“Weather Monitoring Systems”: Technology and Industry Use

 

According to a new market research report titled, ‘Weather Monitoring Systems Market by Component (Solutions, Services), Monitoring Type (Temperature Monitoring, Humidity Monitoring, Air Quality), End-use Industry (Agriculture, Transportation), and Geography - Global Forecast to 2030,’ the weather monitoring systems market is expected to reach $4.49 billion by 2030, at a CAGR of 6.1% from 2023 to 2030.

 

The growth of this market is driven by the rising demand for weather forecasting services in the agriculture industry and the increased need for continuous weather monitoring to enable disaster management. In addition, the emergence of advanced technologies is expected to offer significant opportunities for the growth of this market. However, the high cost associated with weather monitoring solutions is expected to restrain the growth of this market.

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Impact of COVID-19 on the Weather Monitoring Systems Market

The COVID-19 outbreak adversely affected various industries globally. The pandemic influenced business operations worldwide and severely impacted the global economy. The pandemic impacted various sectors, including transportation. The impacts included supply chain disruptions, issues with shipping & distribution, and restrictions on international trade. In order to control the spread of COVID-19, countries worldwide placed restrictions on domestic transit and/or closed border crossings for road freight transport services. The maritime industry has largely proved resilient to the COVID-19 outbreak.

 

The COVID-19 pandemic negatively affected the weather monitoring and forecasting market. The meteorological measurements from aircraft dropped by an average of 75% to 80%. Also, the transportation industry's weather monitoring accuracy was reduced as fewer flights were operated during the lockdown period. Thus, there was a decrease in demand for weather monitoring products during the pandemic.

 

Despite the disruptions at ports, the shipping industry has largely continued to operate worldwide, facilitating the movement of essential supplies and medicines needed to keep countries dealing with the global public health crisis. Thus, the demand for weather monitoring systems is anticipated to recover gradually and grow significantly in the long term.

 

The weather monitoring systems market is segmented based on component (solutions and services), range type (short-range and long-range), monitoring type (temperature monitoring, humidity monitoring, air quality, pressure monitoring, and other monitoring types), end-use industry (agriculture, transportation, media & telecommunication, government, renewable energy, and other end-use industry), and geography. The study also evaluates industry competitors and analyses the market at the country level.

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Based on component, the weather monitoring systems market is segmented into solutions and services. In 2023, the solutions segment is estimated to account for the largest share of the weather monitoring systems market. Also, the segment is slated to register the highest CAGR during the forecast period. The growth of the segment is attributed to the increasing demand for sensors for monitoring weather conditions.

 

Based on range type, the weather monitoring systems market is segmented into short-range and long-range. In 2023, the short-range segment is estimated to account for the largest share of the weather monitoring systems market. The short-range segment is slated to register the highest CAGR during the forecast period. The segment's growth is attributed to the increasing demand for weather monitoring solutions to provide highly accurate information such as air quality, temperature, humidity, and wind speed in case of adverse weather conditions to reduce the damage.

 

Based on monitoring type, the weather monitoring systems market is segmented into temperature monitoring, humidity monitoring, air quality, pressure monitoring, and other monitoring types. In 2023, the temperature monitoring segment is estimated to account for the largest share of the weather monitoring systems market. However, the air quality segment is slated to register the highest CAGR during the forecast period. The growth of the segment is attributed to the increasing need to monitor air quality to collect data on air pollution in the outdoor environment.

 

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Based on end-use industry, the market is segmented into agriculture, transportation, media & telecommunication, government, renewable energy, and other end-use industry. In 2023, the transportation segment is estimated to account for the largest share of the overall weather monitoring systems market. Also, the segment is slated to register the highest CAGR during the forecast period. The segment's growth is attributed to the increasing demand for weather monitoring systems to gather weather data to enhance flight safety and increase trade traffic.

 

Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is estimated to account for the largest share of the weather monitoring systems market. Also, the region is slated to register the highest CAGR during the forecast period. The growth of the segment is attributed to the increasing demand for advanced weather monitoring sensors and data services for the aviation industry in the region. Also, the region is experiencing a significant shift toward renewable energy, thus increasing the adoption of weather monitoring systems.

 

The report also includes an extensive assessment of the key growth strategies adopted by leading market participants between 2020 and 2023.

