Plant-Based Milk Market By Product (Pea Milk, Rice Milk, Almond Milk, Wheat Milk, Hemp Milk, Coconut Milk, Soy Milk, Others), By Formulation (Plain, Flavoured), By End Use (Food & Beverage Industry, Retail/Household, Foodservice Industry), By Application (Nutritional Application (Medical Nutrition, Sports Nutrition, Infant Nutrition), Snacks, Desert and Confectionary, Animal Feed, Bakery, Beverages, Dairy), Global Report by Size, Industry Analysis & Forecast, 2021 - 2030.

Industry Report and Statistics (Facts & Figures) - Sales Volume (Litres), Price & Demand Analysis by Product & Application

The global plant-based milk market will witness a robust CAGR of 15%, valued at $35 billion in 2021, expected to appreciate and reach $123.1 billion by 2030, confirms Strategic Market Research. North America witnessed a sizeable market share of over 40% in 2021. Plant-based milk is a beverage manufactured from plants resembling milk in color. Plant-based milk is beverages obtained from non-dairy sources, flavored and scented with water-based plant extracts. Plant-based milk is used as a milk substitute and frequently has a creamy texture on the tongue. There are roughly 17 different kinds of plant milk; the most popular ones globally are Soy, almond, coconut, and oat. The term "milk-like plant liquid" has been used to describe beverages made from plants since the 13th century. They are now usually referred to as alternative milk, vegan milk, plant-based milk, or non-dairy milk. Plant-based beverages are frequently packaged in containers that are comparable to and cost-effective with those used for dairy milk for commercial purposes; however, they are not permitted to bear the term "milk" in the E.U. Plant milk has been used as a beverage and a flavourful element in sweet and savory foods across a variety of civilizations, such as the usage of milk from coconut plant in curries.

Additionally, plant milk is utilized to create soy yogurt, vegan cheese, plant cream, and ice cream substitutes. Plant-based combinations resembling milk have been around for generations before the industrial development of "milk" made from legumes, beans, and nuts. Milk and infant formula were prepared from nuts by different native American tribal groups in the northeastern United States. Before the year 1000, horchata, a beverage from North Africa, was prepared from soaked, pulverized, and sweetened tiger nuts. Since 1200 CE, "milk-like plant liquids" have been called "milk" in English. Almond milk is mentioned in Levantine recipes dating back to the 13th century. In the fourteenth century, Soy was plant milk consumed in China. Although plant milk is often used as a milk substitute in Western nations, they have historically been consumed elsewhere, especially in regions with a greater incidence of lactose sensitivity. Many plant milk strives to have the same proteins, vitamins, and fats as lactating mammal milk. Plant milk is typically fortified during production to add exact levels of minerals, typically calcium and Vitamins A and D, because they are created using processed extracts from the beginning plant and have a lower nutrient content than dairy milk. Animal milk is also frequently fortified, and many nations have regulations requiring the addition of specific nutrients, most frequently vitamins A and D, to milk products. For instance, from a report published by Good Food Institute, a non-profit organization, it can be stated that the yearly dollar growth for plant-based milk is double that of animal-based milk. Moreover, the report also stated that 35 percent of the market for plant-based foods is made up exclusively of plant-based milk.

 

 

Key Industry Drivers - Increasing Rates of Chronic Lifestyle Disorders and Dairy Milk Intolerance, Enhancement of Social Media Marketing, "Power to The Plant" Trend Affecting Market Development.

• The increased incidence of chronic lifestyle illnesses and sensitivity to animal protein is one of the major reasons propelling market expansion. Additionally, the global acceptance of vegan eating practices is fostering market expansion. There is a movement in people's preferences for milk products based plant-based worldwide due to increased consumer knowledge of animal health and the increase in people who are lactose intolerant globally. National Institute of Diabetes & Digestive and Kidney Diseases claims that (NIDDK), most people in Asia and Africa suffer from lactose intolerance. Lactose intolerance is less common in some locations, such as northern Europe. In the U.S., lactose intolerance affects over 35 percent of the population.

 

• Additionally, creating innovative goods like meat, eggs & milk from plants encourages growth. As stated by Good Food Institute, the plant-based milk sector holds a sizeable plant-based milk market share of around 15 percent of the total milk market. The taste of these products made from plants is almost identical to those made from animals and is rich in critical nutrients. Additional reasons are anticipated to fuel the industry even more, including extensive celebrity and athlete marketing campaigns to promote vegetarianism as a healthy lifestyle choice and the simplicity of product accessibility through abundant online retail channels.

