Plant-based Milk Market Forecasts to 2030 – Global Analysis By Source (Soy Milk, Almond Milk, Coconut Milk, Cashew Milk, Hemp Seed Milk, Rice Milk, Oat Milk, Peanut Milk, Pea Milk,Hazelnut Milk, Macadamia Milk and Other Sources), Formulation, Form, Packag

Plant-based Milk Market Forecasts to 2030 – Global Analysis By Source (Soy Milk, Almond Milk, Coconut Milk, Cashew Milk, Hemp Seed Milk, Rice Milk, Oat Milk, Peanut Milk, Pea Milk,Hazelnut Milk, Macadamia Milk and Other Sources), Formulation, Form, Packaging Size, Packaging Type, Flavour, Sales Channel, End User and By Geography


According to Stratistics MRC, the Global Plant-based Milk Market is accounted for $3.53 billion in 2024 and is expected to reach $7.08 billion by 2030 growing at a CAGR of 12.3% during the forecast period. A plant-based beverage known as plant-based milk is a substitute for dairy milk. Almond milk, soy milk, oat milk, and coconut milk are common types. People who are lactose intolerant, vegan, or trying to lessen their environmental impact frequently prefer these plant-based options. In order to more closely resemble the nutritional profile of cow's milk, some of them are fortified with vitamins and minerals like calcium and vitamin D. Furthermore, plant-based milks are generally lower in saturated fat, which makes them a heart-healthy option.

According to the American Heart Association, plant-based milks can be a healthy alternative to cow's milk, often containing lower levels of saturated fat and cholesterol, which can help support cardiovascular health.

Market Dynamics:

Driver:

Nutritional limitations and preferences

The demand for plant-based milk has increased dramatically due to the rise in lactose intolerance and dairy allergies, as well as the growing popularity of plant-based and vegan diets. Lactose intolerance affects about 65% of people worldwide, which highlights the demand for lactose-free milk substitutes. Concerns about the well-being of humans and animals have also contributed to the rise in the popularity of vegan and vegetarian diets. Moreover, the growing selection of plant-based milk options in cafes, restaurants, and grocery stores is indicative of this trend.

Restraint:

Elevated production expenses

The higher price of plant-based milk when compared to traditional dairy milk is one of the main barriers to the market. The cost of raw materials, processing, and nutrient fortification can increase the production costs of plant-based milks. Cost-conscious shoppers may be turned off by this price difference, particularly in areas where disposable income is lower. Additionally, plant-based milks may only be adopted by more affluent consumers or those who are specifically looking for ethical and health benefits, despite the higher price points.

Opportunity:

Growth in emerging markets

Expanding plant-based milk products into emerging markets has significant potential as global awareness of health, environmental, and ethical issues grows. Rising disposable incomes and increased urbanization are contributing to a rise in consumer awareness of and interest in new food trends in Latin America, Asia, and Africa. Furthermore, businesses can access a sizable and largely unexplored consumer base by investing in market education and distribution networks in these areas.

Threat:

Competition from the conventional dairy sector

The conventional dairy business is a firmly established industry with substantial resources and power. In response to the growing popularity of plant-based substitutes, dairy companies have launched aggressive marketing campaigns that highlight the health advantages and natural provenance of cow's milk. They might also advocate for laws that limit the promotion and labeling of plant-based milks. Moreover, the dairy industry's economic and political clout, coupled with ingrained consumer loyalty to traditional dairy products, presents a serious challenge to the expansion of the plant-based milk market.

Covid-19 Impact:

The market for plant-based milk was greatly impacted by the COVID-19 pandemic because it hastened consumer changes toward sustainable and health-conscious eating practices. Growing concerns about immunity and health led many consumers to look for plant-based substitutes for dairy, believing them to be healthier. Logistics and raw material sourcing were made more difficult by supply chain disruptions, but as more people experimented with cooking at home and altered their diets, the demand for plant-based milk increased. Additionally, the pandemic increased people's awareness of moral and environmental issues, which increased the demand for plant-based products.

