Plant-based Milk Market to Reach $52.54 Billion by 2031 - Exclusive Report by Meticulous Research®

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Jun 26, 2024, 10:16 ET

REDDING, Calif., June 26, 2024 /PRNewswire/ -- According to a new market research report titled 'Plant-based Milk Market Size, Share, Forecast, & Trends Analysis by Type (Almond Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation (Flavored), Distribution Channel (B2B, B2C [Modern Groceries, Convenience Store]) - Global Forecast to 2031,' published by Meticulous Research^®, the plant-based milk market is projected to reach $52.54 billion by 2031, at a CAGR of 11.4% from 2024 to 2031.

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The growth of the plant-based milk market is driven by the high prevalence of lactose intolerance & allergies to cow milk, the growing focus on health & well-being, changing eating habits & consumers' drive toward sustainability, and increasing investments & government support for plant-based industries. However, the high preference for animal-based milk products and the growing consumption of soy-free & gluten-free products restrain the growth of this market.

Emerging economies in Asia-Pacific and Latin America are expected to generate market growth opportunities. However, the fluctuating raw material prices are a major challenge for market stakeholders.

Plant-based milk, a milk alternative, is dairy-free, protein-rich milk derived from plant-based sources, such as almonds, soy, coconut, oats, and rice. It is a sustainable and environmentally friendly milk alternative for the globally increasing vegan, lactose intolerant, and flexitarian populations. It addresses issues related to animal welfare, resource efficiency, and climate change.

The plant-based milk market is segmented by type (almond milk, soy milk, coconut milk, oat milk, rice milk, and other plant-based milk), formulation (unflavored and flavored), distribution channel (business-to-business and business-to-consumer {modern groceries, convenience stores, specialty stores, online retail stores, and other b2c distribution channels), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

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The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2021–2024). The plant-based milk market has witnessed several partnerships, agreements, collaborations, mergers, and acquisitions in recent years. The key players operating in the plant-based milk market are Hain Celestial Group, Inc. (U.S.), SunOpta Inc. (Canada), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods, Inc. (U.S.), Earth's Own Food Company, Inc. (Canada), Sunrise Soya Foods (Canada), Campbell Soup Company (U.S.), Danone S.A. (France), Plamil Foods Ltd. (U.K.), Sahmyook Foods (South Korea), Nestlé S.A. (Switzerland), Natura Foods (Canada), Blue Diamond Growers (U.S.), and Oatly Group AB (Sweden).

Key Findings in the Global Plant-based Milk Market Study:

Based on type, the plant-based milk market is mainly segmented into almond milk, soy milk, coconut milk, oat milk, rice milk, and other plant-based milk. In 2024, the almond milk segment is expected to account for the largest share of 60% of the plant-based milk market. However, the oat milk segment is projected to register the highest CAGR during the forecast period of 2024–2031 owing to consumers' increasing preference for soy-free, low-fat, and gluten-free products; the high nutritional properties of oat milk; and rising awareness about the health benefits of oats. Oat milk contains vitamins and minerals, including vitamin B2 (riboflavin), vitamin B3 (niacin), phosphorus, and manganese, which contribute to overall health. Oat milk is often fortified with essential nutrients like calcium, vitamin D, and vitamin B12, providing similar nutritional benefits to cow's milk.

Based on formulation, in 2024, the unflavored segment is expected to account for the larger share of the plant-based milk market. The large market share of this segment is mainly attributed to factors such as the increased consumer demand for naturally dairy-free & sugar-free products and the clean taste and smooth texture of unflavored dairy-free products, which allow for their seamless incorporation into various food and beverage recipes. However, the flavored segment is projected to register the higher CAGR of 13.6% during the forecast period of 2024–2031.

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Based on the distribution channel, the plant-based milk market is mainly segmented into business-to-business (B2B) and business-to-consumer (B2C). In 2024, the business-to-consumer (B2C) segment is expected to account for the largest share of 67.4% of the global plant-based milk market. The large market share of this segment is attributed to the increased retail sales of plant-based milk in supermarkets & hypermarkets, increased shelf space for plant-based products in modern groceries, rising preference for shopping from brick-and-mortar grocers due to easy access & availability, and growing consumer acceptance for vegan & vegetarian dairy alternatives, specifically for plant-based milk.

Based on geography, the global plant-based milk market is majorly segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 50% of the plant-based milk market, followed by Europe and North America. The Asia-Pacific plant-based milk market is estimated to be worth USD 28.07 billion in 2024. The large share of this market is mainly attributed to consumers' rising awareness about the benefits of protein-rich foods, increasing health consciousness, the growing adoption of advanced technologies in the F&B industry, and the region's large vegan & vegetarian population base.

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Scope of the Report:

Global Plant-based Milk Market Assessment—by Type

Almond Milk
Soy Milk
Coconut Milk
Oat Milk
Rice Milk
Other Plant-based Milks

Global Plant-based Milk Market Assessment—by Formulation

Unflavored
Flavored

Global Plant-based Milk Market Assessment—by Distribution Channel

Business-to-Business
Business-to-Consumer
- Modern Groceries
- Convenience Stores
- Specialty Stores
- Online Retail Stores
- Other B2C Distribution Channels

Global Plant-based Milk Market Assessment—by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- Spain
- Italy
- France
- Netherlands
- Sweden
- Belgium
- Austria
- Denmark
- Poland
- Portugal
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Australia
- Thailand
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Middle East and Africa

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