Plant-based Milk Market

Plant-based Milk Market Outlook

The plant-based milk market is on its way to perceive escalation, from US$ 20.1 billion in 2024 up to US$ 47.9 billion by 2034. The industry is forecast to expand at a CAGR of 9.1% between 2024 and 2034, indicating strong vegan milk market growth.

Since plant-based milk, for example, coconut milk and soy milk, have numerous health provisions, the adoption is booming acutely on a global level. The amplified customer choice for plant-based food and beverages encourages the plant-based milk market to accelerate.

Attributes	Details
Valuation for 2024	US$ 20.1 billion
Valuation for 2034	US$ 47.9 billion
CAGR from 2024 to 2034	9.1%

Plant-Powered Living with Growth of Veganism

Veganism has been a strengthening trend in recent years and is a catalyst for the thriving plant-based milk demand during the forecast period. The escalating popularity of lactose intolerance and amplifying conditions of dairy allergies in infants favor the adoption of plant-based milk between 2024 and 2034.

The escalating prevalence of vegan products, environmental issues concerning milk processing plants and milk suppliers, spurring awareness about the advantages of an organic diet, and advancing availability of dairy options in the global plant-based milk market are other impetus that govern adoption through 2034.

Attributes	Details
Valuation for 2019	US$ 16.1 billion
CAGR from 2019 to 2023	4.5%

Ethical Awakening with Growth Opportunities of Plant-based Dairy

The amplified cognizance of animal exploitation and ethical considerations regarding consuming products derived from animals are the significant factors that usher the plant-based milk market trend toward vegan diets.

Additional trends that open up novel segment opportunities for plant-based dairy vendors include the expanding demand for clean-label products and the escalating adoption of functional foods. Between 2024 and 2034, a strong demand for plant-based milk and cheese is slated to be witnessed.

Comparative View of Adjacent Industry

Given below is a comparative analysis of plant plant-based milk industry, alongside vegan fast food sector and organic milk sector. The growth graph, relevant trends, and latent opportunities of each industry are discussed in brief.

The analysis indicates the rise in demand for plant-based milk products as the vegan population increases worldwide with a CAGR of 9.1% through 2034.

Plant-based Milk Market:

Attributes	Plant-based Milk Industry
Value-based CAGR (2024 to 2034)	9.1%
Growth Factor	The climbing health cognizance and lactose intolerance consciousness augment the plant based beverages market growth.
Trend	The advancing demand for organic alternatives in coffee shops and cafes flourishes the plant based milk sales.
Restraint	Issues regarding nutrient shortages in some plant-based preferences hinder the plant based milk demand.

Organic Milk Market:

Attributes	Organic Milk Industry
Value-based CAGR (2024 to 2034)	3.5%
Growth Factor	Health-conscious consumers looking for hormone-free and nonantibiotic alternatives flourish the organic milk market expansion.
Trend	Environmental issues are ushering support for earth-friendly agriculture, amplifying the demand for organic milk.
Restraint	The obstacles in sustaining continuous supply because of seasonal variations inhibit organic milk sales.

Vegan Fast Food Market:

Attributes	Vegan Fast Food Industry
Value-based CAGR (2024 to 2034)	4.1%
Growth Factor	The impact of social media and celebrity endorsements facilitating vegan lifestyles bolsters sales of vegan fast food.
Trend	The government plans to encourage healthier dietary preferences and diminish meat consumption, which escalates the vegan fast food market growth.
Restraint	The challenge from conventional fast food consumers adept to meat-centric menus curtails the demand for vegan fast food.

Category-wise Outlook

The segmented plant-based milk market analysis is included in the following subsection. Based on comprehensive studies, the soy milk sector is prevalent in the product type category, and the powder segment emerges victorious in the form category.

Growth Trajectory of Soy Milk Thrived by Health Aids

Top Segment	Share
Soy Milk	34%

The soy milk segment prevailed in the product type category share of the plant-based milk market in 2024. This ascendency continues until 2034. The soy milk segment growth is significant owing to the organic allergen-free property, specifically luring individuals with lactose intolerance or dairy/nut allergies.

