Plant-Based Milk Market Sees Robust Growth Amid Health and Sustainability Trends

Global Plant-Based Milk Market Experiences Remarkable Growth Driven by Health Trends and Sustainability

The global plant-based milk market is experiencing significant growth, propelled by increasing health consciousness, dietary preferences, and sustainability concerns. In 2023, the market was valued at approximately USD 13.77 billion and is projected to reach USD 28.78 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 11.1% during the forecast period.

Competitive Landscape

The plant-based milk industry is characterized by the presence of key players striving to enhance their market positions through strategic initiatives. Notable companies include Danone North America, Archer-Daniels-Midland (ADM), and Rude Health. These companies are actively engaged in research and development to introduce innovative plant-based milk products with enhanced taste, texture, and nutritional profiles. Collaborations, mergers, and acquisitions are prevalent strategies among these key players to strengthen their market presence and expand their product portfolios.

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Regional Demand and Developments

United States: Growth and Consolidation

In the United States, the plant-based milk market is witnessing robust growth, primarily driven by increasing consumer awareness of health and environmental benefits associated with plant-based diets. Danone North America, a subsidiary of the French conglomerate Danone, has been at the forefront of this growth. The company, formerly known as WhiteWave Foods, was acquired by Danone in 2017 for $12.5 billion, marking a significant consolidation in the industry. Danone North America offers popular plant-based milk brands such as Silk and So Delicious, catering to the growing demand for dairy alternatives.

Asia Pacific: Opportunities and Trends

The Asia Pacific region presents significant growth opportunities for the plant-based milk market, attributed to rising health consciousness and lactose intolerance prevalence. Danone has announced plans to expand its presence in India, aiming to catch up with rivals Unilever and Nestlé in the country's fast-growing consumer goods market, projected to reach $616 billion by 2027. The company plans a four-year €20 million investment to expand an existing plant in Punjab, indicating a strategic move to tap into the plant-based milk market in the region.

Europe: Trends and Updation

Europe's plant-based milk market is characterized by a strong emphasis on sustainability and health trends. A notable development is the acquisition of Rude Health, a leading UK plant-based milk brand, by Finland's Oddlygood. The sale, finalized on October 28, 2024, reflects the growing consolidation in the European plant-based milk industry. Rude Health's plant-based milk alternatives, such as almond, oat, and hazelnut milk, make up 80% of its sales, indicating a strong consumer preference for these products.

Middle East and Africa: Growth and Trends

The Middle East and Africa region is gradually emerging in the plant-based milk market, driven by increasing health awareness and dietary shifts. While specific mergers and acquisitions are less prevalent in this region, the focus remains on adopting plant-based diets to promote health and sustainability. Local companies are exploring opportunities to introduce plant-based milk products that cater to regional tastes and preferences, indicating a positive trend towards diversification in the market.

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Plant-Based Milk Market segmentation :

by Product Type

Almond Milk
Soy Milk
Oat Milk
Coconut Milk
Rice Milk
Cashew Milk
Other plant Milks

The market is divided into Almond Milk, Soy Milk, Oat Milk, Coconut Milk, Rice Milk, Cashew Milk, and Other Plant Milks based on the type of product. The market share of plant-based milk is anticipated to be highest over the forecast period, with the almond milk segment dominating the market in 2023. Though its origins are more ancient than one may think, almond milk has become a very popular dairy substitute in recent years. Almonds were used in Europe to make milk alternatives as early as the Middle Ages.

by Packaging

Cartons
Bottles
Tetra Packs

The market is divided into Tetra Packs, Bottles, and Cartons based on packaging. The market for plant-based milk was dominated by the carton segment in 2023 and is anticipated to continue to do so during the forecast period. Because cartons offer a lot of surface area for labeling and branding, manufacturers may efficiently convey to customers product specifications, nutritional information, and branding messages. Customers see carton packing as high-quality and secure. Positive opinions of the goods are influenced by the cartons' resilience and protective qualities.

by Application

Beverages
Cereals
Cooking/Baking
Desserts
Yogurt and Cultured Products

by Distribution Channel

Grocery Stores
Online Retail
Health Food Stores

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Learn about the top players driving innovation in the Plant-Based Milk Market :

1. Oatly
2. Groupe Danone
3. The Hain Celestial Group Inc.
4. Vitasoy International Holdings Limited.
5. McCormick & Co.
6. Sunopta Inc
7. Pacific Foods of Oregon, Inc
8. Goya Foods
9. Blue Diamond Growers, Inc.
10. Califia Farms
11. Ripple Foods
12. Sanitarium
13. Ecomil
14. Hiland Dairy
15. Natura Foods
16. Earth's Own Food Company Inc
17. Edward & Sons
18. Chef's Choice Food Manufacturer Company Limited

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