Plant Milk Market Outlook 2024-2033: Trends and Projections

The plant milk global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Plant Milk Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The plant milk market size has grown rapidly in recent years. It will grow from $16.67 billion in 2023 to $18.99 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth in the historic period can be attributed to increasing consumer demand for plant-based diets, collaboration between industry players, increasingly prioritizing health and wellness, increasingly focusing on reducing their carbon footprint, and minimizing environmental impact during production.

The plant milk market size is expected to see rapid growth in the next few years. It will grow to $32.40 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to increasing urbanization, increasing vegan population, increasing demand for organic foods and beverages, growing demand for lactose-free milk, increasing demand for dairy alternative, and increasing awareness about plant milk. Major trends in the forecast period include innovative products, innovative plant milk varieties, diverse flavors and textures, strategic marketing, and technological advancements.

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Scope Of Plant Milk Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Plant Milk Market Overview

Market Drivers –
The increasing vegan population is expected to propel the growth of the plant milk market going forward. The vegan population refers to the group of individuals who follow a vegan lifestyle, which involves abstaining from consuming all animal products, including meat, dairy, eggs, and honey. The increase in the vegan population is due to several critical factors, including heightened awareness of the ethical treatment of animals, environmental sustainability, and health benefits. Plant milk is a popular choice among the vegan population as it is an alternative to dairy milk for ethical, environmental, or health reasons. For instance, in January 2024, according to a survey of 2,000 adults aged 18 or over in Great Britain by Finder.com LLC, a US-based personal finance comparison site, there were 2.5 million vegans in early 2024, an increase from 1.1 million in 2023. Therefore, the increasing vegan population is driving the growth of the plant milk market.

Market Trends –
Major companies operating in the plant milk market are focused on developing innovative products, such as creamy plant milk, to cater to the growing demand for dairy-free options. Creamy plant milk is a type of non-dairy milk made from plant-based sources, such as almonds, oats, soy, coconut, cashews, or rice, with a richer, thicker texture similar to traditional dairy milk. For instance, in February 2024, Califia Farms LLC, a US-based manufacturer of plant-based dairy products, launched Califia Farms Complete. It is a creamy plant milk designed to match the nutritional profile of dairy milk while containing 50% less sugar. It is made from a pea, chickpea, and fava bean protein blend. It contains more of these nine essential nutrients as an eight-ounce serving of dairy milk, including protein, calcium, vitamin A, vitamin D, vitamin B12, magnesium, phosphorus, potassium, and riboflavin.

The plant milk market covered in this report is segmented –

1) By Type: Coconut, Soy, Almond, Rice, Oat, Other Types
2) By Formulation: Unsweetened, Sweetened
3) By Packaging: Bottles, Pouches, Cartons
4) By Application: Food And Beverage Industry, Household, Hotels And Restaurants, Other Applications
5) By End-User: Mainstream Stores, Specialty Stores, Other End-Users

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Regional Insights –
North America was the largest region in the plant milk market in 2023. The regions covered in the plant milk market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –
Major companies operating in the plant milk market are Danone S.A., Campbell Soup Company, Döhler Gmbh, Mc Cormick & Company Inc., Univar Solutions Inc., The Hain Celestial Group Inc., Blue Diamond Growers Inc., Goya Foods Inc., Fazer, Oatly Group AB, Califia Farms LLC, Pacific Foods, Earth’s Own Food Company Inc., Ripple Foods, Oatsome, Elmhurst Milked Direct LLC, Good Karma Foods Inc., Elden Foods LLC, Natura Foods, Alpina Foods LLC

Table of Contents
1. Executive Summary
2. Plant Milk Market Report Structure
3. Plant Milk Market Trends And Strategies
4. Plant Milk Market – Macro Economic Scenario
5. Plant Milk Market Size And Growth
…..
27. Plant Milk Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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