Know Worldwide specifications of the Plant-based Milk Market Size 2023-2033 | Top Key Players: Living Harvest Foods Inc., Liwayway Holdings Company Limited, Alpina Foods, Hain Celestial Group, Inc., Horizon Organic, Kaslink Foods Oy Ltd, and Others

According to a research report published by Spherical Insights & Consulting, the Global Plant-based Milk Market Size was estimated at USD 15.6 Billion in 2023 and is expected to reach USD 37.8 Billion by 2033, growing at a CAGR of 9.25% from 2023 to 2033.

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Plant-based Milk industry includes the production and distribution of non-dairy milk substitutes from plants such as nuts, grains, and legumes. It's rapidly growing due to the rising consumer demand for more healthy or nutritious and sustainable foods for health concerns. Plant-based milk is made by blending plant ingredients with water. The growing availability of plant-based milk alternatives has become a popular trend in recent decades, which is driven by a rapidly growing demand for healthier and sustainable food choices. These include coconut milk, soy, oat, almonds, and others with their richness such as vitamins, minerals, and antioxidants, ingredients which contribute to better overall health, thus driving their demand. Manufacturers are increasingly investing in research and development to offer healthier food products, improving the taste, texture, and nutritional profile of plant-based milk. Supported by domestic government regulations and schemes, this innovation boosts industry growth. In 2023, Canada, the UK, Germany, Brazil, Japan, Singapore, and South Korea announced substantial investments and support for alternative protein research and development, further driving market expansion. Furthermore, many governments around the world are offering subsidies and financial incentives to promote the cultivation of crops used in plant-based milk, and promoting environmentally friendly farming practices, these initiatives, along with the promotion of ecologically friendly farming methods, are helping to propel the market for plant-based milk during the forecast period. However, the growing popularity of plant-based milk options comes with the challenge of higher prices compared to traditional dairy milk. Producing plant-based milk involves complex processes and sourcing specific raw materials, such as almonds, soy, or oats, which can increase costs.

The almond milk segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.

Based on the product type, the global plant-based milk market is classified into soy milk, almond milk, coconut milk, rice milk, oat milk, and others. Among these, the almond milk segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. the dominance is attributed to, its low-calorie content and high amounts of vitamins, especially vitamin E, which make it a popular choice for health-conscious people. Its mild flavor and versatility enhance its attractiveness for use in drinks, cereals, coffee, and smoothies. Consumers appreciate its natural lactose-free properties and nutritious fats. Aggressive marketing by prominent brands showcasing health benefits has established a strong market presence, boosting almond milk's growth and global appeal throughout the forecast period.

The beverages segment dominates the market in 2023 and is anticipated to grow at a notable CAGR during the forecast period.

Based on the application, the global plant-based milk market is diversified into beverages, bakery and confectionery, dairy products, and others. Among these, the beverages segment dominates the market in 2023 and is anticipated to grow at a notable CAGR during the forecast period. this is due to its conventional contributions to dairy milk face competition as consumers seek healthier food or drink options, with a growing vegan population. Moreover, the rise in the presence of retail outlets and the expansion of specialty establishments like coffee shops, cafes, and restaurants providing plant-based milk choices has further boosted this sector.

The supermarkets/hypermarkets segment secured a dominant share in 2023 and is anticipated to grow at a prominent CAGR during the forecast period.

Based on the distribution channel, the global plant-based milk market is divided into supermarkets/hypermarkets, convenience stores, online stores, and others. Among these, the supermarkets/hypermarkets segment secured a dominant share in 2023 and is anticipated to grow at a prominent CAGR during the forecast period. this segmental growth is driven by simple access to a wide customer base, along with a diverse range of choices for their convenience. These shops offer an appropriate shopping experience, showcasing unique and educational sections for plant-based products such as beverages and foods. Additionally, these distribution channels offer a range of products and brands, enabling consumers to contrast items and purchase multiple based on their preferences. All these elements allow the segment to thrive as a favored shopping destination for the customer.

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Asia-Pacific is projected to hold the dominant share of the global plant-based milk market over the predicted timeframe.

Asia-Pacific is projected to hold the dominant share of the global plant-based milk market over the predicted timeframe. This regional dominance is attributed to the presence of a major number of vegetarian populations and trends of veganism, driven by concerns regarding animal welfare, which increases the demand for plant-based milk substitutes. In 2023, roughly 38% of India's population labeled themselves as vegetarian; a survey by Rakuten Insight in February 2024 found that more than 64% of Indian respondents stated they had eaten plant-based substitutes for animal-derived food items. Additionally, the rising popularity of plant-based milk, along with current companies engaging in promotional efforts, can enhance the demand for plant-based milk products.

The North America plant-based milk market is expected to grow with the rapid CAGR during the forecasting period.

customers in North America are becoming increasingly conscious of health, leading to a shift towards plant-based options. Many people focused on reducing their intake of saturated fats and cholesterol found in dairy milk. Almond, soy, and oat milk have lower calorie counts and are enriched with essential nutrients like calcium, vitamin D, and B12, aligning with the clean eating and holistic wellness movement, which is boosting sales in this sector during the projected timeframe. Additionally, companies are leading resources towards research and innovation, resulting in the swift emergence of new product varieties. Rising per capita incomes in major economies enhance consumer access to plant-based milk and beverages, promoting regional growth in the plant-based milk industry. This comprehensive approach is expected to result in significant market expansion.

Major key players in the plant-based milk market include Elmhurst Milked Direct, LLC, Freedom Foods Group Ltd, Earth's Own Food Company Inc., Elden Foods Inc., Goya Foods, Groupe Danone, Living Harvest Foods Inc., Liwayway Holdings Company Limited, Alpina Foods, Hain Celestial Group, Inc., Horizon Organic, Kaslink Foods Oy Ltd, and Others.

Key Target Audience
Market Players
Investors
End-users
Government Authorities
Consulting And Research Firm
Venture capitalists
Value-Added Resellers (VARs)

Recent Development
In November 2024, Danone, North America launched a new plant-based milk under its Silk brand, specially formulated for children. Which has been made with oats and peas, Silk Kids addresses the rising demand for dairy-free, casein-free options. The nutrient-rich alternative offers 8 grams of protein per serving and a taste children will enjoy.

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Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global plant-based milk market based on the below-mentioned segments:

Global Plant-based Milk Market, By Product Type
Soy Milk
Almond Milk
Coconut Milk
Rice Milk
Oat Milk
Others

Global Plant-based Milk Market, By Application
Beverages
Bakery and Confectionery
Dairy Products
Others

Global Plant-based Milk Market, By Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Online Stores
Others

Global Plant-based Milk Market, By Regional Analysis
North America
US
Canada
Mexico

Europe
Germany
UK
France
Italy
Spain
Russia
Rest of Europe

Asia Pacific
China
Japan
India
South Korea
Australia

Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America

Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa

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