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Plant Milk Market Report 2024-2033: Market Share, Growth, and Future Forecast
Plant Milk Global Market Report 2024
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According to The Business Research Company's, The plant milk market size has grown rapidly in recent years. It will grow from $16.67 billion in 2023 to $18.99 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth in the historic period can be attributed to increasing consumer demand for plant-based diets, collaboration between industry players, increasingly prioritizing health and wellness, increasingly focusing on reducing their carbon footprint, and minimizing environmental impact during production.
The plant milk market size is expected to see rapid growth in the next few years. It will grow to $32.40 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to increasing urbanization, increasing vegan population, increasing demand for organic foods and beverages, growing demand for lactose-free milk, increasing demand for dairy alternative, and increasing awareness about plant milk. Major trends in the forecast period include innovative products, innovative plant milk varieties, diverse flavors and textures, strategic marketing, and technological advancements.
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Market Drivers and Trends:
The increasing vegan population is expected to propel the growth of the plant milk market going forward. The vegan population refers to the group of individuals who follow a vegan lifestyle, which involves abstaining from consuming all animal products, including meat, dairy, eggs, and honey. The increase in the vegan population is due to several critical factors, including heightened awareness of the ethical treatment of animals, environmental sustainability, and health benefits. Plant milk is a popular choice among the vegan population as it is an alternative to dairy milk for ethical, environmental, or health reasons. For instance, in January 2024, according to a survey of 2,000 adults aged 18 or over in Great Britain by Finder.com LLC, a US-based personal finance comparison site, there were 2.5 million vegans in early 2024, an increase from 1.1 million in 2023. Therefore, the increasing vegan population is driving the growth of the plant milk market.
Major companies operating in the plant milk market are focused on developing innovative products, such as creamy plant milk, to cater to the growing demand for dairy-free options. Creamy plant milk is a type of non-dairy milk made from plant-based sources, such as almonds, oats, soy, coconut, cashews, or rice, with a richer, thicker texture similar to traditional dairy milk. For instance, in February 2024, Califia Farms LLC, a US-based manufacturer of plant-based dairy products, launched Califia Farms Complete. It is a creamy plant milk designed to match the nutritional profile of dairy milk while containing 50% less sugar. It is made from a pea, chickpea, and fava bean protein blend. It contains more of these nine essential nutrients as an eight-ounce serving of dairy milk, including protein, calcium, vitamin A, vitamin D, vitamin B12, magnesium, phosphorus, potassium, and riboflavin.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Danone S.A., Campbell Soup Company, Döhler Gmbh, Mc Cormick & Company Inc., Univar Solutions Inc., The Hain Celestial Group Inc., Blue Diamond Growers Inc., Goya Foods Inc., Fazer, Oatly Group AB, Califia Farms LLC, Pacific Foods, Earth's Own Food Company Inc., Ripple Foods, Oatsome, Elmhurst Milked Direct LLC, Good Karma Foods Inc., Elden Foods LLC, Natura Foods, Alpina Foods LLC
Plant Milk Market 2024 Key Insights:
• The plant milk market size is expected to see rapid growth in the next few years. It will grow to $32.40 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%.
• Rising Vegan Population Driving Growth Of The Plant Milk Market
• Innovative Creamy Plant Milks To Meet Dairy-Milk Alternatives
• North America was the largest region in the plant milk market in 2023
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