Plant-based Milk Powder Market Anticipated to Hit US$ 833.9 Mn by 2033 - Persistence Market Research

The global Plant-based Milk Powder Market has emerged as a thriving segment in the broader plant-based food and beverage industry. With increasing health awareness, growing concerns about dairy allergies, and the rising popularity of vegan and plant-based lifestyles, the demand for plant-based milk alternatives continues to surge. In 2022, the market was valued at US$ 373.4 million, and it is expected to expand at a CAGR of 7.6% from 2023 to 2033, reaching an estimated US$ 833.9 million by the end of the forecast period.

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Among all the product segments, almond milk powder holds the top position and is anticipated to remain the leading contributor, projected to grow at a CAGR of 7.4%. This dominance is largely due to its appealing taste, nutritional profile, and adaptability in various applications such as beverages, baking, and infant formulas. North America stands as the leading region for plant-based milk powder, fueled by a strong consumer shift toward dairy alternatives and a high prevalence of lactose intolerance.

Key Highlights from the Report:

➤ The global plant-based milk powder market is projected to reach US$ 833.9 million by 2033.
➤ Almond milk powder is the leading segment, expected to maintain a 7.4% CAGR through 2033.
➤ North America leads the market due to rising lactose intolerance and growing vegan trends.
➤ The U.S. plant-based milk powder market alone is expected to hit US$ 201.3 million by 2033.
➤ BMS Organics and Nestle Malaysia launched a new plant-based milk powder line in 2020.
➤ Sales of plant-based milk products in Canada grew 6.3% in 2019, while dairy milk declined.

Market Segmentation

The plant-based milk powder market is segmented based on type, application, and distribution channel. By type, the market includes almond milk powder, soy milk powder, coconut milk powder, and other plant-based varieties. Almond milk powder dominates due to its creamy texture, low calorie content, and rich vitamin E supply.

By application, plant-based milk powders are increasingly being used in infant formulas, nutritional food, and bakery & confectionery segments. The nutritional profile and allergen-free properties make it a strong choice for infant and toddler nutrition, especially for children with dairy sensitivities.

In terms of distribution, plant-based milk powders are available through online platforms, supermarkets/hypermarkets, specialized health food stores, convenience outlets, and general retail stores. The rise of e-commerce, especially post-pandemic, has significantly boosted online sales for niche health food products including plant-based milk powder.

Regional Insights

North America is the largest regional market, valued at US$ 104 million in 2022, and projected to reach US$ 233 million by 2033. This growth is fueled by rising consumer awareness about lactose intolerance, the booming vegan movement, and a strong infrastructure for health food innovation and marketing.

In the United States, the market benefits from the dominance of almond production and robust innovation in dairy alternatives. With top almond milk producers like Blue Diamond Growers contributing significantly to market expansion, the U.S. is projected to see substantial growth.

Germany has shown strong growth in the plant-based sector. In 2019, the market for plant-based milk in Germany reached US$ 410 million, with almond milk ranking just behind soymilk in popularity. The plant-based milk powder trend is gaining traction, particularly among young, health-conscious consumers.

China is quickly becoming a focal point for investment and innovation in the plant-based sector. Companies like Perfect Day are injecting significant capital into this growing market. China's large population of lactose-intolerant consumers positions it as a fertile ground for plant-based milk powder sales.

In India, increasing health consciousness and dietary shifts among urban populations are propelling the plant-based milk market forward. The growing variety of plant-based options and a young demographic open to trying new nutritional products create immense growth potential.

The United Kingdom is also witnessing a surge in demand, driven by innovation from homegrown startups and increased funding for product expansion. Consumer preferences are shifting towards ethical and sustainable consumption, further enhancing the attractiveness of plant-based options.

Market Drivers

The plant-based milk powder market is primarily driven by the rising prevalence of lactose intolerance and milk allergies. According to the World Allergy Organization, 2-3% of infants and young children suffer from milk allergies globally. For this segment of the population, plant-based milk powder provides a safe, nutrient-dense alternative.

Additionally, the growing adoption of vegan and plant-based diets has significantly contributed to market growth. This trend is particularly prominent in developed countries where consumers are increasingly choosing plant-based options for ethical, health, and environmental reasons.

Another major driver is the increasing demand for shelf-stable and convenient food products. Plant-based milk powders offer a long shelf life, require no refrigeration, and are easy to transport and store. These characteristics are highly valued in both developed and developing regions.

Market Restraints

Despite the growth potential, the market faces several challenges. One of the key restraints is the high cost of production and pricing compared to conventional dairy products. The use of premium ingredients like almonds and the energy-intensive drying process make plant-based milk powders relatively expensive, limiting adoption in price-sensitive markets.

Additionally, consumer skepticism about the nutritional equivalence of plant-based products compared to traditional dairy still exists. Many consumers are unsure whether plant-based milk powders offer the same protein, calcium, and essential nutrients as dairy milk, which could hinder market penetration in some demographics.

Market Opportunities

The market presents substantial opportunities for growth and innovation. Increasing research and development into novel formulations-such as protein-enriched or fortified plant-based milk powders-could appeal to athletes, children, and aging populations seeking tailored nutrition.

Emerging markets, particularly in Asia and Latin America, offer untapped potential due to growing urban populations, rising disposable incomes, and shifting dietary preferences. Brands that localize their offerings to suit regional tastes and nutritional needs are likely to find strong footholds.

Lastly, sustainability-driven branding and marketing can open new avenues. With consumers increasingly factoring in environmental concerns in their purchasing decisions, highlighting the eco-friendly aspects of plant-based milk powders could lead to increased consumer loyalty and brand differentiation.

Reasons to Buy the Report

✔ Understand the growth trajectory and future valuation of the global plant-based milk powder market.
✔ Gain insights into the top-performing product types, applications, and regions.
✔ Evaluate competitive strategies and recent innovations in the market.
✔ Access reliable forecasts to inform strategic planning and investment.
✔ Identify lucrative opportunities in emerging markets and niche segments.

Company Insights

• Asahi Group Foods, Ltd.
• Bulk Barn Foods Limited
• BMS Organics
• NOW Foods
• Unisoy Foods
• Enfamil
• Urban Platter
• Bio Nutrients (India) Pvt. Ltd.
• Chocolate Alchemy
• Jaffe Bros., Inc.

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