Plant-based Milk Market by Type (Almond Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation (Unflavored, Flavored), Distribution Channel (B2B, B2C [Modern Groceries, Convenience Store, Specialty Store, Online Retail]) - Global Forecast to 2030

Plant-based Milk Market by Type (Almond Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation (Unflavored, Flavored), Distribution Channel (B2B, B2C [Modern Groceries, Convenience Store, Specialty Store, Online Retail]) - Global Forecast to 2030

Plant-based Milk Market by Type (Almond Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation (Unflavored, Flavored), Distribution Channel (B2B, B2C [Modern Groceries, Convenience Store, Specialty Store, Online Retail]) - Global Forecast to 2030

According to the research report titled ‘Plant-based Milk Market by Type (Almond Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation (Unflavored, Flavored), Distribution Channel (B2B, B2C [Modern Groceries, Convenience Store, Specialty Store, Online Retail]) - Global Forecast to 2030,’ the plant-based milk market is projected to reach $47.55 billion by 2030, at a CAGR of 11.7% from 2023 to 2030. The report provides an in-depth analysis of the plant-based milk market across five major geographies, current market trends, size, and recent developments, and the forecast till 2030.

Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of the key industry drivers, restraints, opportunities, and challenges.

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 key players operating in the plant-based milk market 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).

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. 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.

Based on formulation, the global plant-based milk market is segmented into unflavored and flavored plant-based milk. 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.

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.

An in-depth geographic analysis of the industry provides detailed qualitative and quantitative insights into the five major geographies (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa) and the coverage of major countries in each region. Asia-Pacific is expected to witness significant growth during the forecast period of 2023–2030, 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.

Key Questions Answered in the Report:

What is the value of revenue generated by the plant-based milk market?
At what rate is the global demand for plant-based milk projected to grow for the next 5-7 years?
What is the historical market size and growth rate for the plant-based milk market?
What are the major factors impacting the growth of this market at global and regional levels?
What are the major opportunities for existing players and new entrants in the market?
Which type, formulation, and distribution channel segments create major traction for the manufacturers in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the plant-based milk market?
Who are the major players in the plant-based milk market? What are their specific product offerings in this market?
What recent developments have taken place in the plant-based milk market? What impact have these strategic developments created on the market?

Scope of the Report:
Global Plant-based Milk Market Assessment—by Type
Almond Milk
Soy Milk
Coconut Milk
Oat Milk
Rice Milk
Other Plant-based Milks

Global Plant-based Milk Market Assessment—by Formulation
Unflavored
Flavored

Global 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

Global Plant-based Milk Market Assessment—by Geography
North America
U.S.
Canada
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

Global Plant-based Milk Market - Report Summary

Report Metrics	Details
Years Considered	2023 - 2030
Base Year	2022
Forecast Period	2023-2030
Page Count	233
Units Referenced	Value (USD Million), Volume (Thousand Liters)
Segments/Key Topics	Market by Type, Formulation, Distribution Channel, Geography
Regions Covered	Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa
Key Companies Mentioned	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).

FAQs About the Report

What is Plant-based Milk?

Plant-based milk, a milk alternative, is dairy-free, protein-rich milk derived from plant-based sources, such as almonds, soy, coconut, oats, and rice. It is a sustainable and environmentally friendly milk alternative for the globally increasing vegan, lactose intolerant, and flexitarian populations. It addresses issues related to animal welfare, resource efficiency, and climate change.

This report provides detailed market insights and market sizes & forecasts for the plant-based milk market in terms of value (by type, formulation, distribution channel, and geography) & volume (by type and geography). Each segment provides the market sizes & forecasts for five key geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with key regional countries.

What is the Current Revenue Value Generated by the Global Plant-based Milk Market? At what Rate is the Global Plant-based Milk Market Projected to Grow in the Next 5–7 Years?

The plant-based milk market is projected to reach $47.55 million by 2030, at a CAGR of 11.7% during the forecast period.

Which is the High-growth Formulation Segment of the Plant-based Milk Market?

Based on the Formulation, the flavored segment is expected to witness the fastest growth during the forecast period.

What are the Major Drivers for this Market?

High Prevalence of Lactose Intolerance & Allergies to Cow Milk
Growing Focus on Health & Wellbeing
Changing Eating Habits & Consumers' Drive Toward Sustainability
Increasing Investments & Government Support for Plant-based Industries

What is the Major Restraint for the Global Plant-based Milk Market?

High Preference for Animal-based Milk Products
Growing Consumption of Soy-free & Gluten-free Products

Who Are the Major Players Operating in the Global Plant-based Milk Market?

The key players operating in the global plant-based milk market 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).

Which Region is Expected to Account for the Largest Market Share and Register the Highest Growth Rate?Asia-Pacific is expected to account for the largest market share and register the highest growth during the forecast period, mainly due 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. The region’s significant growth during the forecast period is mainly due to the increasing vegan & flexitarian populations, the rising popularity of western diets, and increasing investments in the plant-based milk industry..