Plant Milk Market Size - By Source (Soy, Almond, Oat, Rice, Coconut), Distribution channel (Mainstream Stores, Specialty Stores), Formulation (Unsweetened & Sweetened), Packaging (Carton Packaging, Bottles, Pouches) & Forecast, 2024 – 2032

Plant Milk Market Size - By Source (Soy, Almond, Oat, Rice, Coconut), Distribution channel (Mainstream Stores, Specialty Stores), Formulation (Unsweetened & Sweetened), Packaging (Carton Packaging, Bottles, Pouches) & Forecast, 2024 – 2032

Global Plant Milk Market will record over 11.6% CAGR from 2024 to 2032, boosted by amplifying health consciousness. As people become aware of the health benefits linked to plant-based diets, such as lower cholesterol levels and a reduced risk of chronic diseases, they are opting for plant milk over traditional dairy. This shift is fueled by growing knowledge of the nutritional advantages of plant milk, including its potential to improve overall well-being. Against this backdrop, in January 2024, Oatly launched two new oat milk varieties in the US: Unsweetened Oatmilk with 0g sugar and Super Basic Oatmilk with a minimalist recipe. Both products aim to enhance various uses while maintaining Oatly’s signature taste and quality.

The overall plant milk market is categorized based on source, distribution channel, formulation, packaging, and region.

The almond milk segment will register a notable CAGR through 2032, owing to its appealing taste and versatile uses. Almond milk is low in calories and often enriched with vitamins and minerals, making it an attractive option for health-conscious consumers. Its nutty flavor and creamy texture are popular in various recipes and beverages. The increased consumer awareness of sustainable farming practices, as almonds require less water compared to other plant-based options, aligning with Eco-friendly consumer preferences, is driving the segment growth.

The specialty stores segment will clutch a considerable plant milk market share by 2032, due to these retailers’ focus on niche and high-quality products. Specialty stores often offer a curated selection of plant milks with unique flavors, organic options, and artisanal brands that appeal to discerning consumers. These stores cater to health-focused and environmentally-conscious shoppers who seek out premium or innovative plant milk options. Additionally, specialty stores frequently provide detailed product information and personalized customer service, enhancing the shopping experience for those looking to explore diverse and high-quality products.

Europe plant milk market will exhibit a commendable CAGR during the forecast period, driven by cultural shifts and regulatory support. European consumers are increasingly embracing plant-based diets due to heightened awareness of animal welfare and environmental sustainability. Additionally, there are government policies and subsidies that support plant-based products. The rise in vegan and vegetarian lifestyles, coupled with innovative plant milk options and favorable labeling regulations, boosts consumer interest. Further, a proliferation of plant-based cafes and restaurants, enhancing the accessibility and appeal of plant milk, will augment the regional market growth.