Plant-based Milk Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[216+ Pages Report] According to the report published by Facts & Factors, the global plant-based milk market size was evaluated at $10.1 billion in 2022 and is slated to hit $25.3 billion by the end of 2030 with a CAGR of nearly 10.2% between 2023 and 2030.

The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketspace. The plant-based milk market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the plant-based milk industry report explores the investor and stakeholder space to help companies make data-driven decisions.

Market Overview

A plant-based milk intake is increasing immensely globally owing to a large number of health benefits provided by soy milk and coconut milk. Moreover, key players such as Archer Daniels Midland Company and Danone Corporation as well as small & new industry players are making notable efforts for increasing their market share through the launching of plant-based milk products. With an increase in the popularity of veganism among millennials, the demand for plant-based milk is anticipated to gain traction in the years ahead.

Key Insights

• As per the analysis shared by our research analyst, the global plant-based milk market is projected to expand annually at the annual growth rate of around 10.2% over the forecast timespan (2023-2030)
• In terms of revenue, the global plant-based milk market size was evaluated at nearly $10.1 billion in 2022 and is expected to reach $25.3 billion by 2030.
• The global plant-based milk market is anticipated to record massive growth over the forecast period owing to easy access to raw materials including soy and rice.
• In terms of type, the almond milk segment is slated to register the fastest CAGR over the forecast period.
• Based on formulation, the unflavored segment is slated to dominate the segmental surge over the forecast period.
• On the basis of distribution channel, the B2C segment is slated to dominate the segmental surge over the forecast period.
• Region-wise, the Asia-Pacific plant-based milk market is projected to register the highest CAGR during the assessment period.

Industry Growth Factors

• Lactose intolerance has boosted the global market demand over 2023-2030

The occurrence of lactose intolerance has forced people to look for alternatives that do not contain dairy items and this has culminated into massive global plant-based milk market demand. An increase in customer trends toward a vegan diet will proliferate the expansion of the market globally.

As per the Plant-Based Foods Association, the global market expanded by 9.5% during 2017-2018 with the market contributing nearly 15.3% to the overall milk market. Reportedly, the health benefits provided by a vegan diet along with the rise in demand for dairy substitutes for individuals affected due to heart disorders, obesity, and diabetes will propel the expansion of the global market.

Furthermore, easy access to raw materials including soy and rice will embellish the global market trends. A prominent increment in the consumption of non-dairy products will proliferate the size of the plant-based milk market across the globe. Various governments and health firms have made various recommendations for effectively managing lactose intolerance, thereby embellishing the global market expansion.

Restraints

• Fluctuating raw material costs will impede the global industry expansion over 2023-2030

Oscillating prices of plant-based milk along with the negative impact on infant health due to intake of plant-based milk can put brakes on the plant-based milk industry across the globe.

Opportunities

• Rising demand for plant-based nutrition sources will produce new growth opportunities for the global market

The huge popularity of plant-based nutrition sources and growing demand for label-based products will generate new growth avenues for the plant-based milk market globally. Rise in focus by firms for offering flavored plant-based milk formulations is predicted to open new facets of growth for the global market.

Challenges

• Surge in nut allergies creating life-threatening disorders can prove to be a huge challenge for the global industry

Increase in nut allergies witnessed in adults & children and life-threatening reactions can put a big challenge to the expansion of the plant-based milk industry across the globe.

Segmentation Analysis

The global plant-based milk market is sectored type, formulation, distribution channel, and region.    

In type terms, the global plant-based milk market is segregated into almond milk, rice milk, soy milk, oat milk, and coconut milk segments. In addition to this, the almond milk segment, which garnered over 53% of the global market share in 2022, is slated to register the fastest CAGR in the ensuing years. The segmental growth in the forecasting timeline can be due to a surge in customers opting for nut-based lactose-free milk, growing health concerns, and changing tastes of individuals.

On the basis of formulation, the plant-based milk industry across the globe is sectored into flavored and unflavored segments. Furthermore, the unflavored segment, which accumulated a major share of the global industry in 2022, is predicted to dominate the segmental expansion in the forecasting years. The segmental growth in the ensuing years can be a result of customer demand for sugar-free products and non-dairy items along with their smooth texture characteristics.

In terms of distribution channel, the global plant-based milk market is segregated into B2B and B2C segments. Moreover, the B2C segment, which amassed the highest share of the global market in 2022, is anticipated to retain its segmental domination in the years ahead. The key factors that are likely to drive the segmental growth include growing customer preference for shopping in brick & mortar retail shops and the thriving retail sector along with the rise in hypermarkets and supermarkets.  

Recent Breakthroughs:

• In the first half of 2023, Reitan Group, a key retail firm having a presence in Nordic & Baltic states, and Oatly Inc., a Sweden-based firm producing dairy product substitutes, joined hands for operating nearly in a large number of convenience retail stores in Sweden. The move is likely to help the plant-based milk business record a marked growth in Sweden.
• In the second quarter of 2023, Oatly Group AB, the largest oat milk manufacturer based in Sweden, declared that its vegan cheese is available in the U.S. The move is likely to increase its regional presence along with helping it expand its business and increase its revenue. The initiative is likely to encourage other players in the market to increase their presence in various other countries.  
• In the first half of 2022, SMA Feeding, a division of Nestle SA, launched a new product to its existing Little Steps Infant Nutrition Product Portfolio which is the best vegan substitute for toddler milk. The initiative will boost the expansion of the global market expansion in the coming years.

Report Scope

Plant-based Milk Market: Regional Insights 

• North American plant-based milk market to establish a dominant position over the forecast timeframe

North America, which amassed more than 61% of the global plant-based milk market revenue in 2022, is anticipated to record a notable surge during the projected timespan. The regional market expansion over 2023-2030 can be subject to the rise in the vegan population in the sub-continent. Swift demand for non-dairy items has translated into the growing popularity of plant-based milk, thereby steering the regional market trends. The rise in per capita spending of the population in the region will embellish the growth of the market in the region. A surge in the acceptance of healthy foods will steer the growth of the market across the region.

Furthermore, the plant-based milk industry in the Asia-Pacific region is predicted to register the highest CAGR in the assessment timeframe. The factor that is likely to influence the growth of the regional industry are escalating intake of plant-based milk by the population of the region. In addition to this, the easy availability of source materials for manufacturing plant-based milk in China, South Korea, and India will embellish the regional industry trends.

Competitive Space

• Mc Cormick & Co. 
• Herbalife International of America Inc. 
• Turtle Mountain LLC 
• Glanbia PLC 
• DSM 
• Abbot Laboratories 
• Edward & Sons 
• Bayer AG 
• DuPont 
• U.S. Spice Mills Inc. 
• Nestle SA 
• Amway 
• The Hershey Company 
• The Nature’s Bounty Company 
• Alpina Foods 
• Mead Johnson and Company LLC 
• Groupe Danone 
• The Hershey Company 
• Premier Nutrition Corporation.

The global plant-based milk market is segmented as follows:

By Type Segment Analysis

• Almond Milk
• Rice Milk
• Soy Milk
• Oat Milk
• Coconut Milk

By Formulation Segment Analysis

• Flavored
• Unflavored

By Distribution Channel Segment Analysis

• B2B
• B2C

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America