The Almond Milk segment is expected to be the largest during the forecast period

In the market for plant-based milk, the almond milk category has the largest share. The mild, slightly nutty flavor of almond milk and its versatility in a variety of culinary applications—from drinking straight to using in smoothies, coffee, and baking—have made it extremely popular. Because it has fewer calories than cow's milk and other plant-based milk alternatives, it is frequently thought of as a healthier option. Furthermore, almond milk is also a popular choice for consumers who are health-conscious because many brands fortify it with vital vitamins and minerals like calcium and vitamin D.

The 250 ml segment is expected to have the highest CAGR during the forecast period

The market for plant-based milk is expected to grow at the highest CAGR in the 250-ml segment. Because of its portability and ease of use, this size is especially well-liked by consumers who are always on the go, such as professionals, students, and fitness enthusiasts. In addition to being perfect for single-use and portion control, the 250-ml packaging also minimizes waste and guarantees product freshness. However, this market is benefited by the growing popularity of wholesome snacking and the rising need for convenient, wholesome beverage options.

Region with largest share:

The region with the largest market share for plant-based milk is North America. The main causes of this trend are consumer concerns over environmental sustainability, growing health consciousness, and increased knowledge of dairy allergies and lactose intolerance. Moreover, the United States is a notable contributor to the market dominance of plant-based milk alternatives in North America, given the strong demand for almond, soy, oat, and coconut milk, among others.

Region with highest CAGR:

In the market for plant-based milk, Asia Pacific has shown the highest CAGR. Numerous factors, such as a growing population, rising disposable incomes, shifting dietary preferences, and growing public awareness of the advantages of plant-based diets for both health and the environment, can be blamed for this growth trajectory. Additionally, plant-based milk substitutes like soy, almond, and rice milk are in high demand in countries like China, India, and Japan due to factors like urbanization, health consciousness, and awareness of lactose intolerance.

Key players in the market

Some of the key players in Plant-based Milk market include PepsiCo, Elden Foods Inc., Chef's Choice Food Manufacturer Company Limited, Mc Cormick & Co Goya Foods, Edward & Sons., Coca-Cola Company, Alpina Foods, Liwayway Holdings Company Limited, Freedom Foods Group Ltd, Döhler GmbH, Vitasoy International Holdings Limited., Hain Celestial Group, Inc., Blue Diamond Growers, Inc., Hershey Company and Earth's Own Food Company Inc.

Key Developments:

In April 2024, The Coca-Cola Company and Microsoft Corp. announced a five-year strategic partnership to align Coca-Cola’s core technology strategy systemwide; enable the adoption of leading-edge technology; and foster innovation and productivity globally. As part of the partnership, Coca-Cola has made a $1.1 billion commitment to the Microsoft Cloud and its generative AI capabilities.

In April 2024, Blue Diamond Growers, the world's largest almond marketer and processor, announced its new Almond Breeze® partner, Kagome Co., Ltd. for all production and distribution in Japan. The new partnership will focus on accelerating market growth and driving new demand for Almond Breeze®. New products through Kagome will be launched in September 2024.

In August 2021, The Hershey Company has expanded its operations into general merchandising and through its North American broker, Brand Activation Consulting, it is set to release a line of toy products, externally delivered through creating a series of licensing agreements.

Sources Covered:
• Soy Milk
• Almond Milk
• Coconut Milk
• Cashew Milk
• Hemp Seed Milk
• Rice Milk
• Oat Milk
• Peanut Milk
• Pea Milk
• Hazelnut Milk
• Macadamia Milk
• Other Sources

Formulations Covered:
• Plain
• Flavoured

Forms Covered:
• Liquid
• Powder
• Other Forms

Packaging Sizes Covered:
• Less than 100 ml
• 110 ml
• 250 ml
• 500 ml
• 1000 ml
• More than 1000 ml

