Rising Trend of Veganism to Steer Plant-based Milk Market Past US$ 32 Billion by 2031

 

Plant-based Milk to Remain Highly Sought-After Amid Rising Prevalence of Lactose Intolerance Worldwide

Fact.MR most recent report on the market for plant-based milk gives a 10-year prognosis through 2021 and beyond. The report provides insights into market dynamics including growth drivers, restraints, and opportunities. Besides this, it discusses opportunities arising across segments like products, nature, end-use, and sales channel

The global plant-based milk market revenue totaled US$ 11 billion in 2020. With the rising trend of veganism and a surge in lactose intolerance cases, the overall demand for plant-based milk products is anticipated to grow at a prolific CAGR of 11% between 2021 and 2031, totaling around US$ 32 billion by the end of 2031.

Over the years, plant-based milk products have gained immense traction across the world due to their various health benefits, easy availability, and surge in the vegan population. Consumers, especially ones who are allergic to milk are showing a keen inclination towards utilizing plant-based milk products.

Hence, demand for these products, including plant-based milk, plant-based butter, and plant-based cheese, is expected to gain immense traction over the forthcoming decade. This will continue to provide a strong thrust to the growth in plant-based milk products during the forecast period.

Similarly, evolving trends such as the demand for healthy and clean label products will propel sales of plant-based milk products over the next ten years. According to the Plant Based Foods Association, sales of new categories of plant-based milk products exceeded US$7 billion in 2020 and saw double-digit increases of 27%.

Demand is especially high for plant-based milk due to a surge in cases of lactose intolerance and awareness about the high nutritional benefits of plant-based milk. Subsequently, the adoption of effective marketing strategies to increase plant-based product awareness and their health benefits is expected to boost sales of plant-based milk products during the assessment period.

Key Takeaways:

  • Based on the product, almond milk sales reached a valuation of US$ 6.5 Bn in 2020 and is likely to further grow at a CAGR of 14.2% over the forecast period
  • By sales channel, around 2 out of 5 sales is expected to be contributed by online channels.
  • The U.S. plant-based milk market is likely to grow a 10% CAGR over the upcoming decade.
  • Demand for plant-based milk is poised to grow at a healthy pace across China during the forecast period.
  • With the rising shift towards veganismIndia will emerge as a lucrative market for plant-based milk.

Growth Drivers:

  • The rise in the vegan population along with the increasing popularity of organic foods will continue to bolster the demand for Plant-based milk during the forecast period.
  • The increasing prevalence of lactose intolerance is acting as a catalyst for the growth of Plant-based milk.
  • Effective marketing strategies and the adoption of advanced manufacturing technologies will help leading players improve their revenue share.

Restraints:

  • Increasing usage of milk and milk products is restraining the growth of the Plant-based milk market.
  • The low availability of Plant-based milk across emerging regions is also limiting market growth to some extent.

To Gain In-Depth Insights on the Plant-based Milk Market, Request Methodology at

Competitive Landscape:

Leading players are embracing novel strategies including cutting-edge marketing strategies, technology developments, mergers, and acquisitions to improve their market share

For instance,

  • Danone SA, a major producer, entered the dairy-free market by spending $12.5 billion to buy WhiteWave Foods, the US producer of the Alpro and Silk Plant-based milk-alternative lines.
  • Danone made the announcement in February 2019 that a new structure will be dedicated to plant-based food items, such as yogurt, at its factory in DuBois, Pennsylvania.
  • The debut of a variety of cold, oat-based drinks under the new Jörd brand was announced by Arla in March 2020. The drinks would first be offered in DenmarkSweden, and the United Kingdom.

Key Companies Profiled by Fact.MR

  • Danone SA.
  • Lactalis
  • Arla Foods
  • Chobani
  • General Mills
  • Saputo
  • Unilever
  • Kraft Heinz
  • Nestle
  • Bel Group
  • Muller
  • The Hain Celestial Group, Inc.
  • Sahmyook Foods.
  • Sanitarium Health and Wellbeing Company. …
  • Axiom Foods, Inc.
  • Daiya Foods Inc.
  • Earth’s Own Food Company, Inc.