 

The weather monitoring systems market is dominated by a few major players, namely, Vaisala (Finland), Baron Services, Inc. (U.S.), Aeron Systems Private Limited  (India), Earth Networks (U.S.), Boltek Lightning Detection Systems (Canada), Trafitek Solutions Private Ltd. (India), Campbell Scientific, Inc. (U.S.), Columbia Weather Systems, Inc. (U.S.), AnythingWeather Communications, Inc. (U.S.), Hoskin Scientific (Canada), Airmar Technology Corporation (U.S.), Intermountain Environmental Inc. (U.S.), Free Spirits Green Labs Private Limited (India), MORCOM International (U.S.), and Davis Instruments (U.S.).

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“Electronic Design Automation”: Technology and Trend in Automation Industry

 

According to a new market research report titled, 'Electronic Design Automation Market by Offering (Solutions, Services), Deployment Mode (Cloud-based deployment, On-premises deployment), Tool Type (Design tools, Verification Tools, Simulation Tools), and Geography - Global Forecast to 2030', the global electronic design automation market is expected to register a CAGR of 10.7% from 2023 to 2030 to reach $17.47 billion by 2030.

 

Electronic design automation (EDA) is the use of computer programs to design, simulate, verify, and manufacture electronic systems such as integrated circuits (IC), IC packaging, and printed circuit boards (PCB). EDA software (also known as electronic computer-aided design or ECAD software). EDA has become essential for the development, testing, and production of electronic systems due to the rise of large-scale integration (VLSI) systems and the ever-increasing complexity of ICs and PCBs, including millions of transistors, diodes, and other individual components.

 

The growth of this market is driven by the growing need to reduce the complexity of integrated circuit designing, the increasing adoption of connected devices, and the rising demand for EDA solutions in the aerospace & defence sector. However, the availability of open-source EDA software restrains the growth of this market. The growing adoption of cloud technologies across SMEs and the increasing integration of machine learning technology are expected to create growth opportunities for the players operating in this market. However, constant technological changes are a challenge for market growth. Additionally, the emergence of domain-specific electronic product designs and the growing adoption of AI & ML technologies are major trends in the electronic design automation market.

 

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Increasing integration of machine learning technology is expected to create strong growth opportunities during the forecast period in the electronic design automation market.

 

In today's modern connected world, most organizations and government bodies are inclined toward cloud deployments and reshaping their approach to digitalization. Small and medium-sized enterprises (SMEs) are shifting their workloads to the cloud due to various benefits such as mobility, flexibility, security, cost savings, and accessibility. SMEs are increasingly deploying cloud-based technologies due to the convenience of storing files on the cloud and accessing or retrieving them through any connected device. Also, there is no need to employ technical personnel or maintain on-premises IT infrastructure.

 

Also, the demand for cloud-based technologies is rising in the electronics & semiconductors industries, especially IC manufacturing, as EDA workloads, such as simulations, are computationally intensive and require a lot of space to run on the design software. Market players are collaborating to offer EDA software with cloud-based technologies to help electronics & semiconductor companies implement large-scale modeling and simulation grids. For instance, in August 2020, Amazon Web Services (U.S.) partnered with Arm Limited (U.K.) to develop rapid silicon design using Electronic Design Automation (EDA) software. Also, cloud-based electronic design automation tools can reduce human error, replace manual methods for circuit board and semiconductor design, and improve the construction of electronic components. These factors are expected to create growth opportunities for the electronic design automation market.

 

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Based on offering, the global electronic design automation market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the larger share of the global electronic design automation market. The growing demand for complex integrated circuits and increasing adoption of connected devices boost the growth of this market. However, the services segment is projected to register the highest CAGR during the forecast period. The rising need to ensure smooth and efficient system roll-out and optimize operations is expected to drive the growth of this segment.

 

Based on deployment mode, the global electronic design automation market is segmented into on-premises deployment and cloud-based deployment. In 2023, the cloud-based deployment segment is expected to account for the larger share of the overall electronic design automation market. The growth of this segment is attributed to the increasing demand for complex integrated circuits and technological advancement in consumer electronics. Also, this segment is projected to register the highest CAGR during the forecast period.

 

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Based on tool type, the global electronic design automation market is segmented into design tools, verification tools, and simulation tools. In 2023, the design tools segment is expected to account for the largest share of the electronic design automation market. The growth of this segment is attributed to the rise of very large-scale integration (VLSI) systems. Also, this segment is projected to register the highest CAGR during the forecast period.

