. Also engaged in increasing their offering with increased flavor and taste characteristics.
Opportunities for the Key Players in the Global Plant-based Milk Market
Consumers in Europe and North America are becoming more proactive in the use of plant-based milk products in the prevention of the risk and diseases that are associated with meat and dairy products. Besides, the number vegan population is increasing in these regions which are expected to support the growth of the global plant-based milk market. The Asia Pacific region has witnessed the growth in health-conscious consumers who are seeking healthy alternatives in the food and beverage products. Thus, the demand for plant-based milk products is expected to increase in this market.
COVID 19 Impact on Global Plant-based Milk Market
As the COVID-19 effect is rising on the food and beverages industry, the food and beverage companies across the world, the demand for animal milk is high in comparison to plant-based milk. Retail chain and grocery stores have prioritized to sale those products that are essential in daily routine life rather than selling of premium category of food and beverages. In most of the countries, companies have shut down there product units, that also has leads to decrease in supply of plant-based milk in many countries. The North America and Europe are the leading consumer of the plant based milk products which suffering from the serious cause of the Pandemic COVID 19. In which government bodies have allowed only allowed the sale of essential things such as grains, spices, vegetables, dairy and bakery products. These factors are expected to slow down the growth of the plant-based milk in the global market.