The plant-based milk market is presently worth US$ 12.1 billion, but it is expected to grow at a 9.5% CAGR to reach US$ 29.5 billion by 2031. With a global value share of over 30%, East Asia currently has the largest market for plant-based milk substitutes. Consumption of plant-based milk makes up between 50% and 60% of the global market for dairy substitutes in terms of value.
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From 2016 to 2020, the plant-based milk market grew at a CAGR of 7.2%. Sales of plant-based milk are influenced by a number of variables, including rising consumer health consciousness and the ongoing popularity of non-dairy and plant-based beverages. An growing subcategory of functional beverages is plant-based milk.
Due to rising lactose intolerance, calorie concerns, and the high frequency of hypercholesterolemia among consumers, plant-based milk is also recognised as the ideal milk substitute for dairy beverages. Additionally, a growing inclination for vegan diets is driving customers to select alternatives to cow milk. To draw in more customers, food and beverage producers are also developing novel and unique items using elements from plants.
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Country-wise Insights
Why is Germany a Leading Market for Plant-based Milk in the European Region?
The plant-based milk market is set to witness significant growth in Germany at a value CAGR 8.2%. Demand for plant-based milk in Europe is increasing at a significant rate, which provides a favourable growth opportunity for plant-based milk product manufacturers.
Which Country is Propelling the East Asia Market for Plant-based Milk?
China holds a high share in the East Asian plant-based milk market. This is mainly because of the high health and nutritional benefits of plant-based milk. Also, rising demand for convenient foods and high presence of plant-based milk products with high nutrition in the food & beverage industry will have a positive impact on market growth in China, which is predicted to surge at a CAGR of 10.7% through 2031.
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Plant-based Milk Market Industry Research by Category
Plant-based Milk Market by Type:
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- Soy Milk
- Almond Milk
- Coconut Milk
- Rice Milk
- Oat Milk
- Others
Plant-based Milk Market by End Use:
Food & Beverage Industry
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- Bakery & Confectionery
- Dairy & Desserts
- Infant Formula
Retail/Household
Foodservice Industry
Plant-based Milk Market by Distribution Channel:
Business to Business Sales of Plant-based Milk
Business to Consumer Sales of Plant-based Milk
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- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
Plant-based Milk Market by Region:
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- North America Plant-based Milk Market
- Latin America Plant-based Milk Market
- Europe Plant-based Milk Market
- East Asia Plant-based Milk Market
- South Asia Plant-based Milk Market
- Oceania Plant-based Milk Market
- Middle East & Africa Plant-based Milk Market
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