Plant Based Milk Market

Plant Based Milk Market

Global Market Study on Plant-based Milk: Market Proliferating from Increasing Popularity of Plant-based Diets

  • XPLREP5770

  • September, 2020

  • 310 Pages

  • Food

Call for being “Free from Lactose” to Drive the Plant based Milk Market

As per a report available on XploreMR, the global plant based milk market is expected to witness an exponentiation between 2020 and 2030.

Plant based milk, as the name suggests, comes across as one of the finest alternatives to dairy milk. It is made out of plants like soy, almond, coconut, and likewise. Usually, the ones who are intolerant towards lactose prefer plant based milk. However, the current trend is such that certain people opt for plant based milk also to have better living standards or lifestyles. The nutrients contained in plant based milk are carbohydrates, vitamins, fats, and proteins. These factors are bound to drive the plant based milk market, especially in the US where close to 30-50 Mn people can’t tolerate lactose (as per National Institute of Children’s Health & Human Development).

Another factor catalyzing the market is the growing occurrences of stomach flues and gastrointestinal diseases owing to dairy products.

How about detailing the Plant Based Milk Market?

As far as the type is concerned, the plant based milk market comprises soy milk, coconut milk, rice milk, nut milk, oat milk, almond milk, hemp milk, and others (macadamia, flax, pea). Coming to application, the market spans beverages, cheese, milk, and ice-cream. There are also “flavored” and “plain” formulations.

People have a plethora of choices with regards to mixtures and flavors. Also, promotional campaigns are being organized by the key players herein. At the same time, the market faces constraints in the form of additional content sugar, which, by no means adds to nutrition. On the contrary, it increases risk associated with cardiovascular diseases. Also, it has been reported that certain plant based milk products do contain traces of arsenic, which is detrimental to children’s health.

By distribution channel, even though brick and mortar stores ruled the roost till date, the year 2020, especially after Mar, was inclined towards online distribution channels in the wake of Covid-19.

Covid-19 Impact at Large

The outbreak of Covid-19 has resulted in disruption of almost every industry across the globe. The supply chain of plant-based milk has gone astray. Though the demand hasn’t ceased (online demand has witnessed an upsurge as mentioned above due to this milk being an excellent immunity booster), the gap between demand and supply has been widening. This scenario is expected to continue till mid-2021 (till Covid-19 vaccine is in place).

Region-wise Snapshot

The global plant based milk market constitutes North America (Canada, US), Eastern Europe (Russia and Poland), Western Europe (Luxembourg, The Netherlands, Belgium, Nordic countries, Italy, Spain, France, UK, Germany), Asia-Pacific (New Zealand, Australia, ASEAN, Japan, India, China), MEA (North Africa, Southern Africa, GCC), and Latin America (Chile, Peru, Brazil, Mexico, and others).

Asia-Pacific leads the plant based milk market. It holds more than 40 of the total market share. The major countries in plant based milk market include Taiwan, Japan, Singapore, and China. This could be attributed to rise in demand for urbanization, veganism, and lactose-free milk. Europe and North America are showing consistency in growth due to people being aware of use of antibiotics in dairy products. Research states that over 1.5 Mn Americans aged 17 and above have gone for vegan diet. Also, “Veganuary” is a charity that does encourage people on trying vegan diet. It has close to 61,000 participants at the global level.

Competitive Analysis

The key players in the plant based milk market include Archer-Daniels-Midland, Freedom Foods, Daiya Foods, Hain Celestial Group, WhiteWave Foods, Danone, Ripple Foods, Califia Farms, Malk Organic, Grace Foods, The New Barn, REAM, and Pureharvest. On an organic expansion front, Blue Diamond Growers, Inc., in Oct 2019, did launch almond Mexican hot chocolate under the category of “almond breeze” product category.

Plant-based Milk Market: Report Scope

The latest market report by XploreMR on the global plant-based milk market evaluates the opportunities and current market scenario, providing insights and updates about the corresponding segments involved in the global plant-based milk market for the forecast period of 2020-2030. The report provides detailed assessment of key market dynamics and comprehensive information about the structure of the global plant-based milk market. This market study contains exclusive insights into how the global plant-based milk market is anticipated to grow during the forecast period of 2020-2030.

The primary objective of the global plant-based milk market report is to provide insights regarding opportunities in the market that are supporting the transformation of global businesses associated with plant-based milk. It is very important to consider that, in an ever-wavering economy, we provide estimated (Y-o-Y) year-on-year growth rate in addition to compound annual growth rate (CAGR) for overall forecasts, to enable readers to better understand the analysis and evaluation of the global plant-based milk market, and to discover lucrative opportunities in the market.

This report also provides an estimate of the global plant-based milk market size and corresponding revenue forecasts carried out in terms of absolute $ opportunity. It also offers actionable insights based on the future trends in the plant-based milk market. Furthermore, new and emerging players in the global plant-based milk market can make use of the information presented in the study for effective business decisions, which will provide momentum to their businesses as well as the global plant-based milk market.

The study is relevant for manufacturers, suppliers, distributors, and investors in the global plant-based milk market. All stakeholders in the global plant-based milk market, as well as industry experts, researchers, journalists, and business researchers can leverage the information and data represented in XploreMR’s report.

Key Segments of Global Plant-based Milk Market

XploreMR’s report on the global plant-based milk market offers information divided into four segments- type, end use, flavor, distribution channel, and region.

Type

End Use

Flavor

Distribution Channel

Region

  • Soy
  • Food & Beverage Industry
    • Bakery & Confectionery
    • Dairy & Desserts
    • Infant Formula
  • Original/Unflavored
  • Business to Business
  • North America
  • Almond
  • Retail/Household
  • Flavored
    • Chocolate
    • Vanilla
    • Berries
    • Coffee
    • Hazelnut
    • Others
  • Business to Consumer
    • Hypermarkets/Supermarkets
    • Convenience Stores
    • Specialty Stores
    • Online Retail
  • Latin America
  • Coconut
  • Foodservice Industry

 

 

  • Europe
  • Rice

 

 

 

  • South Asia
  • Oat

 

 

 

  • East Asia
  • Others

 

 

 

  • Oceania

 

 

 

 

  • Middle East & Africa

Key Questions Answered in XploreMR’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?

Global Plant-based Milk Market: Research Methodology

XploreMR is committed to providing unbiased market research solutions to its clients. XploreMR follows a robust methodology for the deduction of data included in this report. A unique research methodology is utilized to conduct extensive research on the global plant-based milk market, and reach conclusions about the future growth factors of the market. XploreMR’s research methodology comprises primary research methods coupled with secondary research methods, which ensure the accuracy and reliability of the conclusions in this report.

A demand-side approach is followed to estimate the sales of target products, followed by an in-depth supply-side assessment of value generated, key trends, and events over a predefined period. This methodology is based on standard market structures, methods, and definitions that are based on inputs from local sources in over seven regions - North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa, which XploreMR considers for segmenting the global market. Statistics, characteristics, and variances are collected at a regional level, aggregated at the same level, and then synthesized at a worldwide level to create global market measurements. Our main sources of research include:

  • Primary Research
  • Secondary Research
  • Trade Research
  • Social Media Research
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Global Market Study on Plant-based Milk: Market Proliferating from Increasing Popularity of Plant-based Diets
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