Plant-Based Milk Market Projected to Hit $7.3 Billion by 2032, Driven by 10.3% CAGR

According to a new report published by Allied Market Research, titled, "Plant-based Milk Market," The plant-based milk market size was valued at $2.8 billion in 2022, and is estimated to reach $7.3 billion by 2032, growing at a CAGR of 10.3% from 2023 to 2032.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲: https://www.alliedmarketresearch.com/request-sample/A06620

Understanding Plant-based Milk

Plant-based milk, derived from sources such as nuts, seeds, legumes, and grains, offers a non-dairy alternative to traditional milk. It caters to individuals following vegan or vegetarian diets, those with lactose intolerance or milk allergies, and those opting for cruelty-free or environmentally friendly options. Plant-based milk is typically fortified with nutrients like calcium and vitamin D to match the nutritional profile of dairy milk.

Drivers of Growth

Increasing awareness of animal welfare, ethical concerns about the dairy industry, and environmental impact have led consumers to shift towards plant-based milk. Concerns about practices in conventional dairy farming, such as confinement and separation of calves from their mothers, have fueled demand for cruelty-free alternatives. Additionally, the lower environmental footprint of plant-based milk production appeals to environmentally conscious consumers.

Challenges and Considerations

While plant-based milk offers numerous benefits, challenges exist regarding nutritional adequacy and fortification levels. Variability in nutrient content among different brands and types of plant-based milk, particularly calcium bioavailability, raises concerns about nutritional value. Addressing these challenges is crucial for sustaining market growth.

𝐌𝐚𝐤𝐞 𝐚 𝐃𝐢𝐫𝐞𝐜𝐭 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞: https://www.alliedmarketresearch.com/checkout-final/f176a5bf3d95d9d133bef1e12cadce42

Market Opportunities and Strategies

Opportunities abound for companies in the plant-based milk market, especially those derived from sources like almonds, soy, oats, and coconuts. Leveraging health and wellness trends, companies can highlight the nutritional benefits of their products through marketing campaigns and clear labeling. Fortifying plant-based milk with essential nutrients further enhances its appeal to consumers with specific dietary requirements.

Market Segmentation

The plant-based milk market is segmented based on type, distribution channel, end user, and region. Types include almond, soy, rice, oat, coconut, and others, while distribution channels encompass online, supermarket, and convenience stores. End users range from retail/household consumers to the foodservices and food & beverage industries. Geographically, the market analysis spans North America, Europe, Asia-Pacific, and LAMEA.

COVID-19 Impact

The COVID-19 pandemic had a mixed impact on the plant-based milk market. While demand surged due to heightened health consciousness and concerns about zoonotic diseases, supply chain disruptions posed challenges. Temporary shortages and delays in product availability were observed, alongside increased competition as established dairy companies entered the market with their plant-based alternatives.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞: https://www.alliedmarketresearch.com/purchase-enquiry/A06620

Key Findings of the Study

Based on type, the soy sub-segment emerged as the global leader in 2022 and the almond sub-segment is anticipated to be the fastest growing during the plant-based milk market forecast period

Based on distribution channel, the supermarket sub-segment emerged as the global leader in 2022 and online sub-segment is predicted to show the fastest growth in the upcoming years.

Based on end user, the retail/household sub-segment emerged as the global leader in 2022 and the food & beverage industry sub-segment is predicted to show the fastest growth in the upcoming years.

Based on region, North America registered the highest market share in 2021 and Asia-Pacific is projected to be the fastest growing during the forecast period.

𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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𝗔𝗯𝗼𝘂𝘁 𝗨𝘀

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.