The plant milk market has experienced significant growth, increasing from $16.67 billion in 2023 to $18.99 billion in 2024, at a CAGR of 14.0%. Growth is attributed to the rising interest in plant-based diets, industry collaborations, health and wellness trends, and a focus on reducing environmental impact.
The plant milk market is expected to grow rapidly, reaching $32.40 billion by 2028 at a CAGR of 14.3%. Growth drivers include urbanization, the increasing vegan population, demand for organic foods, lactose-free milk demand, and greater awareness of plant milk. Key trends include product innovations, new plant milk varieties, diverse flavors and textures, strategic marketing, and technological advancements.
Major Driver In The Plant Milk Market
The increasing vegan population is anticipated to drive the plant milk market. This group abstains from all animal products, motivated by ethical treatment of animals, environmental sustainability, and health benefits. Plant milk serves as a dairy alternative for many vegans. According to a Finder.com survey, the vegan population in Great Britain grew from 1.1 million in 2023 to 2.5 million in early 2024. This rise in the vegan population supports the plant milk market, which is projected to reach sizes of USD 12 billion in 2023, USD 14 billion in 2024, and USD 20 billion by 2028.
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Plant Milk Market Competitive Landscape
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
Key Plant Milk Market Trend
Companies in the plant milk market are developing new products like creamy plant milk to meet the growing demand for dairy-free options. Creamy plant milk offers a thicker texture similar to dairy milk while being made from plant-based ingredients. In February 2024, Califia Farms LLC launched Califia Farms Complete, a creamy plant milk that contains 50% less sugar than dairy milk and a blend of pea, chickpea, and fava bean protein, providing essential nutrients such as protein, calcium, and vitamins.
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Global Plant Milk Market Segmentation
The plant milk market 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
By Geography:The regions covered in the plant milk market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the plant milk market in 2023.
The Plant Milk Global Market Report 2024 furnishes information about the global plant milk market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
