Plant Milk Market is Determined to Grow US$ 21 million by 2024 | Top Companies Califia Farms, Danone, WhiteWave Foods, SunOpta, Daiya Foods Inc, Ripple Foods
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The popularity of plant milks such as soy milk, coconut milk, almond milk, cashew milk and others, extracted from a variety of grains, nuts and legumes has been rising exponentially. 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.
Companies Profiled based on Business Overview, Financial Data, Product Landscape, Strategic Outlook & SWOT Analysis:
• Daiya Foods Inc
• The Hain Celestial Group
• WhiteWave Foods
• Blue Diamond Growers
• Freedom Foods Group Limited
• Eden Foods, Inc.
• Earth's Own Food Company Inc
• New Barn
• Califia Farms
• MALK Organics
• Ripple Foods
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.
Plant milk is obtained from numerous sources - soy, coconut, almond, cashew, rice, oats, hazelnut and walnuts, though soy, almond, coconut and rice essentially form the source landscape of plant milk market. Soy in fact, has been the oldest option available when it comes to choosing dairy milk alternatives – as per estimates, soy-based plant milk market size is projected to be over USD 8 billion by 2024. Alternatively though, plant milk industry share from coconut milk and almond milk has also witnessed steady growth, given the rising consumer demands for more alternatives and a wider variety of flavors. Coconut-based plant milk market has been projected to witness a 13% CAGR over 2017-2024, driven by the demand of lauric acid present in coconuts that helps in lowering blood pressure and controlling cholesterol levels and the fact that coconut milk helps in weight loss, improves digestion and controls blood sugar levels. It has been observed that plant milk industry has lately been attracting a wide spectrum of consumers, as these basic sources are being made compatible to be consumed with coffee or cereals. Furthermore, they are also made available in different flavors like strawberry, peppermint, vanilla and chocolate, which has considerably increased the popularity of plant milk market.
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.
Sweetened plant milk market is anticipated to worth over USD 9 Billion by 2024. Increasing consumer preference for better taste due to changing food habits will fuel industry growth. Product development and innovations including added flavours of chocolate, peppermint, strawberry, rose and vanilla are key factors supporting product penetration.
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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.
Plant Milk Market Segmentation:
• Others (Hemp, Oats)
By Sales Channel
• Mainstream Stores
• Specialty Stores
• Others (online, natural food stores)
• Carton Packaging
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