Plant-Based Milk Market to Grow with a CAGR of 6.38% Globally through to 2028

According to TechSci Research report, “Global Plant-Based Milk Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Plant-Based Milk Market stood at USD12,624.01 Million in 2022 and is anticipated to grow with a CAGR of 6.38% in the forecast period, 2024-2028. The global plant-based milk market has witnessed significant growth in recent years, driven by changing consumer preferences, health and sustainability concerns, and innovations in product offerings. As the market continues to evolve, several major trends have emerged, shaping its trajectory.

One of the most prominent trends in the global plant-based milk market is the diversification of milk alternatives beyond traditional soy and almond milk. Consumers are now presented with a wide array of options, including oat, rice, coconut, hemp, and cashew milk, among others. This diversification caters to various dietary preferences, nutritional needs, and taste preferences.

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The global plant-based milk market has experienced remarkable growth in recent years, driven by shifting consumer preferences, health-conscious choices, sustainability concerns, and innovative product offerings. This burgeoning sector has evolved from being a niche market to a mainstream choice for a diverse range of consumers. Plant-based milk, also known as dairy alternatives or milk substitutes, refers to non-dairy beverages made from plant sources such as nuts, seeds, grains, and legumes. These alternatives have gained popularity as consumers seek healthier, more sustainable, and ethical options to traditional dairy milk. The plant-based milk market includes a wide variety of options, including almond milk, soy milk, oat milk, coconut milk, rice milk, hemp milk, and more.

Consumers are increasingly seeking healthier dietary options. Plant-based milk is often perceived as a healthier choice due to its lower saturated fat and cholesterol content, as well as its potential for fortification with vitamins and minerals. Environmental concerns related to the dairy industry, such as greenhouse gas emissions and land use, have led consumers to explore more sustainable options. Plant-based milk, particularly almond and oat milk, is often considered more environmentally friendly.

The rise of vegan, vegetarian, and flexitarian diets has spurred demand for dairy alternatives. Plant-based milk fits well into these dietary choices. Lactose intolerance and dairy allergies affect a significant portion of the population, driving individuals to seek dairy-free alternatives. Companies in the plant-based milk market continually innovate, improving taste, texture, and versatility. Innovations like barista-quality oat milk and new flavor profiles expand consumer options.

A Plant-Based Doctor's Take on Choosing a Plant-Based Milk - Nutrition

The market has evolved beyond traditional soy and almond milk to include a wide variety of options. Oat milk, in particular, has gained prominence for its creamy texture and versatility. Consumers are increasingly choosing plant-based milk for its perceived health benefits, including lower saturated fat and cholesterol levels. Fortified versions cater to those seeking added nutritional value. Environmental and ethical concerns have driven demand for more sustainable options. Companies are adopting sustainable practices in sourcing and production to align with consumer values.

Oat milk has gained significant popularity in recent years, emerging as a strong contender in the plant-based milk market. This trend can be attributed to several factors. Firstly, oat milk has a naturally sweet flavor and creamy texture, making it a suitable replacement for dairy milk in coffee, lattes, and cereals. Secondly, it is often perceived as more sustainable than almond milk due to its lower water usage and smaller environmental footprint. Brands like Oatly have capitalized on this trend, leading to widespread availability of oat milk products.

The Global Plant-Based Milk Market is segmented into type, category, packaging, distribution channel, regional distribution, and company.

Based on type, the global plant-based milk market is mainly segmented into almond milk, soy milk, coconut milk, oat milk, rice milk, and others. According to projections, in 2022, the market for plant-based milk would be dominated by the almond milk category with market share of 29.99%.

Based on region, Asia Pacific segment is expected to grow during the forecast period.  The significant market share of this region is primarily attributable to greater health consciousness, faster adoption of technical improvements in the F&B industry, and a larger demographic base of vegans and vegetarians.

Major companies operating in Global Plant-Based Milk Market are:

  • Danone S.A.
  • Hebei Yangyuan Zhihui Beverage Co., Ltd.
  • Blue Diamond Growers
  • Coconut Palm Group Co. Ltd.
  • Oatly Group AB
  • Califia Farms, LLC
  • Earth’s Own Food Company Inc.
  • The Hain Celestial Group, Inc.
  • SunOpta, Inc.
  • Ripple Foods PBC
  • Australian Health and Nutrition Association Ltd

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“The global plant-based milk market has experienced explosive growth driven by changing consumer preferences for healthier, more sustainable, and dairy-free alternatives. A wide variety of options, including almond, soy, oat, and coconut milk, cater to diverse tastes and dietary needs. Major players, such as Danone, Oatly, and Califia Farms, have expanded their product lines to meet surging demand. Key trends include health and wellness focus, sustainability, retail expansion, and competition from traditional dairy brands. Challenges include pricing disparities and regulatory considerations. Despite these challenges, the plant-based milk market shows immense potential for continued growth and innovation.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Plant-Based Milk Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Soy Milk, Coconut Milk, Almond Milk, Oat Milk, Others (Rice Milk, Pea Milk, etc.)), By Category (Flavored Vs Non-Flavored), By Packaging (Cartons, Bottles, Others (Pouches, Cans, etc.)), By Distribution Channel (Convenience/Grocery Stores, Supermarkets, Online, Others (Specialty Stores, Hypermarkets, etc.)), By Region, By Competition, 2018-2028”, has evaluated the future growth potential of global plant-based milk market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global plant-based milk market.

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