From Moo to Woo: The Booming Business of Plant-Based Milk
According to a report by Kings Research, the global Plant-Based Milk Market was valued at USD 15.51 billion in 2023 and is anticipated to grow to USD 27.69 billion by 2031, with a CAGR of 7.5% from 2024 to 2031.
The plant-based milk market has experienced significant growth recently, driven by increasing consumer awareness of the health and environmental benefits of these alternatives. As more people seek substitutes for traditional dairy products, the demand for plant-based milk has risen sharply. The market is expected to expand further as more individuals adopt vegan and vegetarian diets. Advances in food technology have enabled the development of a variety of plant-based milk alternatives, catering to diverse dietary and taste preferences.
Key players in the food industry have made substantial investments in plant-based milk products, boosting market growth. With growing awareness of the environmental impact of dairy production and the health benefits of plant-based diets, the popularity of plant-based milk is expected to continue rising.
A wide range of options, including almond, soy, oat, and coconut milk, is now available in supermarkets and cafes, encouraging a shift towards non-dairy alternatives. The versatility of plant-based milk in cooking and baking has also contributed to its increasing popularity, making it a staple in many households. As demand continues to grow, manufacturers are likely to focus on innovations and new flavors to meet diverse consumer needs.
Key Insights
The soy milk segment held the largest market share, 35.1%, in 2023.
The hypermarket/supermarket segment generated the highest revenue, USD 6.51 billion, in 2023.
The Asia-Pacific region accounted for the largest market share, 30.7%, in 2023.
New Zealand Functional Foods Received a USD 6 Million Funding Allocation from the New Zealand Government to Expand the Production of Oat Milk
In July 2022, New Zealand Functional Foods received a USD 6 million funding allocation from the New Zealand government to expand oat milk production. The company is building a carbon-neutral facility in Makarewa, with a capacity to produce over 65 million liters of oat milk annually.
Increasing Awareness Regarding?the Health Benefits Associated with Plant-Based Milk to Drive Market Growth
The increasing awareness of the health benefits of plant-based milk is a significant driver of market growth. Consumers are becoming more conscious of the impact of their dietary choices on their health and the environment. Plant-based milk, known for its lower cholesterol content and higher levels of essential vitamins and minerals, is becoming a preferred choice over traditional dairy products. This shift is prompting manufacturers to innovate and expand their product lines to meet the growing demand.
Plant-based milk alternatives are also becoming more accessible in grocery stores and cafes, making it easier for consumers to transition from dairy to plant-based options. The variety of flavors and types available allows consumers to find products that suit their taste preferences and dietary requirements, contributing to the growing popularity of plant-based milk and supporting a more sustainable food system.
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Growing Prevalence of Lactose Intolerance and Dairy Allergies to Present Lucrative Opportunities for the ?Plant-Based Milk?Market Development
The rising prevalence of lactose intolerance and dairy allergies is creating lucrative opportunities for the plant-based milk market. Many consumers are seeking alternatives to traditional dairy products due to lactose intolerance or adverse reactions to dairy. Plant-based milk options such as almond, soy, and oat milk provide viable solutions for these individuals.
Additionally, plant-based milk products are often fortified with essential vitamins and minerals, offering a nutritious choice for those seeking a balanced diet. With a diverse range of flavors and textures available, consumers can find plant-based milk products that meet their taste preferences. As demand for these alternatives continues to rise, more brands are entering the market, expanding the selection of non-dairy milk options.
Asia-Pacific Led the Market in 2023 with a Revenue Share of 30.7%
In 2023, the Asia-Pacific region led the plant-based milk market, holding a 30.7% revenue share. The growing awareness of the health benefits associated with plant-based milk alternatives has driven demand in the region. Diverse culinary traditions have facilitated the emergence of various plant-based milk options, catering to different tastes and preferences. This diversity and accessibility have enabled manufacturers to produce high-quality plant-based milk products, contributing to the region's market dominance.
Market Leaders Concentrate on Collaborations and Acquisitions to Sustain Growth
The global plant-based milk market is fragmented, with key players including Bayer Hellas AG , HERBALIFE INTERNATIONAL OF AMERICA INC , 雅培 , Glanbia PLC, 帝斯曼公司 , @Health Milk Manufacturers Association, 杜邦 , U.S. Spice Mills, Inc., 安利 , and Premier Nutrition Corporation . These companies employ strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global presence and enhance their competitive position.
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