Packaging Types Covered:
• Tetra Packs
• Bottles
• Can
• Other Packaging Types

Flavours Covered:
• Original/Unflavoured
• Flavoured

Sales Channels Covered:
• Direct Sales
• Indirect Sales
• Other Sales Channels

End Users Covered:
• Infant Formula
• Dairy Products
• Bakery & Confectionary
• Retail Sales
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements


1 Executive Summary
2 Preface
2.1 Abstract
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2.2 Stake Holders
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2.3 Research Scope
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2.4 Research Methodology
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2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
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2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
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3.2 Drivers
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3.3 Restraints
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3.4 Opportunities
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3.5 Threats
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3.6 End User Analysis
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3.7 Emerging Markets
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3.8 Impact of Covid-19
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4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
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4.2 Bargaining power of buyers
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4.3 Threat of substitutes
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4.4 Threat of new entrants
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4.5 Competitive rivalry
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5 Global Plant-based Milk Market, By Source
5.1 Introduction
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5.2 Soy Milk
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5.3 Almond Milk
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5.4 Coconut Milk
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5.5 Cashew Milk
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5.6 Hemp Seed Milk
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5.7 Rice Milk
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5.8 Oat Milk
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5.9 Peanut Milk
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5.10 Pea Milk
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5.11 Hazelnut Milk
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5.12 Macadamia Milk
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5.13 Other Sources
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6 Global Plant-based Milk Market, By Formulation
6.1 Introduction
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6.2 Plain
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6.3 Flavoured
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7 Global Plant-based Milk Market, By Form
7.1 Introduction
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7.2 Liquid
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7.3 Powder
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7.4 Other Forms
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8 Global Plant-based Milk Market, By Packaging Size
8.1 Introduction
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8.2 Less than 100 ml
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8.3 110 ml
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8.4 250 ml
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8.5 500 ml
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8.6 1000 ml
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8.7 More than 1000 ml
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9 Global Plant-based Milk Market, By Packaging Type
9.1 Introduction
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9.2 Tetra Packs
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9.3 Bottles
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9.4 Can
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9.5 Other Packaging Types
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10 Global Plant-based Milk Market, By Flavour
10.1 Introduction
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10.2 Original/Unflavoured
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10.3 Flavoured
