Milk 2.0: Plant-based Milk Market Set to Soar Past USD 123.1 Billion by 2030
The global Plant-based Milk market size is expected to reach USD 123.1 billion by 2030 and exhibit a CAGR of 15% in the forecast period (2023−2030), according to Skyquest’s latest research report. The growing health consciousness, increasing lactose intolerance and dairy allergies, and rising vegan and vegetarian population are fueling the market’s growth.
Westford, USA, June 30, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Plant-based Milk market, the rising variety of plant-based milk alternatives, increasing investment in research and development, expanding distribution channels, product innovation and flavors, strategic partnerships and collaborations, growing consumer awareness and education, shifting consumer preferences towards sustainable and ethical products, improved taste and texture of plant-based milk alternatives, the introduction of fortified and functional plant-based milk products, incorporation of new plant sources for milk alternatives, the introduction of premium and niche plant-based milk products, are the trends that aid in the market’s growth.
Browse in-depth TOC on “Plant-based Milk Market”
- Pages – 217
- Tables – 92
- Figures – 74
Plant-based milk is a milk-like beverage made from plants, such as almonds, soy, oats, cashews, or peas. It is typically lower in fat and calories than dairy milk, and it may also contain more fibre and nutrients. Plant-based milk is a good choice for people who are lactose intolerant, vegan, or simply looking for a healthier alternative to dairy milk.
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Prominent Players in Plant-based Milk Market
- Alpro
- Arla
- Blue Diamond Growers
- Califia Farms
- Danone
- Earth’s Own
- Good Karma Foods
- Hain Celestial
- Hu Kitchen
- Kellogg’s
- Malk Organics
- Milkadamia
- Oatly
- Pacific Foods
- Silk
- So Delicious Dairy Free
- SunOpta
- Unreal
- Yamuna
- Zilch
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Soy Milk Demand to Grow Substantially in the Forecast Period
Soy Milk dominated the global online market as it has a similar protein content to cow’s milk and offers a creamy texture. Soy milk also possesses functional properties that make it suitable for various applications, such as coffee, baking, and cooking. Additionally, soy milk has a long-standing presence in the market, making it a familiar and established choice for consumers.
Food and Beverage is the Leading Application Segment
In terms of application, the food and beverage is the leading segment due to the increasing consumer demand. In addition, plant-based milk is not limited to traditional milk alternatives but also includes creamers, yogurts, cheeses, ice creams, and other dairy substitutes. The availability and variety of plant-based milk products cater to a wide range of consumer preferences and dietary needs, thereby driving sales within the food and beverages industry.
North America is the leading Market Due to the Consumer Awareness
Region-wise, North America is one of the largest growing markets with a huge consumer awareness. The region has witnessed a significant rise in consumer demand for plant-based alternatives, driven by factors such as health consciousness, lactose intolerance, and environmental concerns. The presence of a large vegan and vegetarian population, along with a well-established distribution network and a wide range of product options, has contributed to the market dominance of plant-based milk in this region.
A recent report thoroughly analyzes the major players operating within the Plant-based Milk market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Plant-based Milk.
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Key Developments in Plant-based Milk Market
- In March 2023, Kellogg’s acquired Good Karma Foods for $200 million. Good Karma Foods is the maker of Good Karma Flax Milk, which is a popular plant-based milk made from flaxseed. This acquisition gives Kellogg’s a major player in the plant-based milk market.
- In April 2023, PepsiCo acquired Kefir For Life for an undisclosed amount. Kefir For Life is a maker of plant-based kefir, a fermented beverage made from milk or plant-based milk. This acquisition gives PepsiCo a foothold in the plant-based kefir market.
Key Questions Answered in Plant-based Milk Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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