 

Based on geography, Asia-Pacific accounted for the largest share of the electronic design automation market in 2023. The large share of this region is primarily attributed to the rising number of electronic manufacturing companies and increased demand for consumer devices.

 

Some of the key players operating in the electronic design automation market are Cadence Design Systems, Inc. (U.S.), Synopsys, Inc. (U.S.), Siemens AG (Germany), ANSYS, Inc. (U.S.), Keysight Technologies, Inc. (U.S.), Xilinx, Inc. (U.S.), eInfochips (U.S.), Altium Limited (U.S.), Zuken (Japan), Silvaco, Inc. (U.S.), Altair Engineering Inc. (U.S.), Autodesk, Inc. (U.S.), EnSilica (U.K.), EMWorks, Inc. (Canada), and Aldec, Inc. (U.S.). to Reach $17.47 billion by 2030

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Video Analytics: Focus Your Attention Where It Matters Most...!!

 

According to a new market research report titled, ‘Video Analytics Market by Component (Software & Services), Application (Facial Recognition, People Counting, ANPR, Video Telematics), End-use Industry (BFSI, Education, Healthcare, Retail, Manufacturing, Government)—Global Forecast to 2029,’ the video analytics market is expected to reach $19.3 billion by 2029 at a CAGR of 21% during the forecast period 2022­–2029.

The key function of video analytics is to automatically recognize temporal and spatial events in videos. Video analytics software are used to review the surveillance videos recorded with a video surveillance system. Video analytics surveillance system is highly efficient; it reduces the workload on security & management staff and helps capture the full value of security video by making IP camera systems more perceptive at work.

The growth of the video analytics market is primarily d riven by factors such as the growing implementation of video analytics in surveillance across different end-use industries, including banking, financial services, and insurance (BFSI), education, healthcare, retail, transportation, and manufacturing. In addition, the technological advancement in deep learning, artificial intelligence & edge computing has led to an improvement in the efficiency & accuracy of video analytics, further boosting the demand for this market.

The Impact of COVID-19 on the Video Analytics Market

In the first quarter of 2020, the world was hit by the COVID-19 pandemic. The spread of COVID-19 disease has had an unprecedented impact on public health and industrial structures, accelerating social reforms in several areas. Though the macro challenges, such as disrupted supply chains, decentralized workforce, and the provision of safe and healthy employee workspaces, were different in past recessions, the market players had to deal with these monumental challenges.

COVID-19 disease has severely impacted almost all major industries, including education, logistics & supply chain, healthcare, BFSI, retail, and manufacturing. In the second quarter of 2020, the COVID-19 pandemic spread to almost all parts of the world, forcing the governments to impose restrictions on all economic and social activities. Several governments have started adopting video analytics to monitor the situation and keep the public safe. The video analytics software are in high demand due to factors such as facial recognition, crowd management, people counting, and intrusion & access control. The adoption of video analytics has radically helped the local governments keep the spread of the virus to a minimum. This has further boosted the global demand for video analytics software.

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In March 2021, Honeywell International, Inc. (U.S.) announced that it is working with San Diego International Airport (SAN)'s accelerator program, the Airport Innovation Lab, to test the use of advanced video analytics technology to enhance airport health and safety. Using deep-learning, artificial intelligence, and video analytics, the Honeywell Pro-Watch Video Management System (VMS) uses cameras to identify if the airport's occupants are complying with guidelines around social distancing and wearing masks. Under the recommended operating conditions, the advanced analytics provides an industry-leading level of accuracy, isolates, and reports instances of non-compliance to the airport staff.

The video analytics market is segmented based on component (software and services), deployment mode (cloud and on-premise), application (facial recognition, intrusion, & access control, object & pattern detection, people counting, crowding & flow management, automatic number plate recognition (ANPR) system, video telematics, and vehicle counting), end-use industry (BFSI, education, aerospace and defense, healthcare, manufacturing, retail, automotive, transportation & logistics, government, agriculture, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the country level.

Based on component, in 2022, the software segment is estimated to account for the largest share of the video analytics market. The large market share of the segment can be attributed to the growing adoption of video analytics software by various end-use industries. However, the services segment is expected to grow at the highest CAGR during the forecast period due to the growing demand for managed & professional services.

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Based on deployment mode, in 2022, the cloud-based segment is estimated to account for the largest share of the video analytics market. The high growth of this segment is attributed to the benefits offered by cloud-based systems such as flexibility, quick & easy global real-time data access, scalability as per user demand, and technology upgradation with the latest firewall.

