How big is the plant milk market today, and what are its future growth expectations?
The plant milk market size has grown rapidly in recent years. It will grow from $18.99 billion in 2024 to $21.72 billion in 2025 at a compound annual growth rate (CAGR) of 14.3%. 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 $36.99 billion in 2029 at a compound annual growth rate (CAGR) of 14.2%. 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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What have been the primary factors driving the plant milk market’s growth?
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.
What are the key segments within the plant milk market?
The plant milkmarket 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
Subsegments:
1) By Coconut Milk: Canned Coconut Milk, Carton Coconut Milk, Coconut Cream
2) By Soy Milk: Original Soy Milk, Vanilla Soy Milk, Unsweetened Soy Milk, Fortified Soy Milk
3) By Almond Milk: Sweetened Almond Milk, Unsweetened Almond Milk, Vanilla Almond Milk, Chocolate Almond Milk
4) By Rice Milk: Original Rice Milk, Vanilla Rice Milk, Chocolate Rice Milk
5) By Oat Milk: Original Oat Milk, Vanilla Oat Milk, Barista Oat Milk
6) By Other Types: Hemp Milk, Pea Milk, Cashew Milk, Flax Milk, Quinoa Milk
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Which key players are shaping the plant milk market?
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
How will emerging trends drive the plant milk market throughout the forecast period?
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.
How do regional factors impact the plant milk market, and which region is the largest contributor?
North America was the largest region in the plant milk market in 2024. The regions covered in the plant milk market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Plant Milk Market Report 2025 Offer?
The plant milk market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Plant milk is a non-dairy beverage from plant-based ingredients such as nuts, seeds, grains, and legumes. It is created by blending and straining the plant material with water, resulting in a liquid resembling dairy milk’s appearance and texture. Plant milk is often fortified with vitamins and minerals, such as calcium and vitamin D, to enhance its nutritional profile. It is widely used as a dairy milk alternative for those who are lactose intolerant, vegan, or seeking plant-based dietary options.
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