Key Companies Profiled by Fact.MR

In the latest study, Fact.MR offers a detailed study of the global plant-based milk market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of Plant-based milk through detailed segmentation as follows:

By Product:

  • Plant-based Milk (by Protein Source)
    • Almonds
    • Cashews
    • Coconuts
    • Hazelnuts
    • Oats
    • Rice
    • Soy
    • Flax
    • Hemp
    • Macadamia
    • Peanuts
    • Pistachios
    • Quinoa
    • Sesame
    • Others
  • Plant Based Frozen Desserts (by Protein Source)
    • Avocados
    • Oats
    • Cashews
    • Soy
    • Almonds
    • Coconuts
  • Plant-Based Butter (by Form)
    • Sticks
    • Spread
  • Plant-Based Creamers (by Protein Source)
    • Soy
    • Coconuts
    • Almonds
    • Others
  • Plant-Based Yogurt (by Protein Source)
    • Oats
    • Cashews
    • Soy
    • Almonds
    • Coconuts
    • Others
  • Plant-Based Cheese (by Form)
    • Blocks and Wedges
    • Creams, Sauces, and Spreads
    • Shredded and Crated
    • Sliced

By Nature:

  • Organic Plant-Based Dairy
  • Conventional Plant-Based Dairy

By End Use:

  • Plant-Based Dairy for B2B Consumers
    • Bakery and Confectionary
    • Snacks and Savouries
    • Ready Meals
    • HoReCa
    • Other Food Products
  • Plant-Based Dairy for B2C Consumers
    • HoReCa
    • Household

By Sales Channel

  • Plant Based Dairy Sales through Direct Channels
  • Plant Based Dairy Sales through Retail Channels
    • Supermarkets and Hypermarkets
    • Convenience Stores
    • Independent Grocery Stores
    • Specialty Stores
    • Online Stores

Key Questions Covered in the Plant-based Milk Market Report

  • What is the projected value of the plant-based milk market in 2021?
  • At what rate will the global plant-based milk market grow until 2031?
  • Which are the factors hampering the growth in the plant-based milk market?
  • Which region is expected to lead in the global plant-based milk market during 2021-2031?
  • Which are the factors driving the plant-based milk market during the forecast period?
  • What is the expected market value of the plant-based market during the forecast period?

Explore Fact.MR’s Coverage on the Food & Beverages Domain

Dairy Cream Market: As per Fact.MR, the global dairy cream market is anticipated to grow at a healthy pace during the forecast period, owing to the rising usage in soups, cakes, dressings, etc. A dairy product having a minimum milk content of 18% is referred to as dairy cream in the United States.

Dairy Whiteners Market: During the projected period of 2021–2031, the global sales of dairy whiteners are anticipated to grow at 6% CAGR, reaching around US$ 18 Billion by 2031. Rising adoption of a healthy lifestyle and growing health awareness are fueling the demand for dairy whiteners.

Dairy Stabilizers Market: The market for dairy stabilizers is estimated to be valued at US$ 73.3 million in 2022 and it is further expected to grow at a CAGR of 5.2% to reach US$ 122.2 million in 2031. The rapidly expanding dairy & confectionery products Industry is a key factor driving demand for dairy stabilizers.

Milk Thistle Supplements Market:  Milk Thistle Supplements Market Analysis by Form (Softgel, Capsules, Liquid, Tablets, Milk Thistle Supplement Powder & Granules), by Sales Channel, by Region – Global Forecast 2022-2032

Milk Frother Market: The U.S. is one of the prominent consumers and manufacturers of coffee products, and has grown rapidly over the years. The U.S. milk frother market currently accounts for US$ 75.1 million (3.9 million units of milk frothers).

Enriched Milk Powder Market: The enriched milk powder market in Europe currently accounts for a net revenue total of US$ 2.01 billion and holds a market share of 23.3% in 2022 in the global industry landscape.

Check it Out More Reports by Fact.MR on Food & Beverage Industry

https://www.factmr.com/industry/food-and-beverage

About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical, and materials, to even the most niche categories. We are committed to delivering insights that help businesses gain a deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why to focus on offering insights that can actually make a difference to bottom lines.

Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.



SOURCE: Fact.MR




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