Plant-Based Milk Opportunities, Business Forecast To 2029

The global plant-based milk market size was valued at USD 19,215.4 million in 2022 and is poised to grow at a CAGR of 9.3% during the forecast period 2023 to 2029. The primary drivers of the expansion of the global plant-based milk market include the increasing demand for healthy food items and organic based food items among the health-conscious customers, the increasing population with lactose intolerance is expected to drive the plant-based milk market growth.

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Soymilk Segment is expected to Dominate the Plant-Based Milk Market:
Based on the sources, the global Plant-Based Milk market is segmented into Almond Milk, Soy Milk, Rice milk, Coconut Milk, Oat Milk, and Others. The Soymilk segment is expected to account for a larger revenue share in the global plant-based milk market. The market share value of Soymilk segment was 36.2%. the demand for soy milk is increased in the retail distribution sector due to its benefits and the health benefits obtained from it. The increasing number of lactose intolerance population and increase in awareness about the animal welfare and vegan diet is expected to drive the plant-based milk market growth in the forecast years.

North America Plant-Based Milk Market:
The North America plant-based milk market is expected to increase over the forecast period due to the increase in the production of dairy alternative market is expected to fuel the north America plant-based milk market in this region. Increase in Vegan population in the region the presence of key market players in this region is expected to fuel the growth of Plant based milk in the region. The Asia pacific market is expected to have an significant growth in the future due to the abundantly available of raw material sources like soy, rice, oats in the region and the growing adoption of population plant based milk products in the region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Plant-Based Milk market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In December 2021, Alt Foods launched milk from grains and sprouted millets in two variants namely, plant based original milk and chocolate flavored milk. In November 2021, Triballat Noyal launched plant-based drinks with 50% of cow milk and 50% plant based milk in SIG carton packs. In September 2022, Vitasoy Holdings Limited launched fresh Vitasoy milk + oats milk and almond milk.

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Detailed Segmentation
The Plant-Based Milk market is segmented based on Source, Application, Distribution Channel, and geography.

Based on the Source, the market is segmented into the following:
• Almond Milk
• Soy Milk
• Rice milk
• Coconut Milk
• Oat Milk
• Others
Based on the Application, the market is segmented into the following:
• Nutritional application
• Snacks
• Desert & Confectionary
• Bakery
• Animal Feed
• Beverages
• Dairy
Based on the Distribution Channel, the market is segmented into the following:
• Retail Stores
• Hypermarkets & Supermarkets
• Online Stores
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Key players profiles in the Plant-Based Milk market report are Danone, Daiya Foods, Archer Daniels Midland, Malk Organic, Ripple Foods, The New Barn, Califia Farms, Pacific Foods of Oregon inc., Natura Foods, Mc Cormick & Co, Alpina Foods.

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This release was published on openPR.