The Plant-based Milk Market is projected to reach $47.55 billion by 2030, at a CAGR of 11.7% during the forecast period of 2023 to 2030. The growth of the plant-based milk market is driven by the high prevalence of lactose intolerance & allergies to cow milk, the growing focus on health & well-being, changing eating habits & consumers’ drive toward sustainability, and increasing investments & government support for plant-based industries. However, the high preference for animal-based milk products and the growing consumption of soy-free & gluten-free products restrain the growth of this market.
Emerging economies in Asia-Pacific and Latin America are expected to generate market growth opportunities. However, the fluctuating raw material prices are a major challenge for market stakeholders.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 3-4 years. The key players profiled in the global plant-based milk market research report are Hain Celestial Group, Inc. (U.S.), SunOpta Inc. (Canada), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods, Inc. (U.S.), Earth's Own Food Company, Inc. (Canada), Sunrise Soya Foods (Canada), Campbell Soup Company (U.S.), Danone S.A. (France), Plamil Foods Ltd. (U.K.), Sahmyook Foods (South Korea), Nestlé S.A. (Switzerland), Natura Foods (Canada), Blue Diamond Growers (U.S.), and Oatly Group AB (Sweden).
High Prevalence of Lactose Intolerance & Allergies to Cow Milk to Spur the Global Plant-based Milk Market
Lactose intolerance is the inability of the body to digest lactose, the sugar present in milk. Lactose intolerance can be symptomatic or asymptomatic. In symptomatic populations, lactose intolerance can lead to diarrhea and stomach pain. Some of the statistics on lactose intolerance and allergies to cow milk are as follows:
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According to the National Institutes of Health (NIH), lactose intolerance among adults is most common in East Asians, affecting 70–100% of the population. Encyclopedia Britannica adds that the condition affects 75 to 90% of Native American, African, Asian, Mediterranean, and Jewish populations. Only about 5% of Northern and Central Europeans have lactose intolerance.
- According to the FDA’s estimates, around 30,000 emergency room visits, 2,000 hospitalizations, and 150 deaths occur every year in the U.S. due to severe, life-threatening food allergies. According to the National Institute of Allergy and Infectious Diseases, around 90% of these food allergies are caused by eggs, milk, fish, red meat, soy, and nuts.
- According to the Association of UK Dietitians (BDA), as of 2020, 1-10% of adults and children in the country had food hypersensitivity, though as many as 20% experienced some reactions to foods, leading them to trust that they had food hypersensitivity. The source also mentioned that the most common eight food allergies were from cow milk, chicken eggs, shellfish especially, prawns, fish, soy, peanuts, and wheat, accounting for around 90% of the total allergies, with the first five being the most common in the country.
- According to an article published in the Journal of Nutrition, Food Research and Technology in 2018, 80–90% of the South American population was lactose intolerant.
With the high prevalence of lactose intolerance and allergies to cow milk, many consumers across the globe are switching to vegan diets, reducing milk consumption in some parts of the world. For instance, according to the United States Department of Agriculture (USDA) Economic Research Service (ERS) Food Availability (Per Capita) Data System, daily per capita fluid milk consumption in the U.S. has decreased over each of the past seven decades. The daily per capita fluid milk consumption in the U.S. decreased to 0.49 cups in 2019 from 0.62 cups, 0.69 cups, and 0.78 cups in 2010, 2000, and 1990, respectively.
With the increasing prevalence of lactose intolerance and allergies to cow milk, most dairy consumers have started preferring dairy alternatives made from plant-based sources, which, in turn, is driving the growth of the plant-based milk market.
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Key Findings in the Global Plant-based Milk Market Study:
In 2023, the Almond Milk Segment is Expected to Dominate the Plant-based Milk Market
Based on type, the plant-based milk market is mainly segmented into almond milk, soy milk, coconut milk, oat milk, rice milk, and other plant-based milk. In 2023, the almond milk segment is expected to account for the largest share of the global plant-based milk market. The large market share of this segment is mainly attributed to factors such as the increasing number of consumers switching to nut-based lactose-free milk, changing taste preferences, and increasing health & environmental concerns. Almond milk is entirely plant-based, making it a suitable choice for individuals following vegan or vegetarian diets. The production of almond milk generally has a lower environmental impact compared to dairy milk, as it requires less water and produces fewer greenhouse gas emissions.
However, the oat milk segment is projected to register the highest CAGR during the forecast period of 2023–2030. Oat milk contains vitamins and minerals, including vitamin B2 (riboflavin), vitamin B3 (niacin), phosphorus, and manganese, which contribute to overall health. Oat milk is often fortified with essential nutrients like calcium, vitamin D, and vitamin B12, providing similar nutritional benefits to cow's milk. The growth of this segment is mainly driven by consumers’ increasing preference for soy-free, low-fat, and gluten-free products; the high nutritional properties of oat milk; and rising awareness about the health benefits of oats.
In 2023, the Unflavored Segment is Expected to Dominate the Plant-based Milk Market
Based on formulation, the global plant-based milk market is segmented into unflavored and flavored plant-based milk. In 2023, the unflavored segment is expected to account for the largest share of the global plant-based milk market. The large market share of this segment is mainly attributed to factors such as the increased consumer demand for naturally dairy-free & sugar-free products and the clean taste and smooth texture of unflavored dairy-free products, which allow for their seamless incorporation into various food and beverage recipes.
However, the flavored segment is expected to register the highest CAGR during the forecast period of 2023–2030. The rapid growth of this segment is mainly driven by the increasing demand for ready-to-drink beverages and changing consumer taste preferences.
In 2023, the Distribution Channel Segment is Expected to Dominate the Plant-based Milk Market
Based on the distribution channel, the global plant-based milk market is mainly segmented into business-to-business (B2B) and business-to-consumer (B2C). In 2023, the business-to-consumer (B2C) is expected to account for the largest share of the global plant-based milk market. The large market share of this segment is attributed to the increased retail sales of plant-based milk in supermarkets & hypermarkets, increased shelf space for plant-based products in modern groceries, growing preference for shopping from brick-and-mortar grocers due to easy access & availability and increasing consumer acceptance for vegan & vegetarian dairy alternatives, especially plant-based milk.
Asia-Pacific Dominates the Overall Plant-based Milk Market, Also Leads in Growth
Based on geography, the global plant-based milk market is majorly segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global plant-based milk market. The large share of this market is mainly attributed to consumers’ rising awareness about the benefits of protein-rich foods, increasing health consciousness, the growing adoption of advanced technologies in the F&B industry, and the region’s large vegan & vegetarian population base.
Moreover, this region is also expected to witness significant growth during the forecast period, mainly due to the region’s increasing vegan & flexitarian populations, the rising popularity of Western diets, and increasing investments in the plant-based milk industry.
Scope of the Report:
Plant-based Milk Market Assessment, by Type
- Almond Milk
- Soy Milk
- Coconut Milk
- Oat Milk
- Rice Milk
- Other Plant-based Milks
Plant-based Milk Market Assessment, by Formulation
Plant-based Milk Market Assessment, by Distribution Channel
- Business-to-Business
- Business-to-Consumer
- Modern Groceries
- Convenience Stores
- Specialty Stores
- Online Retail Stores
- Other B2C Distribution Channels
Plant-based Milk Market Assessment, by Geography
- North America
- Europe
- Germany
- U.K.
- Spain
- Italy
- France
- Netherlands
- Sweden
- Belgium
- Austria
- Denmark
- Poland
- Portugal
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Thailand
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
Key Questions Answered in the Report: