Plant-based Milk Market Worth $42.86 Billion by 2029

Plant-based Milk Market by Type, Formulation, Distribution Channel - Forecast to 2029

23-Jun-2022 - USA

Meticulous Research^® – a leading global market research company, published a research report titled “Plant-based milk Market by Type (almond milk, Soy milk, Coconut Milk, oat milk, Rice Milk), Formulation (Unflavored, Flavored), Distribution Channel (B2B, B2C (Modern Groceries, Convenience Store, Specialty Store, Online Retail)) - Forecast to 2029”.

According to this latest publication from Meticulous Research^®, the global plant-based milk market is expected to grow at a CAGR of 11.9% from 2022 to 2029 to reach $42.86 billion by 2029. This market is driven by an increase in cases of lactose intolerance and milk allergies, growing investments in plant-based milk marketspace, increasing vegan and vegetarian population, and nutritional benefits of plant-based milk. Additionally, emerging economies provide significant growth opportunities for plant-based manufacturers. However, preference for animal-based milk and growing preference for soy and gluten-free products hinders the growth of the global plant-based milk market to some extent.

The global plant-based milk market study presents historical market data in terms of value (2020 and 2021), estimated current data (2022), and forecasts for 2029. The market is segmented based on type, formulation, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at a country level.

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Based on type, the global plant-based milk market is segmented into almond milk, soy milk, coconut milk, oat milk, rice milk, and others. The almond milk segment is estimated to account for the largest share of the overall plant-based milk market in 2022. The leading position of this segment is mainly attributed to factors such as an increased number of consumers switching to nut-based lactose-free milk, changing taste preferences, and increasing general health & environmental concerns. This segment is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to increasing consumer preference for soy-free and gluten-free products.

Based on formulation, the global plant-based milk market is mainly segmented into unflavored and flavored. The unflavored segment is estimated to account for the largest share of the overall plant-based milk market in 2022. The leading position of this segment is mainly attributed to factors such as increased consumer demand for naturally dairy-free & sugar-free products and their clean taste and smooth texture properties, which blend seamlessly with various food and beverages recipes. However, the flavored segment is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for ready-to-drink beverages.

Based on distribution channel, the global plant-based milk market is mainly segmented into business-to-business and business-to-customer. The B2C segment is estimated to account for the largest share of the overall plant-based milk market in 2022. The leading position of this segment is mainly attributed to factors such as consumers' preference for brick-and-mortar grocers, the growing online retail sector, urbanization, and the rising number of supermarkets and hypermarkets. This segment is expected to grow at the highest CAGR during the forecast period.

Geographic Review

Geographically, Asia-Pacific is estimated to account for the largest share of the overall plant-based milk market in 2022. The large share of this region is primarily attributed to increased awareness about a protein-rich diet, increased health consciousness, higher adoption of technological advancements in the F&B industry, and a larger vegan & vegetarian population base. This region is expected to grow at the highest CAGR during the forecast period.

Key Players

The key players operating in the global plant-based milk market are Danone SA (France), Plamil Foods Ltd. (U.K.), Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health Wellbeing Company (Australia), Axiom Foods (U.S.), Earth's Own Food Company Inc. (Canada), Nestlé S.A. (Switzerland), SunOpta (Canada), American Soy Products (U.S.), Alpina Foods (U.S.), and Pacific Foods of Oregon, Inc. (U.S.).

Key questions answered in the report-

Which are the high-growth market segments in terms of the type, formulation, distribution channel, and countries?
What is the historical market for plant-based milk across the globe?
What are the market forecasts and estimates for the period of 2022-2029?
What are the major drivers, restraints, challenges, opportunities, and trends in the global plant-based milk market?
Who are the major players in the global market, and what share of the market do they hold?
Who are the major players in various countries, and what share of the market do they hold?
What is the competitive landscape?
What are the recent developments in the global plant-based milk market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global plant-based milk market, and how do they compete with the other players?