 

• As more and more producers and consumers invest in plant-based products, such as seeds, grains, dairy, fruits, spices, and vegetables, the phrase "power to the plant" is one of the phenomena that is developing the fastest. This is the outcome of the vegan movement, which is becoming increasingly popular worldwide, especially among lactose intolerant people, and a shift in consumer preferences from dairy products. According to research, it can be stated that 45 percent of those who consume vegan food in the United Kingdom are between the ages of 15 and 40, making up at least 5,38,000 people, a rise of around 300 percent over the past ten years. Companies switch from traditional dairy milk to dairy substitutes to satisfy this consumer trend, and they draw in more customers by giving them what they want from their products.

 

Restraints - Lack of Consumer Knowledge

The industry for plant-based milk will be constrained by consumers' lack of knowledge about plant-based drinks and worries about beverage additives. However, it can challenge the market expansion for plant-based milk.

 

Opportunities - The Number of People with Lactose Intolerance and Awareness Among Millennials Increased.

• One of the newest recent market prospects is lactose intolerance. Most people on the planet will continue to be lactose intolerant. This group of people will always need a lactose-free substitute, which is something the plant-based milk sector can offer. According to recent studies from the Plant-Based Foods Association & Good Food Institute, vegan milk is now widely available. According to data collected in 2020, around 41% of American homes purchase dairy-free milk or milk based on plant.

 

• The sustainable living trend, which supports animal-safe milk and the environment, is another option. The world market is paying particular attention to a fantastic opportunity for the market for plant-based milk as consumers become more ecologically conscious of lowering their home carbon footprint. According to research conducted by SMR, data states that between 2017 and 2021, there were 10 percent more purchasers who identified themselves as vegans in the U.S. than in 2017. An opportunity for expansion is to increase consumer demand for higher-quality, tastier vegan goods.

 

• Among millennials, awareness of the harmful effects of food preservatives, chemicals, and other substances on health is growing. Given that they purchase more naturally occurring and organic goods than previous generations, millennials are expected to be active buyers of organic goods. The increase of awareness among millennials acts as an opportunity for future growth. More than 3,200 people between the ages of 18 and 75 participated in a study conducted by the Vegan Society. Millennial respondents, who ranged in age from 18 to 44, made up 42% of the sample. The most important finding was that 60% of respondents wanted chocolate products made from plants.

 

 

Market Analysis of Different Segments Covered in the Report

Based on Product

• Pea Milk

• Rice Milk

• Almond Milk

• Wheat Milk

• Hemp Milk

• Coconut Milk

• Soy Milk

• Others

 

Based on Formulation

• Plain

• Flavoured

 

Based on End Use:

• Food & Beverage Industry

• Retail/Household

• Foodservice Industry

 

Based on Application

• Nutritional Application

• Medical Nutrition

• Sports Nutrition

• Infant Nutrition

• Snacks

• Desert and Confectionary

• Animal Feed

• Bakery

• Beverages

• Dairy

 

Regional Coverage Analysis

Based on Region

• North America

• South Asia

• Middle East & Africa

• Latin America

• Oceania

• Europe

• East Asia

 

Product Type Analysis & Insights

The soy milk segment is anticipated to experience the maximum CAGR in the global market over the anticipated time frame. The Soy-based milk market accounted for a sizeable market share of over 25 percent in 2020, growing at a CAGR of 11.9 percent throughout this forecasted period. According to thorough research and a survey conducted by SMR, it can be stated that more than 77 percent of the people consuming plant-based milk in the United States prefer milk procured from Soy plants. The need for soy milk and other plant-based dairy product types is being driven by the growing numbers of lactose-intolerant people and health-conscious consumers. There are growing worries about the negative consequences of natural milk and non-dairy milk consumption. The coconut milk sector is anticipated to hold the second-largest market share. Due to its creamy and tropical flavor, coconut dairy alternatives are frequently utilized in the bakery, confectionery, and beverage sectors. Because of its antioxidant characteristics, which help the body fight off free radicals, the oil is also commonly utilized in pharmaceutical, cosmetic, and functional food items. During the study, these elements are anticipated to propel the sector into the global market. The acceptance of veganism is growing and established businesses and emerging start-ups are launching new plant-based milk products to stay up with this current trend.

