Plant-based Milk Market To Reach US$ 27.6 Bn By 2030-end

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.

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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.

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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.

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This release was published on openPR.