Plant-based milk is a dairy-free alternative to cow’s milk. It is made from a variety of plant sources, such as soybeans, almonds, oats, rice, and coconuts. Plant-based milk is often fortified with vitamins and minerals, and it can be a good source of protein, calcium, and other nutrients. Some plant-based milks, such as soy milk, are also a good source of isoflavones, which are plant compounds that have health benefits.
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Key Trends
There are three key trends in plant-based milk technology:
1. The use of alternative sources of milk: There is an increasing trend of using alternative sources of milk, such as soy, almond, and coconut, as plant-based milk options.
2. The use of plant-based milk in products: There is an increasing trend of using plant-based milk in products, such as cheese, yogurt, and ice cream.
3. The use of plant-based milk in foodservice: There is an increasing trend of using plant-based milk in foodservice, such as in coffee shops and restaurants.
Key Drivers
The key drivers of the plant-based milk market are the increasing vegan population, the health benefits of plant-based milk, and the increasing awareness of the environmental impact of animal agriculture.
The vegan population is growing rapidly, and plant-based milk is a vegan-friendly alternative to dairy milk. The health benefits of plant-based milk are also a key driver of the market. Plant-based milk is lower in calories and fat than dairy milk, and it is also a good source of vitamins and minerals.
The environmental impact of animal agriculture is another key driver of the plant-based milk market. Animal agriculture is a major contributor to greenhouse gas emissions, and it requires a large amount of land and water. Plant-based milk requires less land and water than animal milk, and it has a lower carbon footprint.
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Restraints & Challenges
The key restraints in the Plant-based Milk market are the lack of awareness about the benefits of plant-based milk products and the lack of availability of these products in the market. The challenges in the Plant-based Milk market are the need to create awareness about the benefits of plant-based milk products and to make these products available in the market.
Market Segments
The Plant-based Milk Market is segmented on the basis of formulation, application, source and region. On the basis of formulation is categorized into organic and conventional. On the basis of application, the market is segmented into food & beverage industry, household/retail, foodservice industry, and others. On the basis of source, the market is classified into fruits, rice, nuts, soy, and others. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
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Key Players
The Plant-based Milk Market report includes players such as Pacific Foods of Oregon, Inc., Natura Foods, Sunopta Inc., The Hain Celestial Group Inc., Mc Cormick & Co., Goya Foods, Vitasoy International Holdings Limited, The Hershey Company, Turtle Mountain LLC, and Edward & Sons.
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