There is an almond milk shortage in 2022, and animal meat production was forced to shut down operations due to covid-19, so the supply of dairy milk was insufficient for mass production. Globally, almond milk sales were $5.8 billion in 2021, and it is anticipated and poised that it will reach nearly $13 billion by 2025. Nearly 40% of the US adult population buys almond milk, making it 2nd as compared to regular unflavored dairy milk. The key attributes of almond milk are its nutritional content and good taste, and it is best for common use as it is lactose-free

Almond milk is the most popular alternate milk and holds approximately 64% of the market share of the alternate milk segment. 80% of the world's commercial almond supply comes from California, with the US producing 1034.10 thousand Metric Tonnes of almonds in the year 2018/19. Almond milk production uses 17 times more water as compared to cow milk production per liter. Almond milk is more water-intensive, whereas cow milk is a heavier CO2 polluter. Europe is the 2nd largest almond nuts producer, according to Global Agriculture Information Network Italy (12,800 thousand metric tonnes in 2018) and Spain (71,622 thousand metric tonnes in 2018) are the biggest producers. In 2019, Almond milk estimated a CAGR of 16.7% from 2020-2025 in the European region. One in three Britons drinks plant-based milk, making it a mainstream choice for consumers. Shoppers spent 100 million pounds on Alt-milks (a London-based company) made from almonds, oats, and soya, turning it into a 400 million pound-a-year market. In 2020, shoppers spent 105m pounds on almond milk, up from 96m pounds in 2019.

Oat milk total sales till September 2020 was $213.35 million for refrigerated varieties, an increase of 50.8% from last year, and for shelf-stable products, it was 106.4%. Oats have grown 293.7% in the natural enhanced retailed channel and 345.2% at conventional retailers. Switching from cow to oat milk will save 73% of carbon dioxide emissions. Oatly, the Swedish brand, was the first mover in the Oat milk market. In 2020, Oatly produced 750,000 gallons of oat base which is the sticky liquid that is the root of all of its products- each month in its New Jersey factory. It has opened another factory in Utah and leased property in Philadelphia to make a US-based research and development lab.

Oat milk has been used in beer, energy drinks, and chocolate. Oat milk's popularity is because oats are low in allergens, unlike soy and nut milk. Oat milk sales have increased by 50% from the last year, 2021 recorded over 52 weeks of information surpassing $527 million. Consumers, mainly gen Z and millennial shoppers, are choosing non-dairy milk. A survey reports that half of gen Z are ashamed to order dairy-related products in public. They prefer oats or almond milk when ordering coffee. The move away from the dairy is driven largely by social media, as 34% of surveyed said social media plays a vital part in their decision-making. According to recent data, shares of ice cream made from conventional milk are declining by 1.55% from last year's September 2021. 

 

Formulation Analysis & Insights

During the projection period, the flavored products category is anticipated to hold the greatest plant-based milk market share. The market for flavored plant-based milk is anticipated to expand at a CAGR of 9 percent throughout this projected period. Since the more variants a company offers, the more buyers it attracts, plant-based milk producers attempt to industry more premium flavors. It's crucial to understand how natural lactose dairy flavors can be used to improve dairy alternatives' taste and texture while also hastening the commercialization of new products. At the start of the manufacturing process, tastes might be added to balance astringency or chalkiness, cover up grassy or beany flavors, and neutralize an alternative dairy foundation. Launching a variety of flavors is becoming more and more important to meet the varied consumer needs.

 

Application Analysis & Insights

The dessert and confectionary sector will control the global industry throughout this stipulated timespan. According to estimates, the dairy-free dessert market will represent the greatest portion of the dessert and confectionary market in 2022. The key causes driving the demand for dairy-free desserts include an increase in lactose sensitivity among individuals, a growth in health awareness, and an increase in customer desire for quick, wholesome, low-calorie items. For instance, from research, it can be stated that with a market share of more than 35 percent of global sales, North America dominated the vegan dessert industry in 2019. The Region's vegan sweets sales have risen due to the growing vegan community. As per Mercy for Animals, in 2020, 25 percent of Americans between the ages of 25 and 34 were consumers of vegan or plant-based desserts. Manufacturers have invested in creating new goods to take advantage of this market opportunity. Dairy-free ice cream comes in a wide variety of flavors, including Neapolitan, Caramel, Cookies & Cream, Strawberry, Mint Chocolate Chip, Butter Pecan, Vanilla, and many more.

