Plant Milk Market: Current Analysis and Forecast (2021-2027)

Plant Milk Market: Current Analysis and Forecast (2021-2027)

The Global Plant Milk is Expected to Display an Elevated CAGR of ~10% over the forecast period (2021-2027)

A rising shift towards a vegan diet and emerging economics provide significant growth opportunities for plant-based milk manufacturers. As per Veganbits, 7.53 billion vegan people are living worldwide, out of which, 1.2 billion people are living in Africa. People are drawn to vegetarianism for a multitude of reasons, some of which include religion, ethical motivation, health, environmental conservation, economic factors, dislike of meat, and culture. Consuming plant-based foods is just a trend for Millennials and younger generations. Millennials and Gen Z make up 30-32% of the population, respectively, creating the enormous market potential for plant-based foods. As per Nielsen, 85% of Canadians and 83% of United States people are preferring plant-based food over animal-based food

In Europe, consumption of plant-based meat substitutes made up 40% of the world market in 2019 and is forecast to grow by 60% through 2025, mainly due to concerns for health, food security, and animal welfare. In the U.S. during 2019, the retail market for plant-based foods grew eight times faster than the general retail food market

1/3 of Americans are actively reducing their meat and dairy consumption. A new study by Ipsos Retail has revealed that the number of Americans following plant-based diets is up nearly 9.6 million over the last 15 years. This is a 300% increase and nearly 3 %of the population in the United States. This increase in the vegan population is expected to drive the plant-based protein market. As per the Plantproteins.co, U.S. retail sales of plant-based foods have increased 11 percent from 2018 to 2019, hitting a plant-based market value of $4.5 billion.

Groupe Danone, Pacific Foods of Oregon, Inc., The Hain Celestial Group Inc., Turtle Mountain LLC, Vitasoy International Holdings Limited., Natura Foods, Freedom Foods Group Ltd., Earth’s Own Food Company Inc., Mc Cormick & Co., The Hershey Co, etc., are some of the prominent players operating in the Plant Milk market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst source, Soy Plant Milk segment holds the major share”

Based on the source, the market is fragmented into Almond, Soy, Coconut, Rice, and Others. The soy plant Milk segment grabbed the major market share and dominated the market in 2020. The market of this segment would reach USD XX Mn by 2027. The growing awareness about the health benefits of soy milk among consumer is leading to the growing demand for this segment, As per American Heart Association, eating foods containing soy protein to replace foods high in animal fats have benefits to cardiovascular health.

“Amongst formulation, flavored segment to grab considerable market share”

Based on the formulation, the market is fragmented into Regular and Flavored. The regular segment grabbed XX% market share and captured USD XX Mn market in 2020. However, the flavored segment would witness the robust CAGR during the forthcoming years

“Amongst nature, organic segment to grab considerable market share in forthcoming years”

Based on the nature, the market is segmented into Organic and Conventional. The conventional segment grabbed the major market share and dominated the market. However, with the rising disposable income and surging awareness, the demand for organic milk is witnessing an uptick.

“Amongst sales channel, hypermarket/ supermarket segment to grab considerable market share”

Based on the distribution channel, the market is fragmented into Supermarkets and Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, and Others. The supermarkets and hypermarkets segment grabbed XX% market share and captured USD XX Mn market in 2020. However, the online store segment would witness a robust CAGR during the forthcoming years

“Asia-Pacific represents one of the largest markets of Plant Milk market”

For a better understanding of the market dynamics of the Plant Milk market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia Pacific, and the Rest of the world. Asia-Pacific region dominated the market and generated the leading revenue share in 2020 owing to rising disposable income and emerging demand from lactose-intolerant people.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry