Plant-based Milk Market Size, Share And Insights 2023-2030

Global Plant-Based Milk Market Surges to $18.6 Billion in 2022, Expected to Reach $38.4 Billion by 2030:
Industry Growth Driven by Consumer Health Trends and Environmental Concerns
The global plant-based milk market has witnessed a substantial surge, reaching USD 18.6 billion in 2022 and is anticipated to achieve a staggering USD 38.4 billion by 2030, with a robust Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period of 2023-2030.

Plant-based milk, recognized as essential for maintaining overall human health, is experiencing heightened demand across various sectors, including dietary supplements and nutritional beverages. Industry leaders in plant-based milk are strategically expanding their production capacity to meet the rising demand.

The burgeoning consumption of plant-based milk in food and beverages, particularly in dietary supplements and nutraceuticals, is a key driver of industry growth. The potential use of non-genetically modified organism (non-GMO) plants further enhances the appeal of plant-based milk in agriculture and food science.

A notable shift in consumer preferences towards healthy plant-based milk products is attributed to heightened awareness of animal welfare, the surge in lactose intolerance cases globally, and the prevalent focus on health-conscious choices among millennials. According to the National Institute of Diabetes & Digestive and Kidney Diseases (NIDDK), lactose intolerance affects over 35% of the U.S. population, while significantly higher rates are observed in Asia and Africa.

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Consumer Inclination Towards Vegan Options Drives Market Momentum:
A rising trend of health-conscious consumers seeking alternatives to traditional dairy has fueled the growth of plant-based milk, including almond milk, oat milk, and soy milk. These alternatives are perceived as healthier choices due to lower saturated fat and cholesterol content, aligning with the growing demand for nutritious and clean-label products. Notably, plant-based milk unit sales grew 19% from 2019 to 2022, according to The Good Food Institute, outpacing the 4% decline in animal-based milk sales during the same period.

The environmental impact of animal agriculture has spurred increased consumer awareness, with plant-based milk production standing out as a sustainable choice with lower resource usage and emissions compared to dairy milk production.

Lactose Intolerance Presents a Significant Growth Opportunity:
The prevalence of lactose intolerance, particularly among East Asian, African, Hispanic, and Native American populations, highlights a substantial consumer base seeking dairy alternatives. The diverse levels of lactose intolerance across regions underscore the market potential for plant-based milk to cater to specific dietary needs.

Challenges in Market Adoption: Price Sensitivity:
While plant-based milk offers health and environmental benefits, the market faces challenges related to price sensitivity. The higher price point of plant-based milk products compared to traditional dairy milk can deter price-sensitive consumers, potentially limiting market adoption. Affordability remains a crucial factor in purchasing decisions, and perceived high costs may hinder the broader acceptance of plant-based milk.

Segment Dominance: Soy Milk Holds Largest Market Share:
Soy milk, an established and widely accepted plant-based milk alternative, maintains dominance in the market. Recognized for its high protein content and essential nutrients, including calcium, vitamin D, and B vitamins, soy milk has secured a significant foothold, especially in Asian cultures. In 2022, plant-based milk's dollar share remained steady at 15% of the total milk category.

Regional Spotlight: North America Leading the Way:
North America emerges as a key player in the plant-based milk market, offering a diverse range of alternatives such as almond milk, soy milk, oat milk, and coconut milk. With approximately 20% of alternative milk sales compared to traditional milk sales, North America leads globally. Ongoing innovation in formulations, flavors, and packaging formats by regional companies contributes to the region's dominance in the plant-based milk industry.

Market Players: Key Global Industry Leaders:
Major players in the global plant-based milk market include Groupe Danone, Pacific Foods of Oregon, Inc., The Hain Celestial Group Inc., Turtle Mountain LLC, Vitasoy International Holdings Limited, Natura Foods, Sunopta Inc., Freedom Foods Group Ltd., Earth's Own Food Company Inc., Mc Cormick & Co., Goya Foods, and The Hershey Company.

Relevant Report:

Functional Milk Market: https://www.datamintelligence.com/research-report/functional-milk-market

Instant Protein Drink Market: https://www.datamintelligence.com/research-report/instant-protein-drink-market

Aloe Vera Juice Market: https://www.datamintelligence.com/research-report/aloe-vera-juice-market

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This release was published on openPR.