Plant-Based Milk Market Expected to Surpass $47.55 Billion by 2030, Reports Meticulous Research®

Meticulous Research®, a renowned global market research company, has recently published a comprehensive research report titled "Plant-based Milk Market by Type (Almond Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation (Unflavored, Flavored), Distribution Channel (B2B, B2C [Modern Groceries, Convenience Store, Specialty Store, Online Retail]) - Global Forecast to 2030". According to this report, the plant-based milk market is projected to reach $47.55 billion by 2030, growing at a CAGR of 11.7% from 2023 to 2030.

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The growth of the plant-based milk market is fueled by various factors including the high prevalence of lactose intolerance and allergies to cow milk, the increasing focus on health and well-being, changing consumer eating habits towards sustainability, and substantial investments and government support for plant-based industries. However, challenges such as the preference for animal-based milk products and the rise in soy-free and gluten-free product consumption are expected to restrain market growth to some extent.

Emerging economies in Asia-Pacific and Latin America are poised to offer significant growth opportunities in the plant-based milk market. Despite this positive outlook, fluctuating raw material prices remain a major concern for market stakeholders.

Key players in the plant-based milk market include Hain Celestial Group, Inc., SunOpta Inc., Sanitarium Health and Wellbeing Company, Axiom Foods, Inc., Earth's Own Food Company, Inc., Sunrise Soya Foods, Campbell Soup Company, Danone S.A., Plamil Foods Ltd., Sahmyook Foods, Nestlé S.A., Natura Foods, Blue Diamond Growers, and Oatly Group AB.

TOP 10 COMPANIES IN PLANT-BASED MILK MARKET >> https://meticulousblog.org/top-10-companies-in-plant-based-milk-market/

The market is segmented based on type (almond milk, soy milk, coconut milk, oat milk, rice milk, and others), formulation (unflavored and flavored), distribution channel (B2B and B2C), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

Asia-Pacific is anticipated to lead the global plant-based milk market in 2023, driven by increasing consumer awareness about protein-rich foods, growing health consciousness, technological advancements in the food and beverage industry, and a sizable vegan and vegetarian population base.

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https://www.meticulousresearch.com/product/plant-based-milk-market-5304

Related Report:
>> The Plant-based Protein Market is projected to reach $26.45 billion by 2031, at a CAGR of 8.4% during the forecast period (2024-2031). >> https://meticulousblog.org/top-10-companies-in-plant-based-protein-market/

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

This release was published on openPR.