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Global Plant-based Milk Powder Market by Type (Almond Milk Powder, Soy Milk Powder, Coconut Milk Powder, Other Types)
Newly-released Plant-based Milk Powder Market analysis report by Persistence Market Research reveals that global sales of the Plant-based Milk Powder Market in 2022 were held at US$ 373.4 million. With a projected CAGR of 7.6% from 2023 to 2033, the market is expected to reach a valuation of US$ 833.9 million by the end of the forecast period. Almond Milk Powder is expected to be the highest revenue-generating type in the market, projected to grow at a CAGR of over 7.4% from 2023 to 2033.
| Attributes | Details |
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Global Plant-based Milk Powder Market Size (2023) |
US$ 401 million |
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Global Plant-based Milk Powder Market Size at End of Forecast (2033) |
US$ 833.9 million |
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Global Plant-based Milk Powder Market CAGR (2023 to 2033) |
7.6% |
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United States Plant-based Milk Powder Market CAGR (2023 to 2033) |
7.4% |
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Key Companies Covered |
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As per the research of the Plant-based Milk powder Market by Persistence Market Research- a market research and competitive intelligence provider, historically, from 2018 to 2022, the market increased at around 6.2% CAGR. With an absolute dollar opportunity of US$ 432.9 million, the market is projected to reach a valuation of US$ 833.9 million by 2033.
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Get a Customized VersionAccording to a report by the World Allergy Organization, in 2020, globally around 2-3% of infants and young children suffered from milk allergies. Milk allergy is one of the most common food allergies in children, affecting up to 10% of children under the age of one. Plant-based milk powder is used for the growth and development of infants, and this is a rich source of protein, fat, carbohydrates, vitamins, and minerals.
Due to increasing incidences of milk allergies, many peoples use alternatives of traditional dairy products, therefore it is expected that the market will rise in upcoming years.
According to a report by the Good Food Institute, in 2019, the total sales of plant-based milk products were around US$ 2 billion in the United States. This was increased from last year and in 2020 the plant-based milk products sales reached up to US$ 2.5 billion. In the plant-based milk economy, the demand for plant-based milk powder has been growing at a significant pace owing to the concern of vegan consumers for its contamination.
Which Region is Projected to Offer Significant growth in the Market?
North America is a prominent market for Plant-based Milk Powder with a market size of US$ 104 million in 2022 and is estimated to reach US$ 112 million in 2023. It is projected that the region will have a market worth US$ 233 million by 2033.
The demand for plant-based milk products has been steadily increasing in Canada over the past few years. In 2019, sales of plant-based milk products in Canada increased by 6.3%, while sales of dairy milk products declined by 1.3%.
In 2020, the sales of infant formula and baby food in Canada were held at around US$ 1.6 billion. People are unable to consume traditional dairy products due to lactose intolerance or milk allergies. Plant-based milk powders provide a viable alternative for these individuals, which influences the market growth.
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United States Plant-based Milk Powder Market Analysis:
The market in the United States is expected to grow to be worth US$ 201.3 million by 2033, with an absolute dollar growth of US$ 102.6 million from 2023 to 2033. The market in the United States has grown at a CAGR of 5.9% from 2018 to 2022 and is expected to grow at a CAGR of 7.4% from 2023 to 2033.
The United States is a leading producer of almonds. Blue Diamond Growers, a California-based almond producer, and the leading almond milk manufacturer company had sales of around US$ 618 million in 2021. The total sales of almond milk in 2021 were around US$ 2.5 billion in the United States. This is also reflected in the market growth of almond milk-based powder.
Germany Plant-based Milk Powder Market Analysis:
In Germany, the market is expected to grow to be worth US$ 30.6 million with an absolute dollar growth of US$ 14.6 million. The market in the country grew at a CAGR of 5.1% from 2018 to 2022 and is expected to grow at a CAGR of 6.7% from 2023 to 2033.
According to a report, in 2017, the sales of plant-based milk products in Germany were around US$ 319 million, which increased in 2019 to reach a valuation of US$ 410 million. Almond milk is the second most popular type of plant-based milk in Germany, after soymilk.
