The global meat and dairy sector is currently going through an unprecedented level of competition and disruption, mainly driven by the growth of viable plant-based alternatives. Major plant-based products are evolving as the perfect substitutes for animal-based products, as they contain the relevant nutritional composition. Growing consumption of plant-based food has also led to the adoption of plant-based milk products. Additionally, increasing popularity of soy milk, almond milk, and coconut milk is also flourishing the demand for plant-based milks. In developed countries, consumption of animal products places a heavy burden on the environment. This has resulted in an exponential rise in the consumption of plant-based food products. Moreover, consumers are also becoming more concerned regarding the discontented impact of animal-based products on the environment.
- For instance, leading international organizations such as the WHO (World Health Organization), FAO (Food and Agriculture Organization of the United Nations), and IPCC (Intergovernmental Panel on Climate Change) all urge for a global shift to plant-based diets.
The global plant-based milk market has witnessed substantial growth over the past few years, and is estimated to rise at a steady CAGR of 4.5% during the forecast period.
Key Takeaways from Plant-based Milk Market Study
- By type, almond milk is projected to witness significant growth in the global plant-based milk market. The main reason is that it contains high fiber, calcium, vitamin, and other nutritional properties, which makes almond milk a premium health beneficial plant-based milk.
- By flavor, the chocolate segment is acquiring a higher market value share among all the segments, attributable to the higher consumption and popularity of chocolate flavor.
- Under the food & beverage industry segment of end use, the dairy & desserts sub-segment is witnessing a high market value share, owing to the high applicability of milk in dairy products.
- Retail sales of plant-based milk products are expected to experience substantial growth over the forecast period. Rising health-consciousness along with growing consumer shift toward plant-based diets are some of the key factors that are positively impacting this growth.
“Manufactures in the plant-based milk market could gain extensive profits by offering their products to foodservice providers along with household/retail, due to the expected increase in the use of plant-based milk in the HoReCa sector and institutional catering. Moreover, increasing retail sales of plant-based milk is another growth factor aiding market growth. However, the growing impact of COVID-19 on various industries is expected to have a moderate impact on the plant-based milk market in the short term,” says a PMR analyst.
Plant-based Milk Market: Competitive Landscape
The plant-based milk market is fragmented in nature. Companies are offering plant-based milk products with diverse flavors and varieties to customers. With the utilization of advanced ingredients and state-of-the-art manufacturing techniques, companies are providing pioneering solutions in regards with plant-based milk.
Explore More Valuable Insights on Global Plant-based Milk Market
Persistence Market Research, in its new report, offers an impartial analysis of the global plant-based milk market, presenting historical data (2015-2019) and estimation statistics for the forecast period of 2020-2030. The study offers compelling insights on the plant-based milk market based type (soy, almond, coconut, rice, oat, and others), end use (food & beverage industry, retail/household, and foodservice industry), flavor (original/unflavored and flavored), and distribution channel (business to business and business to consumer), across five regions.
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