Plant-Based Flavored Milk Market Trends & Forecast 2023-2030

Global Plant-Based Flavored Milk Market Surpasses US$ 5.4 Billion in 2022, Anticipated to Reach US$ 11.1 Billion by 2030 with a 9.5% CAGR:
Market Dynamics Driven by Consumer Demand for Sustainable and Lactose-Intolerant-Friendly Options:

The Global plant-based flavored milk market demonstrated substantial growth, reaching a valuation of US$ 5.4 billion in 2022. Projections indicate a robust trajectory, with an anticipated value of US$ 11.1 billion by 2030, showcasing a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period from 2023 to 2030.

Customers' enthusiasm for plant-based flavored milk stems from its distinctive qualities, particularly sustainability and suitability for those with lactose intolerance. Water-based plant extracts contribute to the flavor and fragrance of non-dairy beverages, offering a creamy texture when utilized as a milk substitute. With approximately 17 varieties available globally, including soy, almond, coconut, and oat, plant-based flavored milk is a versatile beverage and flavoring agent in both sweet and savory dishes across various cultures.

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Market Dynamics and Trends:
Primary Driver: Rising Rates of Chronic Lifestyle Disorders:
The market's expansion is primarily propelled by the increasing prevalence of chronic lifestyle disorders. Plant-based milk, accounting for 15% of the entire milk market, is gaining substantial market share. Products in this category closely mimic animal-derived counterparts and boast essential nutrients. Marketing campaigns featuring celebrities and athletes advocating vegetarianism, coupled with easy product accessibility through diverse online retail channels, further contribute to sector growth.

The surge in demand for plant-based protein sources aligns with the rising popularity of veganism, especially among millennials. This demographic's heightened awareness of the health impacts of chemicals and preservatives has significantly fueled the plant-based flavored milk market.

Rising Vegan Population Driving Growth:
The growing number of individuals adopting vegan diets worldwide, totaling approximately 88 million according to the World Animal Foundation's 2023 study, is a key driver of market growth. Between 2018 and 2021, launches of food and beverage products with vegan and plant-based claims saw an average annual growth of 21% and 58%, respectively. In the United Kingdom alone, there are an estimated 538,000 vegans, constituting 45% of the population aged 15 to 40, marking a 300% increase over the past decade.

Challenges in Growth: Consumer Nut Allergies:
Despite the market's upward trajectory, the rise in consumer nut allergies poses a restraint. Nut allergies, leading to severe reactions, are increasingly prevalent, particularly among children and adults. This trend is impacting sales growth as health-conscious consumers reconsider their choices.

Segmentation Analysis:
Organic Segment Dominates Market Share:
The global plant-based flavored milk market is segmented by type, category, flavor, packaging, and region. In 2022, the organic segment held the largest market share at 58.8%, driven by shifting consumer preferences toward natural and organic food and beverage items. The COVID-19 pandemic has further accelerated this trend, with the Organic Trade Association projecting a 13% increase in organic food sales in the United States in 2020, reaching USD 56.5 billion.

Geographical Share:
North America Leads Market Share:
Geographically, North America commands the largest share in the plant-based flavored milk market, constituting 42.6% in 2022. Almond milk, representing over two-thirds of the North American market, is the most popular plant-based milk, followed by the rapidly growing oat milk and soy-based flavored milk.

Companies and Competitive Landscape:
Key Players Drive Market Growth:
Leading global players contributing to market growth include Hershey India Private Limited, The Hain Celestial Group, Inc., Sunopta Grains And Foods Inc., Califia Farms, LLC, NotCo, Valsoia S.p.A, Simple Foods, Australia's Own, Oatly Inc., and Elmhurst Milked Direct LLC.

Relevant Report:

Plant-Based Ingredient Market: https://www.datamintelligence.com/research-report/plant-based-ingredient-market

Plant-Based Ice Cream Market: https://www.datamintelligence.com/research-report/plant-based-ice-cream-market

Flavored Milk Market: https://www.datamintelligence.com/research-report/flavored-milk-market

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