Comprehensive 2025 Plant Milk Market Overview: Trends, Forecasts, and Growth Drivers

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What Is the Expected CAGR for the Plant Milk Market Through 2025?
In recent times, the plant milk market has seen a fast-paced growth. The market value is projected to increase from $18.99 billion in 2024 to $21.72 billion in 2025, with a compound annual growth rate (CAGR) of 14.3%. The notable growth during the historic period is primarily due to a surge in consumer preference for plant-based nutrition, partnerships among market participants, a growing emphasis on health and wellness, a heightened focus on decreasing carbon footprints, and the drive to reduce environmental damage during the production process.

What's the Projected Size of the Global Plant Milk Market by 2029?
In the following years, the plant milk market volume is projected to experience rapid expansion. By 2029, it's predicted to reach a value of $36.99 billion with a compound annual growth rate (CAGR) of 14.2%. This growth during the forecast period can be credited to factors such as prevalent urbanization, a rise in the vegan population, escalating demand for organic food and beverages, an enhanced need for lactose-free milk, a surge in the demand for dairy substitutes, and heightened awareness of plant milk. Key trends over the forecast period encompass innovative product development, diversified plant milk varieties, a variety of flavors and textures, focused marketing strategies, and strides in technology.

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Top Growth Drivers in the Plant Milk Industry: What's Accelerating the Market?
Plant milk market expansion is anticipated to be bolstered by the rising number of vegans. Vegans are individuals who have chosen a lifestyle free from any animal products, encompassing meat, dairy, eggs, and honey. The upsurge in the number of vegans has been driven by several pivotal factors such as an increased understanding of animal welfare, environmental sustainability, and health benefits. Due to ethical, health or environmental reasons, plant milk has become a favored choice for vegans as a substitute for dairy milk. For instance, a survey conducted by Finder.com LLC, an American personal finance comparison site, in January 2024, found that there were 2.5 million vegans among 2,000 adults aged 18 or above in Great Britain, a significant rise from 1.1 million in 2023. Consequently, the burgeoning vegan population is fueling the growth of the plant milk market.

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What Trends Will Shape the Plant Milk Market Through 2029 and Beyond?
Mainstream businesses in the plant milk sector are working to innovate new products, such as creamy plant milk, in order to meet the rising consumer need for alternatives to dairy. This creamy plant milk is a non-dairy variant manufactured from plant-oriented sources like almonds, oats, soy, coconut, cashews, or rice and its rich and dense consistency is akin to conventional dairy milk. For instance, Califia Farms LLC, a United States-based producer of plant dairy goods, introduced Califia Farms Complete in February 2024. It is a type of creamy plant milk, with half the sugar content of regular dairy milk, meant to replicate the nutritional content of dairy milk. Its formulation includes protein extracted from peas, chickpeas, and fava beans. Surpassing a dairy milk's eight-ounce serving, it consists of more of these nine vital nutrients including protein, calcium, vitamin A, vitamin D, vitamin B12, magnesium, phosphorus, potassium, and riboflavin.

What Are the Main Segments 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 Top Companies are Driving Growth in the Plant Milk Market?
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

Which Regions Will Dominate the Plant Milk Market Through 2029?
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.

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