The plant-based milk demand surges for soy milk in the retail segment because of its traction among consumers and the availability provided. It provides plentiful healthcare provisions to the consumer.

Personalized Serving Sizes Ushers Sales in the Powder Milk Segment

Top Segment	Share
Powder	19%

For regions without refrigeration access, the powdered segment is a lucrative alternative because of its increased stability and less prone to spoiling. Powdered milk provides customizable serving sizes to accommodate a wide range of consumer requirements and tastes.

The demand for powdered form is far beyond beverages, as it is effortlessly comprised of an array of recipes and diverse food products. Significant profit margins occur with cut-down shipping costs consequent from lighter and smaller volumes contrasted with liquid alternatives.

Country-wise Analysis

The plant-based milk industry can be observed in the subsequent tables, which focus on the leading economies in the United Kingdom, India, China, the United States, and Germany. A comprehensive evaluation demonstrates that Germany has enormous opportunities for plant-based milk market.

Consumer Shift Towards Balanced Options Amplifies the United States Market Growth

Nation	United States
CAGR (2024 to 2034)	8.5%

Studies show that the United States plant-based milk market held a share of 27.5% from 2024 to 2034. The United States witnessed a significant demand for plant-based milk alternatives as health consciousness surges. The United States Trends in Eating and Nutrition Declarations infer to anticipations made by the United States Agriculture Department that regulate consumer dietary preferences.

Considerable demand for plant-based milk is attributed to augmenting lactose intolerance and a universal concentration on healthy food practices. The prominent non-dairy beverages are made from almonds, soy, coconut, oat, and hemp.

All of the plant-based milk options are broadly available because of escalated demand. With amplifying health consciousness and interest in lactose-free options, the plant-based milk market growth boosts the food and beverage sector in the United States.

• In October 2019, Blue Diamond Growers, Inc. rolled out Mexican hot chocolate containing cinnamon, almond milk, and allspice as a part of its almond breeze product category, proliferating its assortment of offerings.
• Hiland Dairy launched into the market its chocolate lactose-free milk in February 2019. The product has vital minerals and vitamins in it. The company rolled out the product in response to the escalating demand for tasty, plant-based dairy items.

Inclination Towards Greener Beverage Alternatives in Germany

Country	Germany
CAGR (2024 to 2034)	11.5%

The plant-based milk market expands as the German millennials become aware of environmental and health disorders. There is significant potential in the plant-based milk industry, with varieties ranging from soy and almond milk to coconut and oat milk.

Many plant-based drinks are standard staples in modern homes as a proliferating number of people shift towards veganism or look for healthy alternatives without sacrificing taste. Between 2024 and 2034, Germany's share of the vegan milk sector was to seize 3%.

Evolving Appetite for Plant-based Milk in India

Nation	India
CAGR (2024 to 2034)	9.8%

The plant-based milk market in India clutches 16.6% of the global share from 2024 to 2034. The demand for these products in India is escalating as people are aware of their health preferences. The spurring of disposable income and improved products on the market escalated the adoption of plant-based drinks.

There is a prospering requirement in India for vegan milk that lacks artificial flavoring and stabilizers since more homes are putting healthy feeding habits forward. Plant-based drinks are healthier alternatives than conventional dairy milk, as well as include significant vitamins and minerals in their high nutritive content.

Vegan Milk's Health Boom Escalates Market Growth in China

Nation	China
CAGR (2024 to 2034)	5.9%

China holds 19.8% of the share of the global plant-based milk market through 2034. This is because of the surging health and nutritional advantages of vegan milk among users. The accelerating demand for processed foods and the proximity of plant-based beverages which are incredibly rich in nutrients in the food and beverage sector, positively affect the vegan milk market.

Next-gen Plant-based Brands Modernizing Consumption

The optimistic plant-based dairy provider focuses on launching novel goods with an assortment of tastes and flavors to strengthen their product portfolio and escalate plant-based milk sales.