Based on application, the people counting segment is estimated to account for the largest share of the video analytics market in 2022. During the COVID-19 pandemic, end-use industries such as healthcare, BFSI, education, retail, and governments widely adopted video analytics for people counting. It helps these industries maintain social distancing, safeguard premises, and monitor crowd density at their places. However, the video telematics segment is expected to grow at the highest CAGR during the forecast period.

Based on end-use industry, in 2022, the BFSI segment is expected to account for the largest market share. The BFSI sector has adopted video analytics for security & surveillance of banks, surveillance of premises, face & mask detection, and monitoring of people's behavior in banks. However, the healthcare segment is expected to become the fastest growing market during the forecast period. The growing need for surveillance of hospital premises, maintaining social distancing, and keeping hospital premises safe are the major driving factors for the fast growth of this segment.

Based on geography, in 2022, North America is projected to account for the largest share of the market. This can be attributed to the increased adoption of video analytics in various end-use industries, such as healthcare, BFSI, manufacturing, and education. These industries have adopted video analytics to monitor their workforce effectively during the pandemic. However, the Asia-Pacific region is projected to have the fastest-growing CAGR during the forecast period due to the rapid adoption of emerging technologies in their planned smart city projects. Also, the healthcare, education, and manufacturing sectors are widely adopting video analytics to improve their efficiency and performance.

The report also includes an extensive assessment of the key strategic developments by leading market players over the past four years (2019–2022). The video analytics market has witnessed product launches & enhancements that enabled companies to broaden their product portfolios, partner with other key players, sign contracts with other industry players, and acquire SMEs to boost their market presence.

In July 2021, Gorilla Technology Group, Inc. (R.O.C.) partnered with Tekwind (Japan), a leading hardware distributor in Japan, to deliver Gorilla IVAR (an edge AI video analytic platform) and help expand the company’s presence in the country.

The key video analytics software players operating in the market include AllGoVision Technologies Pvt. Ltd. (India), Axis Communications AB (Sweden), Cisco Systems, Inc. (U.S.), Honeywell International, Inc. (U.S.), IBM Corporation (U.S.), IntelliVision (U.S.), Verint Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Gorilla Technology Group, Inc. (R.O.C.), i2v Systems Pvt. Ltd. (India), ADT, Inc. (U.S.), Agent Video Intelligence Ltd. (U.S.), IntuVision, Inc. (U.S.), Avigilon Corporation (Canada), Stanley Convergent Security Solutions, Inc. (U.S.), Eagle Eye Networks (U.S.), and Milestone Systems A/S (Denmark).

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Scope of the Report:

Video Analytics Market, by Component

• Software
• Central Processing Software
• Edge Processing Software
• Services
• Managed Services
• Professional Services

Video Analytics Market, by Deployment Mode

• Cloud-based
• On-premise

Video Analytics Market, by Application

• Facial Recognition
• Intrusion & Access Control
• Object & Pattern Detection
• People Counting
• Crowding & Flow Management
• Automatic Number Plate Recognition (ANPR) System
• Video Telematics
• Vehicle Counting

Video Analytics Market, by End-use Industry

• BFSI
• Education
• Aerospace & Defense
• Healthcare
• Manufacturing Industry
• Retail
• Automotive, Transportation, and Logistics
• Government
• Agriculture
• Others (Event Management, Hospitality, Entertainment)

Video Analytics Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Netherlands
• Rest of Europe (RoE)
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Australia & New Zealand
• Rest of Asia-Pacific (RoAPAC)
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Saudi Arabia
• UAE
• Israel
• Rest of Middle East & Africa (RoMEA)

TOP 10 COMPANIES IN VIDEO ANALYTICS MARKET

 

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Live Streaming Trend and Demand in 2023

 

According to a new market research report titled, “Live Streaming Market by Component (Platform, Services), Offering Model (B2B, B2C), Streaming Type (Audio, Video, Game), Vertical (Media & Entertainment, Education, Sports & Gaming, Government, Fitness), and Geography – Global Forecast to 2028,” published by Meticulous Research®, the live streaming market is expected to grow at a CAGR of 22.4% from 2021 to 2028 to reach $4.26 billion by 2028.

The rising popularity of live streaming technology for better brand engagement and reach to consumers, the surging popularity of e-sports and video games, growing preference for live streaming over social posts, and increasing adoption of smartphones coupled with faster internet are expected to drive the growth of the live streaming market.

