Plant Milk Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share

How Big Is the Plant Milk Market Expected to Be, and What Will Its Growth Rate Be?
The size of the plant milk market has seen a swift expansion in recent periods. From a value of $18.99 billion in 2024, it is predicted to escalate to a worth of $21.72 billion in 2025, indicating a compound annual growth rate (CAGR) of 14.3%. The historic growth trajectory is a result of engendered consumer interest for plant-oriented diets, alliances among industry stakeholders, a heightened emphasis on health and wellbeing, a concentrated effort to lower carbon footprint, and efforts to mitigate the environmental detriment during the manufacturing process.

The market for plant milk is set to witness significant expansion in the ensuing years, with an anticipated worth of $36.99 billion by 2029, maintaining a compound annual growth rate (CAGR) of 14.2%. This market expansion in the predicted timeline can be credited to factors such as rising urbanization, a growing vegan community, escalating demand for organic food and drink products, increased demand for lactose-free dairy alternatives, and elevated consciousness regarding plant-based milk. The upcoming time frame will be marked by trends such as product innovation, new varieties of plant milk, a range of flavors and textures, focused marketing strategies, and advancements in technology.

What Are the Primary Growth Drivers for the Plant Milk Market?
The rise in the number of people adopting a vegan lifestyle is anticipated to spur the expansion of the plant milk industry. Following a vegan lifestyle entails refraining from the consumption of any animal products such as meat, dairy, eggs, and honey. This rise in veganism can be attributed to several crucial elements, including increased consciousness about animal ethics, environmental conservation, and health advantages. Plant milk is a preferred substitute for dairy milk among vegans due to ethical, environmental, or health considerations. For example, a survey conducted by Finder.com LLC, a US personal finance comparison website, in January 2024 among 2,000 adults aged 18 years and above in Great Britain revealed that the number of vegans in early 2024 had increased to 2.5 million from 1.1 million the previous year. Consequently, the growth of the plant milk market is being fueled by this surge in the vegan population.

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Who Are the Dominant Companies Influencing Plant Milk Market Trends?
Major companies operating in the plant milk market are 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

How Is the Plant Milk Market Evolving?
Leading companies in the plant milk industry are concentrating their efforts on the creation of unique products such as creamy plant milk, to meet the increasing demand for dairy alternatives. This type of plant-based milk, which shares a comparable rich and thick texture to regular dairy milk, is derived from plant sources like almonds, oats, soy, coconut, rice, or cashews. For example, Califia Farms LLC, a plant-based dairy product manufacturer based in the US, introduced Califia Farms Complete in February 2024. This is a type of creamy plant milk aimed to compete with the nutritional composition of dairy milk, but it contains 50% less sugar. It is produced from a combination of pea, chickpea, and fava bean proteins, and offers the same nine vital nutrients found in an eight-ounce portion of dairy milk. These include protein, calcium, vitamin A, vitamin D, vitamin B12, magnesium, phosphorus, potassium, and riboflavin.

What Are the Different Segmentations in the Plant Milk Market?
The plant milkmarket covered in this report is segmented -

1) By Type: Coconut, Soy, Almond, Rice, Oat, Other Types
2) By Formulation: Unsweetened, Sweetened
3) By Packaging: Bottles, Pouches, Cartons
4) By Application: Food And Beverage Industry, Household, Hotels And Restaurants, Other Applications
5) By End-User: Mainstream Stores, Specialty Stores, Other End-Users

Subsegments:
1) By Coconut Milk: Canned Coconut Milk, Carton Coconut Milk, Coconut Cream
2) By Soy Milk: Original Soy Milk, Vanilla Soy Milk, Unsweetened Soy Milk, Fortified Soy Milk
3) By Almond Milk: Sweetened Almond Milk, Unsweetened Almond Milk, Vanilla Almond Milk, Chocolate Almond Milk
4) By Rice Milk: Original Rice Milk, Vanilla Rice Milk, Chocolate Rice Milk
5) By Oat Milk: Original Oat Milk, Vanilla Oat Milk, Barista Oat Milk
6) By Other Types: Hemp Milk, Pea Milk, Cashew Milk, Flax Milk, Quinoa Milk

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Which Region Is at the Forefront of the Plant Milk Market?
North America was the largest region in the plant milk market in 2024. The regions covered in the plant milk market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Plant Milk Global Market Report?

- Market Size Analysis: Analyze the Plant Milk Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Plant Milk Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Plant Milk Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Plant Milk Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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