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10.3.1 Chocolate
10.3.2 Vanilla
10.3.3 Strawberry
10.3.4 Coconut
10.3.5 Mocha
10.3.6 Berry
10.3.7 Hazelnut
11 Global Plant-based Milk Market, By Sales Channel
11.1 Introduction
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11.2 Direct Sales
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11.3 Indirect Sales
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11.3.1 Modern Trade
11.3.2 Convenience Store
11.3.3 Departmental Store
11.3.4 Traditional Store
11.3.5 Specialty Store
11.3.6 Online Retailers
11.4 Other Sales Channels
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12 Global Plant-based Milk Market, By End User
12.1 Introduction
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12.2 Infant Formula
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12.3 Dairy Products
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12.3.1 Milk
12.3.2 Cheese
12.3.3 Yogurt
12.3.4 Butter
12.3.5 Spreads
12.3.6 Ice Cream
12.3.7 Frozen Dessert
12.4 Bakery & Confectionary
12.5 Retail Sales
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12.6 Other End Users
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13 Global Plant-based Milk Market, By Geography
13.1 Introduction
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13.2 North America
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13.2.1 US
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
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13.3.1 Germany
13.3.2 UK
13.3.3 Italy
13.3.4 France
13.3.5 Spain
13.3.6 Rest of Europe
13.4 Asia Pacific
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13.4.1 Japan
13.4.2 China
13.4.3 India
13.4.4 Australia
13.4.5 New Zealand
13.4.6 South Korea
13.4.7 Rest of Asia Pacific
13.5 South America
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13.5.1 Argentina
13.5.2 Brazil
13.5.3 Chile
13.5.4 Rest of South America
13.6 Middle East & Africa
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13.6.1 Saudi Arabia
13.6.2 UAE
13.6.3 Qatar
13.6.4 South Africa
13.6.5 Rest of Middle East & Africa
14 Key Developments
14.1 Agreements, Partnerships, Collaborations and Joint Ventures
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14.2 Acquisitions & Mergers
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14.3 New Product Launch
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14.4 Expansions
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14.5 Other Key Strategies
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15 Company Profiling
15.1 PepsiCo
15.2 Elden Foods Inc.
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15.3 Chef's Choice Food Manufacturer Company Limited
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15.4 Mc Cormick & Co Goya Foods
15.5 Edward & Sons.
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15.6 Coca-Cola Company
15.7 Alpina Foods
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15.8 Liwayway Holdings Company Limited
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15.9 Freedom Foods Group Ltd
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15.10 Döhler GmbH
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15.11 Vitasoy International Holdings Limited.
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15.12 Hain Celestial Group, Inc.
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15.13 Blue Diamond Growers, Inc.
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15.14 Hershey Company
15.15 Earth's Own Food Company Inc
List of Tables
Table 1 Global Plant-based Milk Market Outlook, By Region (2022-2030) ($MN)
Table 2 Global Plant-based Milk Market Outlook, By Source (2022-2030) ($MN)
Table 3 Global Plant-based Milk Market Outlook, By Soy Milk (2022-2030) ($MN)
Table 4 Global Plant-based Milk Market Outlook, By Almond Milk (2022-2030) ($MN)
Table 5 Global Plant-based Milk Market Outlook, By Coconut Milk (2022-2030) ($MN)
Table 6 Global Plant-based Milk Market Outlook, By Cashew Milk (2022-2030) ($MN)
Table 7 Global Plant-based Milk Market Outlook, By Hemp Seed Milk (2022-2030) ($MN)
Table 8 Global Plant-based Milk Market Outlook, By Rice Milk (2022-2030) ($MN)
Table 9 Global Plant-based Milk Market Outlook, By Oat Milk (2022-2030) ($MN)
Table 10 Global Plant-based Milk Market Outlook, By Peanut Milk (2022-2030) ($MN)
Table 11 Global Plant-based Milk Market Outlook, By Pea Milk (2022-2030) ($MN)
Table 12 Global Plant-based Milk Market Outlook, By Hazelnut Milk (2022-2030) ($MN)
