Plant-based Milk Market Recent Trends, Business Scenario, High Demand, Product, Share and Forecasts 2031

A latest market forecast report published by Transparency Market Research on the plant-based milk market includes the global industry analysis and opportunity assessment for 2019-2029. Revenue generated from the global plant-based milk market has been estimated to be valued at ~ US$ 14 Bn in 2019, and is projected to increase at a CAGR of ~ 8%, to reach ~ US$ 30 Bn by 2029.

Vegans & Vegetarians Demand Plant-based Milk and Milk Products

Consumers are becoming more sensitive and sympathetic towards animals, due to the conditions and environment in which they are raised and harvested. Animal welfare is one of the primary reasons for consumers opting for plant-based products, such as plant-based milk and other non-dairy alternatives.

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According to the People for the Ethical Treatment of Animals organization (PETA), cows undergo genetic manipulation, and are treated with antibiotics and bovine growth hormones (BGH) so that they produce more than 18,000 pounds of milk a year (National Agriculture Statistics Service, 2004 Feb 17, "Milk Production" - The U.S. Department of Agriculture). The hormones used to increase the productivity and efficiency of cows adversely affect their health and surge the rate of congenital disabilities in their offspring.

Consumers are choosing safer plant-based milk due to rising food safety concerns related to the usage of hormones and different types of antibiotics in dairy-based products. Also, the number of people suffering from food-borne allergies and intolerances has led to the shift of consumer preference towards plant-based alternatives.

Rising Prevalence of Dietary Restrictions Boosting Plant-based Milk Market

Today's population is adopting a preventive diet that emphasizes on the greater consumption of plant-based products. While intolerance (e.g., lactose intolerance) or food allergies determines some of these diets, others such as flexitarian diets and the Paleo diet are chosen by consumers who aim to achieve superior well-being.

According to the National Center for Biotechnology Information (NCBI), in 2012, around 65% of the total human population was lactose intolerant, and in 2016, it reached 74%.

Increasing gastrointestinal Problems Have Increased the Demand for Plant-based Milk and Plant-derived Probiotics

Growing functional disorders and organic gastrointestinal diseases are resulting in an increasing population that is suffering from improper gut health. The ever-increasing necessity to improve gut health has resulted in the consumption of probiotics that promote gut health, along with the consumption of plant-based milk. Plant-based milk is increasing in popularity due to its digestive and immune benefits, which help in preventing urinary and vaginal infections, and obesity.

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In 2016, according to the International Food Information Council (IFIC), 38% of the American population named 'chemicals', as in, the presence of too much chemicals as their top food safety concern. This proves that, a majority of the North American people no longer believes in chemicals and uncommon sounding ingredients in their food.

Health And Wellness Consciousness Driving Demand for Plant-based Milk

Consumers, irrespective of age, are seeing food and beverages as a primary path leading towards health and wellness. Plant-based beverages are rich in nutrients, and have no added flavor or additives, which helps in maintaining body weight, cholesterol, and blood pressure levels, and aids in preventing ailments such as cardiovascular diseases and obesity.

Global Plant-based Milk Market: Segmentation

Plant-based Milk Market by Product

Soy Milk

Almond Milk

Coconut Milk

Rice Milk

Oat Milk

Others (Cashew and Hemp Seeds Milk)

Plant-based Milk Market by Nature

Organic

Conventional

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Tracing the Evolution of the Plant-based Milk Industry

Humans first imbibed the idea of the consuming milk of other mammals following the domestication of animals during the Neolithic Revolution. The rise in urban population, and expansion of railway networks in the mid-19th century, further revolutionized milk production and supply. Over the last three decades of the 19th century, milk demand in most parts of the world surged significantly. Although milk held a legacy of strong market hold over centuries, the preference for plant-based milk has also been there over centuries, although not regarded as a substitute for dairy milk. Recipes from Levant, back in the 13th century, describe the first-ever plant-based milk-almond milk, whereas, soy milk was another plant-based milk consumed in China during the 14th century. Medieval England also marked the use of almond milk in several dishes.

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