China Plant-based Milk Powder Market Analysis:
In China, the market is expected to grow to be worth US$ 104.1 million with an absolute dollar growth of US$ 51.1 million. The market in China has grown at a CAGR of 5.5% from 2018 to 2022 and is expected to grow at a CAGR of 7% from 2023 to 2033.
In 2019, Perfect Day, a United States-based company that produces animal-free dairy products, made one biggest investments in China’s plant-based milk market. Perfect Day received US$ 140 million in funding from a group of investors, including the Chinese firm, Horizon Ventures. Plant-based milk powders are a great alternative for people who are lactose intolerant, have a milk allergy, or choose to avoid dairy products for ethical or health reasons.
India Plant-based Milk Powder Market Analysis:
The market in India is expected to grow to be worth US$ 85.1 million by 2033, with an absolute dollar growth of US$ 38.1 million. The market in India has grown at a CAGR of 4.6% from 2018 to 2022 and is expected to grow at a CAGR of 6.1% from 2023 to 2033.
According to research, in 2019, the plant-based milk market in India was around US$ 10.3 million and in 2020, the market was above US$ 20.5 million and it is expected to grow at a CAGR of 13.5% during the forecast period. The market in India is growing at a rapid pace, owing to the growth factors such as increasing health consciousness among consumers and the availability of a variety of plant-based milk alternatives. This growing need for plant-based milk, powder, and other products is expected to influence the growth of the plant-based milk market in the forthcoming years.
United Kingdom Plant-based Milk Powder Market Analysis:
The market in the United Kingdom is expected to grow to be worth US$ 52 million by 2033, with an absolute dollar growth of US$ 22.4 million. The market in the country has grown at a CAGR of 4.1% from 2018 to 2022 and is expected to grow at a CAGR of 5.8% from 2023 to 2033.
According to research, in 2019, United Kingdom-based start-up Yumello secured an investment of around US$ 674,470 to expand its range of almond-based products, including almond milk and powder. Similarly, United Kingdom-based Company Rebel Kitchen secured US$ 7 million in funding to expand its range of plant-based milk products, including coconut milk. The plant-based milk powder has grown in the coming years, because of the growing population, rising disposable incomes, and an increasing preference for premium baby formula products.
Which Type of Plant-based Milk Powder Market is Projected to Witness Significant Growth?
The market for almond milk powder is the type projected to witness significant growth with a CAGR of 6% from 2018 to 2022 and is expected to grow at a CAGR of 7.4% from 2023 to 2033.
Almond milk powder is a type of plant-based milk powder made from ground almonds that have been blanched and processed with water to create a smooth, creamy liquid, which is then dehydrated to form a powder.
The increasing demand for almond milk powder is driven by several factors, including the rising number of people with lactose intolerance, dairy allergies, and other dietary restrictions, as well as the growing popularity of plant-based diets and lifestyles. Almond Milk Powder has a nutty flavor, low-calorie count, and high nutritional content, including being a good source of vitamin E.
Key players in the market are Asahi Group Foods, Ltd., Bulk Barn Foods Limited, BMS Organics, NOW Foods, Unisoy Foods, Enfamil, Urban Platter, Bio Nutrients (India) Pvt. Ltd., Chocolate Alchemy, and Jaffe Bros. Inc.
A few of the recent developments in the plant-based milk powder market are:
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The global market size is estimated to be valued at US$ 401 million in 2023.
The market was reported at US$ 373.4 million in 2022.
The market is expected to reach a valuation of US$ 833.9 million in 2033.
The market registered a CAGR of 6.2% over the last 4 years.
The market is projected to witness a CAGR of 7.6% from 2023 to 2033.
The market through almond milk powder is projected to witness a significant demand till 2033 with expected growth at a CAGR of 7.4% by 2033.
The market in the United States is projected to witness a market size of US$ 201.3 million and is expected to grow at a 7.4% CAGR from 2023 to 2033.
Key players in the market are Asahi Group Foods, Ltd., Bulk Barn Foods Limited, BMS Organics, NOW Foods, Unisoy Foods, Enfamil, Urban Platter, Bio Nutrients (India) Pvt. Ltd., Chocolate Alchemy, and Jaffe Bros. Inc.
