Report Foresee Plant Milk Market May Reach $21 Billion by 2024 | Key Company Profiled Danone, Daiya Foods Inc, WhiteWave Foods, SunOpta, Califia Farms, Ripple Foods

Plant Milk Market is estimated to exceed USD 21 billion by 2024. The growing trends of veganism, negative health effects of hormones present in dairy milk, and the rising prevalence of lactose intolerance have emerged as some of the driving forces that have contributed to the phenomenon of patrons shifting base from consuming dairy milk to plant milk. Driven by their massive benefits, the launch of dairy alternatives has risen by 20% between 2012 and 2016. Initiatives for reduction of nitrous oxide and methane (greenhouse gas) produced by diary industry, deteriorating environment will stimulate plant milk market share from 2017 to 2024.

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Increasing health concerns including overweight and diabetic diseases have encouraged the adoption of non-dairy substitutes over dairy products. As per industry experts, global per capita fluid milk consumption decreased by close to 23% from 2000 to 2016, while consumption of non-dairy plant milk substitutes grown by triple digits through the same period. As per analysis, global dairy alternative drinks industry is expected to surpass USD 16 Billion by 2018.

Coconut plant milk market will witness CAGR over 13% up to 2024, owing to health benefits associated with the product. Enhanced body immunity leading to prevention of several diseases will drive product scope. Rising demand for lauric acid present in coconut to maintain blood pressure and cholesterol level along with prevention from strokes or heart attacks will significantly enhance product penetration.

North America plant milk market accounted for over 25% share in 2016. Higher incidence of lactose intolerance in Hispanic and Asian-American populations in the U.S. is major driving force for the plant milk market growth. According to National Institute of Children's Health & Human Development, in the U.S. around 30-50 million people are lactose intolerant. Rise in the number of dairy alternatives including soy, almond, coconut and rice will fuel the overall revenue generation. Ongoing launch and projects in pipeline for a range of enhanced blends and flavors of non-dairy beverages from different sources are among key factors driving industry growth of plant milk market.

Rising threats pertaining to saturated fat levels, hormone content, antibiotics used in dairy cows has diverted consumers preference to dairy alternatives. Growing health concerns regarding diabetes and allergies has encouraged the consumers to adopt dairy alternative products. According to International Diabetes Federation and the U.S. Census Data, in the U.S., 37 million people have diabetes and 1.26 million people have a milk allergy.

Unsweetened formulation will witness gains exceeding 12.5% up to 2024. Increasing demand for dairy alternative product made from plain milk including desserts, yogurt and cheese drives the demand for unsweetened plant milk formulation. Convenience regarding addition of preferred quality and amount of sweetener owing to various health concerns by individuals will further propel the product demand.

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Mainstream stores accounted around 80% of the plant milk market share in 2016. High consumer reliability along with growth in retail industry has enhanced the industry demand. Improved convenience for shopping accompanied by promotional strategies are the key factors driving product demand. Rising number of mainstream stores globally along with increasing disposable income will propel business demand.

Prominent industry players are
• Danone
• Daiya Foods Inc
• The Hain Celestial Group
• WhiteWave Foods
• Blue Diamond Growers
• SunOpta
• Freedom Foods Group Limited
• Eden Foods, Inc.
• Earth's Own Food Company Inc
• New Barn
• Califia Farms
• MALK Organics
• Ripple Foods

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This release was published on openPR.