 

Region Analysis & Insights

Because of the increasing acceptance of veganism in developed areas like Europe & North America, demand for plant-based protein and milk is rising. According to the survey, Europe and North America cumulatively owned more than 60 percent of the global industry share for plant-based milk. Additionally, most manufacturers of plant-based milk are present in these regions. With more than 45 percent of the market share, the top plant-based milk manufacturers are likewise headquartered in North America. There are also many small-sized and medium-sized local producers in Europe. This has also improved the industry share and market penetration of both regions. In Europe and North America, the vegan trend is gaining popularity, and an increasing number of people are moving in that direction. Over the estimated period, North America is anticipated to expand at a CAGR of around 5.5 percent, and Europe is anticipated to develop at a CAGR of approximately 6 percent. As per reports by Good Food Institute, plant-based milk's dollar sales increased by 20% over the previous year and 27% over the previous two from 2020-2022. The continent of Asia is segmented into East and South Asia, which are predicted to rapidly expand the plant-based milk market for plant-based proteins and milk throughout the anticipated timeframe. In these developing markets, the vegan trend is also becoming mainstream. The best markets for the sale of plant-based beverages are thought to be Asian nations.

 

Plant-Based Milk Market Report Coverage

Report Attribute	Details
Forecast Period	2021 - 2030
The market size value in 2021	USD 35 Billion
The Revenue forecast in 2030	USD 123.1 Billion
Growth rate	15 %
The base year for estimation	2021
Historical data	2017-2020
Report Coverage	Competitive landscape, Revenue forecast, growth factors, trends and company ranking.
Segments Covered	Product Type, Formulation, Region, Application
Regional scope	North America, South Asia, Middle East & Africa, Latin America, Oceania, Europe, East Asia
Key companies profiled	Bayer AG (Germany), Herbalife International of America, Inc. (U.S.), Abbott (U.S.), Glanbia PLC (Ireland), DSM (Netherlands), Health Milk Manufacturers' Association (U.K.), DuPont. (U.S.), U.S. Spice Mills, Inc. (U.S.), Amway (United States.), Premier Nutrition Corporation (U.S.), The Nature's Bounty Company (U.S.), Mead Johnson and Company, LLC. (U.S.), Nestlé SA (Switzerland)

 

Plant-Based Milk Market Competitive Landscape Analysis

The research provides a competitive landscape based on a thorough analysis of the major strategic decisions made by the top industry players in the industry over the past few years. The leading companies covered in the market for plant-based milk are:

 

• Bayer AG (Germany)

• Herbalife International of America, Inc. (U.S.)

• Abbott (U.S.)

• Glanbia PLC (Ireland)

• DSM (Netherlands)

• Health Milk Manufacturers' Association (U.K.)

• DuPont. (U.S.)

• U.S. Spice Mills, Inc. (U.S.)

• Amway (United States.)

• Premier Nutrition Corporation (U.S.)

• The Nature's Bounty Company (U.S.)

• Mead Johnson and Company, LLC. (U.S.)

• Nestlé SA (Switzerland)

 

Recent Developments:

• On July 2022, New Zealand Functional Foods, an oat milk company in Southland, received $6 million in support from the New Zealand government. A carbon-neutral oat milk factory that can manufacture more than 65 million liters of milk annually is being built at Makarewa by New Zealand Functional Foods. New Zealand Functional Foods is attempting to raise $60 million to develop the factory and meet the working capital needs.

 

• In June 2022, Eden Brew, an Australian food tech start-up, raised $5 million in a continuing investment round. Main Sequence, a current supporter, provided the investment, and Mars' Digitalis Ventures took part for the first time. Before diversifying into ice cream, the funds will be used to scale Eden Brew's animal-free fermented milk product.

 

• In May 2022, the Golden Wing Barley Milk launch by The Molson Coors Beverage Co. marks the company's entry into the market for plant-based milk. The new item can be purchased directly from the manufacturer's website and in some whole foods market locations.

 

• Blue Diamond unveiled Almond Breeze, which is extra creamy milk made from almonds, in November 2021. This product's extra-creamy texture comes from the use of almond oil prepared from premium Blue Diamond almonds that are farmed in California.

 

• In September 2021, Alpro, a Danone-owned company, announced its newest investment for its U.K. production in Kettering. With the help of this investment, the company wants to improve its sustainability credentials while expanding the manufacturing capability of its non-dairy products for U.K. consumers.

 

Various Devices that Key Market Leaders are Manufacturing:

Product	Feature	Company
Almond Breeze	Features: Nutritious Delicious Artificial Flavours not included No Additives	Blue Diamond
Soy Milk	Benefits: 8 grams of protein per glass. Healthy for the heart. A good calcium source.	Silk
Edensoy	With 12 grams of protein per 8-ounce serving, Edensoy represents the whole soy protein of any soymilk sold in the United States. It is the perfect option for anyone intolerant to or trying to avoid gluten or sweets. It is used to replace cow's milk.	Eden Foods