Plant-based Milk Market Research Covers, Future Trends and Opportunities, Past, Present Data, and Deep Analysis by Transparency Market Research

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.

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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.

• 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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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.

Big Names Investing in Smaller Plant-based Brands and Companies
The recent rush of big food companies obtaining or investing in smaller, independent brands is driving the push for the mainstream acceptance of plant-based milk. Danone, a leading food and beverage company, investing US$ 30 million in U.S. coconut water brand Harmless Harvest, and Coca-Cola Company acquiring Unilever's AdeS plant-based beverage business, are examples of a few of the strategic moves that big companies have made to tap into the plant-based milk market.

Tedious Process of Regulatory Approval in the Plant-based Milk Market
Plant based products, including plant-based milk are facing legal and regulatory restraints, which may result in the declining popularity of plant-based milk products. Plant based milk is facing legal and regulatory inspection as industry associations prevent manufacturers from using labels and terms that consumers find more relative.

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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

Plant-based Milk Market by Formulation
• Regular
• Flavored

Plant-based Milk Market by Distribution Channel
• Hypermarkets/Supermarkets
• Convenience Stores
• Independent Small Groceries
• Specialty Stores
• Online Retailing

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