Additionally, the growing need to optimize network bandwidth and increase the consumer base for live streaming content further contributes to market growth. Furthermore, the incorporation of advanced technologies in the digital media industry is the new trend in the live streaming market. However, fake traffic on live streaming sites is creating new challenges for the overall market growth. Also, connectivity and production issues may restraint the growth of this market in the approaching years to some extent.

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Impact of COVID-19 on the Live Streaming Market

The COVID-19 disrupted people’s work lives, fueling significant growth in people seeking live streaming, particularly in emerging markets. The pandemic transformed live video technology into nothing short of a necessity. Healthcare, business continuity, public safety, and mental health all now depend on it. During the pandemic, live streaming was used as a workaround to isolation measures in various ways. Religious services, virtual events, and statewide town halls were all broadcasted over the Internet due to widespread stay-at-home orders. Many of these are just extensions of traditional broadcasts that benefited from the ease of use of live streaming.

Live streaming platforms, such as Zoom, Skype, Amazon Chime, BlueJeans, and Cisco WebEx, were popular in business settings. Google Hangouts, Facetime, and Houseparty were also common for personal communications during this pandemic.

But safety concerns have hit the news cycle. Incidents of ‘Zoombombing,’ during which unintended attendees join private meetings, have revealed why many enterprises choose to deploy streaming infrastructure in-house. Moreover, AI added value to video apps with voice-to-text transcription, natural language processing, and balanced sound and computer vision.

Several organizations that leveraged streaming technology for telemedicine proved instrumental in efforts to flatten the COVID-19 curve. Virtual doctor visits finally went mainstream, while live video sharing tools helped contain the spread. Another company that utilized telemedicine technology to ease the burden of social distancing was AngelEye Health. The clinical communication platform allowed families to watch their newborn baby while being cared for in the neonatal intensive care unit (NICU).

Several organizations focused on digital technologies to build a brand and showcase new services and products for producing low-cost hardware aimed at the broadcaster with live streaming at the forefront. For instance, in 2021, Innovative Systems, Inc. (U.S.) partnered with Midwest Video Solutions (U.S.) to deliver a fully hosted end‐to‐end streaming video and headend service. Also, in 2021, FilmMyMatch (U.S.) signed an agreement with JOYMO (Norway) to deliver live streaming, video management, and production services to clients across the U.K.

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Live Streaming Market Overview

The overall live streaming market is segmented on the basis of component [(platform, services (subscription services, advertisement, and video production & content creation services)], offering model (business-to-business and business-to-consumer), streaming type (audio streaming, video streaming, and game streaming), vertical (enterprises, media & entertainment, education & e-learning industry, sports & gaming industry, government, fitness industry, religious organizations, and others), and geography. The study also evaluates industry competitors and analyses the market at the country and region levels.

Based on component, the services segment is estimated to account for the largest share of the overall live streaming market in 2021. The large share of this segment is primarily driven by the growing demand for new installation and integration of live-streaming platforms; the need for professional post-production support, up-gradation, and maintenance to help deliver content based on client specifications and provide a personalized experience to viewers; and surging demand for customer support, content creation services, and subscription services.

Based on offering model, the business-to-consumer segment is estimated to account for the largest share of the overall live streaming market in 2021. The large share of this segment is primarily driven by the rising adoption of smart devices coupled with faster internet penetration, increasing need for transmission of live content on the Internet for better brand engagement, and a surging number of social media platforms & s-commerce sites.

Based on streaming type, the video streaming segment is estimated to account for the largest share of the overall live streaming market in 2021. The large share of this segment is primarily driven by the growing use of influencers to drive new applications and attract new customers for branding and marketing, growing adoption of cloud-based solutions to increase the reach of live video content, and rising customer online data consumption and surfing behavior. However, the game streaming segment is slated to grow at the highest CAGR during the forecast period.

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Based on vertical, the media & entertainment sector is estimated to account for the largest share of the overall live streaming market in 2021. The large share of this segment is primarily driven by the growing popularity of online live video streaming, rising technological advancements, increasing consumer base for live streaming content, growing adoption of cloud-based video streaming solutions, and use of AI for increasing the reach of video content.

Based on geography, the Asia-Pacific region is estimated to account for the largest share of the overall live streaming market in 2021. The large share of this region is primarily attributed to the presence of major live streaming players along with several emerging startups in the region, surging adoption of live-streaming platforms for better brand engagement, increasing consumer base for the live streaming, and rising focus on digitalization with technological advancement in cloud computing, AI, and 5G.