The forthcoming plant-based dairy vendors are emphasizing acquiring investments through capitalizing and fundraising campaigns to facilitate their ventures to strengthen their business and advertising reach to other firms.

• The Indonesian start-up Green Rebel Foods disclosed in November 2022 the launch of its vegan dairy products. Products like egg-free mayo and block cheese are manufactured in the form of cheddar.
• A groundbreaking plant-based milk produced from sprouted finger millets, oats, sprouted sorghum, and amaranth was launched by an Indian start-up called alt foods in December 2021. They had two varieties, i.e., "original milk" and "chocolate-flavored milk".

Competitive Analysis

The plant-based milk market is fragmented globally, with prominent vendors acquiring a considerable share. The significant plant-based milk providers operating regularly use diverse growth procedures to hold steady in the industry.

The major vegan milk vendors utilize numerous growth approaches to persist in the fiercely competitive industry, like product launches, innovations, mergers and acquisitions, alliances, and research and development. The major plant-based milk providers are focusing on research and development to present economical and proficient solutions for different sectors.

Recent Development

Company	Headquarter
Oatly Inc.	Sweden
Recent Advancement	Oatly Inc. and Reitan reported the progress in January 2023. Across Sweden, Reitan is the operator of around 90 7-Eleven and 300 Pressbyrn convenience shops. Through this expansion, the firm rose and attracted new customers.

Company	Headquarter
Danone	France
Recent Advancement	The preliminary dairy and baby formula made from plants was established by French food giant Danone in July 2022. As per parents' request for vegetarian and flexitarian alternatives for their toddlers, the companies launched the product.

Prominent Plant-based Milk Providers

• Groupe Danone
• Alpina Foods
• Blue Diamond Growers, Inc.
• Döhler GmbH
• Earth’s Own Food Company Inc.
• Elden Foods Inc.
• Freedom Foods Group Ltd
• Goya Foods
• Groupe Danone
• Hain Celestial Group, Inc.
• Kaslink Foods Oy Ltd
• Living Harvest Foods Inc.
• Liwayway Holdings Company Limited
• Mc Cormick & Co.
• Natura Foods
• Nutriops SL

Key Segments

By Product Type:

The report consists of key product type like, soy milk, almond milk, coconut milk, cashew milk, hemp seed milk, rice milk, oat milk, peanut milk, pea milk, hazelnut milk, macadamia milk, and other product types (spelt milk, banana).

By Form:

Key forms present in the industry include liquid and powder.

By Category:

The market is classified into organic and conventional.

By Flavor:

The report consists of key product type like original/unflavored and flavored (chocolate, vanilla, strawberry, coconut, mocha, berry, hazelnut, and other flavors).

By End Use:

Key forms present in the industry include infant formula, dairy products (milk, cheese, yogurt, butter, spreads, ice cream, frozen dessert), bakery and confectionary, milk and milk-based beverages, and retail sales.

By Sales Channel:

The market is classified into direct sales, indirect sales (modern trade, convenience store, departmental store, traditional store, specialty store, online retailers), and other sales channel.

By Region:

Analysis of the market has been carried out in key countries of North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, and the Middle East and Africa.

Frequently Asked Questions

What is Current Plant-based Milk Market Valuation?

The plant-based milk product industry to acquire a valuation of US$ 20.1 billion in 2024.

How Big Can the Plant-based Milk Sector Be by 2034?

The plant-based product industry has the potential to garner a worth of US$ 47.9 billion by 2034.

What is the Growth Potential of the Plant-based Milk Industry?

The plant-based milk product industry equates to a CAGR of 9.1% through 2034.

What Was the Historical Outlook of The Plant-based Milk Sector?

From 2019 to 2023, the plant-based milk product industry exhibited a 4.5% CAGR.

Which Product Type Category to Dominate?

The soy milk sector is set to achieve a share of 34% in 2024.

Which Form Category to Take Precedence?

The powder segment to possess a share of 19% in 2024.