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Plant-based Milk Market size was valued at USD 35 billion in 2019 and is poised to grow from USD 40.25 billion in 2023 to USD 123.1 billion by 2031, growing at a CAGR of 15% in the forecast period (2024-2031).

The plant-based milk market is fragmented, with a prominent market player acquiring a sizable portion. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective. 'SunOpta Inc.', 'Danone S.A.', 'Nestle S.A.', 'The Hain Celestial Group, Inc.', 'WhiteWave Foods Company (Danone North America)', 'Califia Farms, LLC', 'Archer Daniels Midland Company', 'Eden Foods Inc.', 'Blue Diamond Growers, Inc.', 'Daiya Foods Inc.', 'Ripple Foods', 'Oatly AB', 'Vitasoy International Holdings Ltd.', 'Earth’s Own Food Company Inc.', 'Good Karma Foods, Inc. (Danone North America)', 'Pacific Foods of Oregon, LLC (Campbell Soup Company)', 'Forager Project, LLC', 'Alpro', 'Happy Planet Foods, Inc.', 'Elmhurst 1925, LLC.'

Consumers are drinking more than ever before, thanks in part to the growing popularity of plant-based beverages. The popularity of plant-based ready-to-drink beverages is growing as consumers seek the right combination of taste and nutrition. Lactose-intolerant customers prefer plant-based beverages because they are dairy-free. These ready-to-drink beverages also contain low to negligible amounts of cholesterol and, as a result, are low in fat, assisting consumers in weight loss and weight management. These are high in protein, minerals, and vitamins, making them a popular choice among consumers.

Veganism is increasing demand for plant-based milk around the world. According to a survey conducted among nearly a billion people across Europe by Vegan Life Magazine and Vegan Society. At least 542,000 people in the United Kingdom follow a vegan diet, representing a 300 percent increase in the last decade, with 42 percent of those aged 15 to 34 being vegan. Furthermore, the number of vegan buyers increased from 1% to 6% in the United States between 2018 and 2020. Tuning the demand for better and tastier vegan products is a growth opportunity.

Based on region, plant-based milk market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East Africa. Asia Pacific dominated the market, accounting for more than 40.0 percent of revenue in 2021. Rising disposable incomes and expanding populations in emerging markets such as India, China, and Japan are expected to boost demand for the product in the Asia Pacific region. The region's demand for non-dairy products such as soy milk, almond milk, rice milk, and other dairy alternatives is expected to increase due to an increase in cases of lactose intolerance and rising health concerns associated with harmful additives used in dairy products. North America is a major market for dairy alternatives due to the widespread consumption of dairy alternatives.

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Global Plant-based milk market

Product ID: SQMIG30H2121