Table 13 Global Plant-based Milk Market Outlook, By Macadamia Milk (2022-2030) ($MN)
Table 14 Global Plant-based Milk Market Outlook, By Other Sources (2022-2030) ($MN)
Table 15 Global Plant-based Milk Market Outlook, By Formulation (2022-2030) ($MN)
Table 16 Global Plant-based Milk Market Outlook, By Plain (2022-2030) ($MN)
Table 17 Global Plant-based Milk Market Outlook, By Flavoured (2022-2030) ($MN)
Table 18 Global Plant-based Milk Market Outlook, By Form (2022-2030) ($MN)
Table 19 Global Plant-based Milk Market Outlook, By Liquid (2022-2030) ($MN)
Table 20 Global Plant-based Milk Market Outlook, By Powder (2022-2030) ($MN)
Table 21 Global Plant-based Milk Market Outlook, By Other Forms (2022-2030) ($MN)
Table 22 Global Plant-based Milk Market Outlook, By Packaging Size (2022-2030) ($MN)
Table 23 Global Plant-based Milk Market Outlook, By Less than 100 ml (2022-2030) ($MN)
Table 24 Global Plant-based Milk Market Outlook, By 110 ml (2022-2030) ($MN)
Table 25 Global Plant-based Milk Market Outlook, By 250 ml (2022-2030) ($MN)
Table 26 Global Plant-based Milk Market Outlook, By 500 ml (2022-2030) ($MN)
Table 27 Global Plant-based Milk Market Outlook, By 1000 ml (2022-2030) ($MN)
Table 28 Global Plant-based Milk Market Outlook, By More than 1000 ml (2022-2030) ($MN)
Table 29 Global Plant-based Milk Market Outlook, By Packaging Type (2022-2030) ($MN)
Table 30 Global Plant-based Milk Market Outlook, By Tetra Packs (2022-2030) ($MN)
Table 31 Global Plant-based Milk Market Outlook, By Bottles (2022-2030) ($MN)
Table 32 Global Plant-based Milk Market Outlook, By Can (2022-2030) ($MN)
Table 33 Global Plant-based Milk Market Outlook, By Other Packaging Types (2022-2030) ($MN)
Table 34 Global Plant-based Milk Market Outlook, By Flavour (2022-2030) ($MN)
Table 35 Global Plant-based Milk Market Outlook, By Original/Unflavoured (2022-2030) ($MN)
Table 36 Global Plant-based Milk Market Outlook, By Flavoured (2022-2030) ($MN)
Table 37 Global Plant-based Milk Market Outlook, By Chocolate (2022-2030) ($MN)
Table 38 Global Plant-based Milk Market Outlook, By Vanilla (2022-2030) ($MN)
Table 39 Global Plant-based Milk Market Outlook, By Strawberry (2022-2030) ($MN)
Table 40 Global Plant-based Milk Market Outlook, By Coconut (2022-2030) ($MN)
Table 41 Global Plant-based Milk Market Outlook, By Mocha (2022-2030) ($MN)
Table 42 Global Plant-based Milk Market Outlook, By Berry (2022-2030) ($MN)
Table 43 Global Plant-based Milk Market Outlook, By Hazelnut (2022-2030) ($MN)
Table 44 Global Plant-based Milk Market Outlook, By Sales Channel (2022-2030) ($MN)
Table 45 Global Plant-based Milk Market Outlook, By Direct Sales (2022-2030) ($MN)
Table 46 Global Plant-based Milk Market Outlook, By Indirect Sales (2022-2030) ($MN)
Table 47 Global Plant-based Milk Market Outlook, By Modern Trade (2022-2030) ($MN)
Table 48 Global Plant-based Milk Market Outlook, By Convenience Store (2022-2030) ($MN)
Table 49 Global Plant-based Milk Market Outlook, By Departmental Store (2022-2030) ($MN)
Table 50 Global Plant-based Milk Market Outlook, By Traditional Store (2022-2030) ($MN)
Table 51 Global Plant-based Milk Market Outlook, By Specialty Store (2022-2030) ($MN)
Table 52 Global Plant-based Milk Market Outlook, By Online Retailers (2022-2030) ($MN)
Table 53 Global Plant-based Milk Market Outlook, By Other Sales Channels (2022-2030) ($MN)
Table 54 Global Plant-based Milk Market Outlook, By End User (2022-2030) ($MN)
Table 55 Global Plant-based Milk Market Outlook, By Infant Formula (2022-2030) ($MN)
Table 56 Global Plant-based Milk Market Outlook, By Dairy Products (2022-2030) ($MN)
Table 57 Global Plant-based Milk Market Outlook, By Milk (2022-2030) ($MN)
Table 58 Global Plant-based Milk Market Outlook, By Cheese (2022-2030) ($MN)
Table 59 Global Plant-based Milk Market Outlook, By Yogurt (2022-2030) ($MN)
Table 60 Global Plant-based Milk Market Outlook, By Butter (2022-2030) ($MN)
Table 61 Global Plant-based Milk Market Outlook, By Spreads (2022-2030) ($MN)
Table 62 Global Plant-based Milk Market Outlook, By Ice Cream (2022-2030) ($MN)
Table 63 Global Plant-based Milk Market Outlook, By Frozen Dessert (2022-2030) ($MN)
Table 64 Global Plant-based Milk Market Outlook, By Bakery & Confectionary (2022-2030) ($MN)
Table 65 Global Plant-based Milk Market Outlook, By Retail Sales (2022-2030) ($MN)
Table 66 Global Plant-based Milk Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

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