The report also includes an extensive assessment of key strategies adopted by leading market participants over the past four years. The live streaming market witnessed a surge in the number of partnerships & agreements in recent years, enabling companies to broaden their product portfolios in live streaming. For instance, in 2021, Tiktok (U.S.) partnered with UFC (U.S.) to deliver exclusive live-stream content on its platform. In 2021, Scienjoy Holding Corporation (China) partnered with the Global Friendship Exchange Foundation to establish a live streaming studio and non-fungible token (NFT) art gallery in New York.

The global live streaming market is fragmented in nature. The major players operating in this market are Flux Broadcast (U.K.), Facebook Inc. (Instagram) (U.S.), Dacast (U.S.), Twitch Interactive, Inc. (U.S.), IBM Corporation (U.S.), Huya Inc. (China), Stream Hatchet SLU (Spain), Empire Video Productions, LLC (Florida), Afreecatv Corp. (South Korea), Streamshark (Australia), Dailymotion (France), Vimeo, Inc. (U.S.), Tiktok (U.S.), EventStreaming.TV (WaveFX Ltd.) (U.K.), Pluto Inc. (U.S.), Boxcast (U.S.), VosCast (U.S.), Uplynk (U.S.), and Wowza (U.S.), among others.

TOP 10 COMPANIES IN LIVE STREAMING MARKET

 

Plant-based Milk Market: Benefits, and Applications

 

According to a new market research report titled, “Plant-based Milk Market by Type (Almond Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation (Unflavoured, Flavoured), Distribution Channel (B2B, B2C (Modern Groceries, Convenience Store, Specialty Store, Online Retail)) - Forecast to 2029,” the market is expected to grow at a CAGR of 11.9% from 2022 to 2029 to reach $42.86 billion by 2029.

In recent years, the popularity of non-dairy or plant-based milk among health-conscious people has been rising. Plant-based milk comprises much lesser sugar compared to livestock milk. Besides, it consists of extra fiber, extra protein, and additional omega-3 fatty acids. The growing levels of lactose intolerance have propelled consumers to choose plant-based milk. Several recommendations by governments and health organizations are also directed toward effectively managing lactose intolerance, accelerating the growth of the plant-based milk market. These milk alternatives offer various nutritional benefits, such as reduced cholesterol levels, improved cardiovascular health, diabetes control, heart health, and immune system. Hence, the consumption of plant-based milk imparts several health benefits, which are expected to fuel the market growth during the forecast period.

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Plant-based milk industry predictions in light of COVID-19

The coronavirus outbreak led to massive disruptions in travel, manufacturing, services, healthcare, and supply chains, causing havoc in the global financial markets. The crisis caused people to re-evaluate their diets in the food and beverage sector because it has underlined the link between food and health. In the space of the plant-based milk industry, COVID-19 is providing an unexpected boost. The outbreak of COVID-19 and negative associations with animal-based food created the demand for plant-based milk.

 

Plant-based milk can be generated with less dependence on labor, making it less prone to staffing scarcity than animal-based products, which are relatively labor-intensive. Further, medical studies showed that COVID-19 has overwhelmingly impacted people with underlying health conditions like diabetes, hypertension, and heart disease. Plant-based milk can help reduce the effects of the virus on at-risk people as macronutrients, micronutrients, and antioxidants are abundant. From a manufacturing and distributing point of view, this industry faced unprecedented demand from plant-based product manufacturers and consumers.

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As a result, most food firms changed their marketing and production strategies to promote them more than other traditional healthy foods. As a result of the COVID-19 pandemic, it encouraged most consumers to shift from animal-based milk to plant-based milk due to various health and environmental concerns.

 

The global plant-based milk 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.

 

Based on type, the global plant-based milk market is mainly 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 also expected to grow at the fastest CAGR during the forecast period.

 

Based on formulation, the global plant-based milk market is mainly segmented into flavored and unflavored. The unflavored segment is estimated to account for the largest share of the overall plant-based milk market in 2022. However, the flavored segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for ready-to-drink beverages.

 

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Based on distribution channel, the global plant-based milk market is mainly segmented into business to business and business to customers. The business to customers 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 also expected to grow at the highest CAGR during the forecast period.

 

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 also expected to grow at the highest CAGR during the forecast period.

 

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.).

TOP 10 COMPANIES IN PLANT BASED PROTEIN MARKET