Plant Milk Market 5 Pivotal Trends, Top Players, Size, Shares, Covid-19 Impact Analysis and Forecast to 2026
According to Global Market Insights Inc., plant milk market size is projected to surpass USD 21 billion by 2026, in light of the below mentioned trends:
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Strategic initiatives by major industry players
Prominent business players such as Nestle, SunOpta, The Whitewave Food Company, Hiland Dairy, Eden Foods Inc., Freedom Foods Group Limited and Earth’s Own Food Company are focusing on new product development and expanding production capabilities to gain a strong presence in the market.
For instance, Nestle is focusing on developing a wide range of plant based dairy alternatives without compromising on nutrition, taste and less environmental impact. Apparently, in 2019, the company launched a pea-based beverage in Brazil under its brand Nesfit. Also, in 2020, it launched pea and oat-based beverage Nesquik having chocolate flavor with 40% less sugar.
Burgeoning demand for sweetened plant milk
The sweetened plant milk segment is projected to observe a significant CAGR of 11% through 2026 on account of heightened product demand among health conscious and lactose intolerant millennials who prefer flavored alternatives for dairy products. This trend has, in fact, compelled various beverages brand to go nine yards for production and commercialization of products that suit well to the consumers. For instance, in 2020, Silk®, one of the leading plant-based beverage brands in the U.S., entered the ready-to-drink coffee segment by launching its new range of dairy-free lattes made with a blend of oat and almond milk.
Heightened adoption of coconut milk
The coconut milk segment is expected to grow exponentially over upcoming years as it is emerging as a superior substitute for dairy milk and is rich in calcium and several other minerals. Coconut milk is regarded as ideal for weight management and improved levels of blood cholesterol as it comprises only half of the fat, one-third calories and very few carbohydrates as compared to that in dairy milk.
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Rising preference for carton packaging
The carton packaging segment is estimated to register a substantial growth rate of 13% through 2026 owing to the convenience endowed by this packaging type in terms of handling, storage, transportation and usage. Besides, carton packaging has a lesser environmental impact which will complement the product adoption further.
Increasing health consciousness in the Asia Pacific region
Asia Pacific plant milk market had secured a sizeable market share of over 50% in 2019 and is expected to grow significantly over the subsequent years. The growth can be attributed to growing diet consciousness, lactose intolerance and increasing preference for vegan diet in the region. In this regard, several prominent food processing companies in the region are inclined on developing plant-based foods in order to effectively serve the increasing demand. Besides, rising disposable income and increasing middle-class population along with growing consumer awareness for health and fitness are likely to provide positive growth prospects for the industry.
Read Our More FOOD, NUTRITION AND ANIMAL FEED Reports at: https://www.gminsights.com/industry-reports/food-nutrition-and-animal-feed
Glucosinolates Market: https://www.openpr.com/news/2290149/glucosinolates-market-top-trends-industry-analysis-key
Fish Protein Hydrolysate Market: https://www.openpr.com/news/2290154/fish-protein-hydrolysate-market-top-3-trends-key-players
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Global Market Insights Inc. is a global market research and management consulting company catering to leading corporations, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.
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