Plant-Based Milk Market, Anticipated to Reach $47.55 Billion by 2030

Redding California, February 9, 2024- Meticulous Research®, a distinguished market research firm, unveils its latest report, 'Plant-based Milk Market by Type (Almond Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation (Unflavoured, Flavoured), Distribution Channel (B2B, B2C [Modern Groceries, Convenience Store, Specialty Store, Online Retail]) - Global Forecast to 2030,' published in [MONTH] 2023. The comprehensive analysis projects the plant-based milk market to achieve a staggering valuation of $47.55 billion by 2030, with an impressive Compound Annual Growth Rate (CAGR) of 11.7% from 2023 to 2030.

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Lactose Intolerance Spurs Global Shift towards Plant-Based Alternatives
The report underscores the global prevalence of lactose intolerance, leading to an increased adoption of plant-based milk alternatives. Lactose intolerance, characterized by the body's inability to digest lactose, the sugar present in milk, often manifests with symptoms like diarrhea and stomach pain. With a substantial segment of the population grappling with lactose intolerance and cow milk allergies, consumers are increasingly turning to vegan diets, driving the surge in plant-based milk consumption worldwide. This shift in consumer behavior is steering the plant-based milk market towards remarkable growth.

Competitive Landscape and Key Players
In a market marked by moderate competitiveness, both large and small players contribute to shaping the landscape. Key industry players include Hain Celestial Group, Inc. (U.S.), SunOpta Inc. (Canada), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods, Inc. (U.S.), Earth's Own Food Company, Inc. (Canada), Sunrise Soya Foods (Canada), Campbell Soup Company (U.S.), Danone S.A. (France), Plamil Foods Ltd. (U.K.), Sahmyook Foods (South Korea), Nestlé S.A. (Switzerland), Natura Foods (Canada), Blue Diamond Growers (U.S.), and Oatly Group AB (Sweden).

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Health and Wellbeing Propel Plant-Based Milk Demand
The expanding plant-based milk market is driven by various factors, including rapid urbanization, lifestyle changes, industrialization, economic development, health and wellness trends, and heightened awareness of health issues associated with prolonged consumption of animal milk. With a substantial portion of the global population grappling with weight management, cardiovascular diseases, and allergies, plant-based milk emerges as a solution to these concerns. Plant-based alternatives offer lower saturated fat and cholesterol content compared to full-fat animal milk, contributing to the management of cardiovascular diseases by reducing blood pressure and cholesterol levels.

Market Segmentation and Projections
The report segments the plant-based milk market by type into almond milk, soy milk, coconut milk, oat milk, rice milk, and other plant-based milks. The oat milk segment is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) during the forecast period (2023-2030). This projection is attributed to the increasing consumer preference for soy-free, low-fat, gluten-free products, coupled with the high nutritional properties and growing awareness of the health benefits associated with oat milk. Fortified with essential nutrients like calcium, vitamin D, and vitamin B12, oat milk provides nutritional benefits comparable to cow's milk.

In terms of formulation, the market is categorized into unflavored and flavored plant-based milk. In 2023, the unflavored segment is expected to hold the largest market share, driven by increased consumer demand for naturally dairy-free and sugar-free products, as well as the clean taste and smooth texture of unflavored dairy-free products.
The distribution channel segment includes business-to-business (B2B) and business-to-consumer (B2C), with B2C anticipated to dominate the market in 2023. This dominance is attributed to increased retail sales of plant-based milk in supermarkets and hypermarkets, amplified shelf space for plant-based products in modern groceries, a growing preference for shopping from brick-and-mortar grocers, and increasing consumer acceptance of vegan and vegetarian dairy alternatives.

Geographical Analysis and Growth Projections
The report conducts a comprehensive analysis of major geographies, including North America (U.S. and Canada), Europe (Germany, U.K., Spain, Italy, France, Netherlands, Sweden, Belgium, Austria, Denmark, Poland, Portugal, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Thailand, South Korea, and Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa. Asia-Pacific is expected to witness significant growth in 2023-2030, fueled by the region's increasing vegan and flexitarian populations, the rising popularity of Western diets, and growing investments in the plant-based milk industry.

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Scope of the Report
The report provides a comprehensive assessment of the global Plant-based Milk Market, offering detailed insights into types, formulations, distribution channels, and geographical regions. For a more profound understanding, the report delves into market size, trends, and projections for the forecast period

Mr. Khushal Bombe
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This release was published on openPR.