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]) - Global Forecast to 2030’.
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According to this latest publication from Meticulous
Research®, the plant-based milk market is projected to reach $47.55 billion by
2030, at a CAGR of 11.7% from 2023 to 2030. The growth of the plant-based milk
market is driven by the high prevalence of lactose intolerance & allergies
to cow milk, the growing focus on health & well-being, changing eating
habits & consumers’ drive toward sustainability, and increasing investments
& government support for plant-based industries. However, the high
preference for animal-based milk products and the growing consumption of
soy-free & gluten-free products restrain the growth of this market.
Emerging economies in Asia-Pacific and Latin America are
expected to generate market growth opportunities. However, the fluctuating raw
material prices are a major challenge for market stakeholders.
The plant-based milk market is characterized by a moderately
competitive scenario due to the presence of many large- and small-sized global,
regional, and local players. The key players operating in the plant-based milk
market are Hain Celestial Group, Inc. (U.S.), SunOpta Inc. (Canada), Sanitarium
Health and Wellbeing Company (Australia), Axiom Foods, Inc. (U.S.), Earth's Own
Food Company, Inc. (Canada), Sunrise Soya Foods (Canada), Campbell Soup Company
(U.S.), Danone S.A. (France), Plamil Foods Ltd. (U.K.), Sahmyook Foods (South
Korea), Nestlé S.A. (Switzerland), Natura Foods (Canada), Blue Diamond Growers
(U.S.), and Oatly Group AB (Sweden).
TOP 10 COMPANIES IN PLANT-BASED MILK MARKET >> https://meticulousblog.org/top-10-companies-in-plant-based-milk-market/?utm_source=pr&utm_medium=social&utm_campaign=product&utm_content=19-02-2024
The plant-based milk market is segmented by type (almond
milk, soy milk, coconut milk, oat milk, rice milk, and other plant-based milk),
formulation (unflavored and flavored), distribution channel
(business-to-business and business-to-consumer {modern groceries, convenience
stores, specialty stores, online retail stores, and other b2c distribution
channels), and geography (North America, Europe, Asia-Pacific, Latin America,
and the Middle East & Africa). The study also evaluates industry
competitors and analyzes the regional and country-level markets.
Based on type, the plant-based milk market is mainly
segmented into almond milk, soy milk, coconut milk, oat milk, rice milk, and
other plant-based milk. In 2023, the almond milk segment is expected to account
for the largest share of the global plant-based milk market. The large market
share of this segment is mainly attributed to factors such as the increasing
number of consumers switching to nut-based lactose-free milk, changing taste
preferences, and growing health & environmental concerns. Almond milk is
entirely plant-based, making it a suitable choice for individuals following
vegan or vegetarian diets. The production of almond milk generally has a lower
environmental impact compared to dairy milk, as it requires less water and
produces fewer greenhouse gas emissions.
Based on formulation, the global plant-based milk market is
segmented into unflavored and flavored plant-based milk. In 2023, the
unflavored segment is expected to account for the largest share of the global
plant-based milk market. The large market share of this segment is mainly
attributed to factors such as the increased consumer demand for naturally
dairy-free & sugar-free products and the clean taste and smooth texture of
unflavored dairy-free products, which allow for their seamless incorporation
into various food and beverage recipes.
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Based on the distribution channel, the global plant-based
milk market is mainly segmented into business-to-business (B2B) and
business-to-consumer (B2C). In 2023, the business-to-consumer (B2C) is expected
to account for the largest share of the global plant-based milk market. The
large market share of this segment is attributed to the increased retail sales
of plant-based milk in supermarkets & hypermarkets, increased shelf space
for plant-based products in modern groceries, rising preference for shopping from
brick-and-mortar grocers due to easy access & availability and growing
consumer acceptance for vegan & vegetarian dairy alternatives, especially
plant-based milk.
This research report analyzes major geographies and provides
a comprehensive analysis of North America (the U.S. and Canada), Europe
(Germany, U.K., Spain, Italy, France, Netherlands, Sweden, Belgium, Austria,
Denmark, Poland, Portugal, and Rest of Europe), Asia-Pacific (China, India,
Japan, Australia, Thailand, South Korea and Rest of Asia-Pacific), Latin
America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle
East & Africa.
In 2023, Asia-Pacific is expected to account for the largest
share of the global plant-based milk market. The large share of this market is
mainly attributed to consumers’ increasing awareness about the benefits of
protein-rich foods, growing health consciousness, the rising adoption of
advanced technologies in the F&B industry, and the region’s large vegan
& vegetarian population base.
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