Global plant-based milk market is projected to register a CAGR of 12.4% in the forecast period of 2023 to 2030. The new market report contains data for the historic year 2021, the base year of calculation is 2022, and the forecast period is 2023 to 2030.
Market Segmentation:
Global Plant-Based Milk Market, By Type (Almond Milk, Coconut Milk, Cashew Milk, Walnut Milk, Hazelnut Milk, Soy Milk, Oat Milk, Rice Milk, Flax Milk, and Others), Product Type (Refrigerated Milk and Shelf Stable Milk), Category (Organic and Conventional), Formulation (Sweetened and Unsweetened), Flavor (Original/Unflavored, Vanilla, Chocolate, Honey, Coconut Blend, Hazelnut Blend, Caramel, Maple, Coffee, and Others), Fortification (Regular and Fortified), Nature (GMO and Non-GMO), Claim (Regular, Gluten Free, Nut Free, Soy Free, Artificial Preservatives & Color Free, and Others), Packaging Size (Less than 100 ml, 110 ml, 250 ml, 500 ml, 1000 ml, and More than 1000 ml), Packaging Type (Tetra Packs, Bottles, and Can), Distribution Channel (Store Based Retailers and Non-Store Based Retailers), Country (U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Switzerland, Netherlands, Belgium, Russia, Poland, Denmark, Finland, Norway, Turkey, Rest of Europe, Japan, China, South Korea, India, Australia, New Zealand, Taiwan, Singapore, Thailand, Indonesia, Malaysia, Philippines, Rest of Asia-Pacific, South Africa, UAE., Saudi Arabia, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2030.
Some of the major factors contributing to the growth of the global plant-based milk market are:
Increase in demand for plant-based products
Increase in lactose intolerant population
Market Players:
Some key market players in the global plant-based milk market are listed below:
Silk
Sanitarium
Alpro
RUDE HEALTH
Plenish
Provamel organic-bio
THE HAIN CELESTIAL GROUP, INC.
SUNOPTA GRAINS AND FOODS INC.
Califia Farms, LLC
NotCo
Valsoia S.p.A
YEO HIAP SENG LTD.
Simple FOODS
natur-a
Australia's Own
Oatly Inc.
TABLE OF CONTENTS
1 INTRODUCTION 75
- 1.1 OBJECTIVES OF THE STUDY 75
- 1.2 MARKET DEFINITION 75
- 1.3 OVERVIEW OF GLOBAL PLANT-BASED MILK MARKET 75
- 1.4 LIMITATIONS 78
- 1.5 MARKETS COVERED 78
2 MARKET SEGMENTATION 84
- 2.1 MARKETS COVERED 84
- 2.2 GEOGRAPHICAL SCOPE 85
- 2.3 YEARS CONSIDERED FOR THE STUDY 86
- 2.4 CURRENCY AND PRICING 86
- 2.5 DBMR TRIPOD DATA VALIDATION MODEL 87
- 2.6 MULTIVARIATE MODELLING 90
- 2.7 TREATMENT LIFELINE CURVE 90
- 2.8 PRIMARY INTERVIEWS WITH KEY OPINION LEADERS 91
- 2.9 DBMR MARKET POSITION GRID 92
- 2.10 SECONDARY SOURCES 93
- 2.11 ASSUMPTIONS 93
3 EXECUTIVE SUMMARY 94
4 PREMIUM INSIGHTS 98
- 4.1 SUPPLY CHAIN OF GLOBAL PLANT-BASED MILK MARKET 100
- 4.1.1 RAW MATERIAL PROCUREMENT 100
- 4.1.2 PROCESSING 101
- 4.1.3 MANUFACTURING 101
- 4.1.4 MARKETING AND DISTRIBUTION 101
- 4.1.5 END USERS 101
- 4.2 BRAND COMPARATIVE ANALYSIS 102
- 4.3 CONSUMER DISPOSABLE INCOME DYNAMICS/SPEND DYNAMICS 104
- 4.3.1 OVERVIEW 104
- 4.3.1.1 SOCIAL FACTORS 105
- 4.3.1.2 CULTURAL FACTORS 105
- 4.3.1.3 PSYCHOLOGICAL FACTORS 105
- 4.3.1.4 PERSONAL FACTORS 105
- 4.3.1.5 ECONOMIC FACTORS 105
- 4.3.2 PRODUCT TRAITS 105
- 4.3.2.1 MARKET ATTRIBUTES 105
- 4.3.2.2 CONSUMERS' DISPOSABLE INCOME/SPEND DYNAMICS 106
- 4.4 INDUSTRY TRENDS AND FUTURE PERSPECTIVE 107
- 4.4.1 RISING ADOPTION OF ADVANCED TECHNOLOGIES IN THE PLANT-BASED MILK INDUSTRY 107
- 4.4.2 CERTIFICATIONS AND LABELLING CLAIMS AMONG MANUFACTURERS 107
- 4.4.3 BUSINESS EXPANSIONS THROUGH DIFFERENT STRATEGIC DECISIONS 108
- 4.5 NEW PRODUCT LAUNCH STRATEGY 109
- 4.5.1 OVERVIEW 109
- 4.5.1.1 LINE EXTENSION 109
- 4.5.1.2 NEW PACKAGING 110
- 4.5.1.3 RELAUNCHED 110
- 4.5.1.4 NEW FORMULATION 111
- 4.6 CONSUMER LEVEL TRENDS AND MEETING CONSUMERS' REQUIREMENTS 112
- 4.6.1 GROWING CONSUMERS' INTEREST IN PLANT-BASED DIETS 112
- 4.6.2 LACTOSE INTOLERANCE 112
- 4.6.3 VARIETY OF FLAVORS 113
- 4.7 FACTORS INFLUENCING PURCHASE DECISION 115
- 4.7.1 LARGE PRODUCT RANGE 115
- 4.7.2 PRODUCT PRICING 115
- 4.7.3 AUTHENTICITY OF PRODUCT 116
- 4.8 SHOPPING BEHAVIOR AND DYNAMICS 117
- 4.8.1 RECOMMENDATIONS FROM FAMILY AND FRIENDS 117
- 4.8.2 RESEARCH 117
- 4.8.3 IMPULSIVE 117
- 4.8.4 ADVERTISEMENT 117
- 4.8.5 TELEVISION ADVERTISEMENT 118
- 4.8.5.1 ONLINE ADVERTISEMENT 118
- 4.8.5.2 IN-STORE ADVERTISEMENT 118
- 4.8.5.3 OUTDOOR ADVERTISEMENT 118
- 4.9 PRIVATE LABEL VS BRAND LABEL 119
- 4.10 PROMOTIONAL ACTIVITIES 120
5 REGULATIONS, CERTIFICATIONS, AND LABELING CLAIMS 121
6 MARKET OVERVIEW 124
- 6.1 DRIVERS 126
- 6.1.1 INCREASE IN VEGAN POPULATION AROUND THE GLOBE 126
- 6.1.2 INCREASE IN LACTOSE INTOLERANT POPULATION 127
- 6.1.3 RISE IN PROMOTIONAL ACTIVITIES AND SOCIAL MEDIA MARKETING 128
- 6.1.4 AVAILABILITY AND ACCESSIBILITY OF A WIDER RANGE OF PLANT-BASED MILK PRODUCTS 128
- 6.2 RESTRAINTS 129
- 6.2.1 HIGH PRICE OF PLANT-BASED MILK IN COMPARISON TO DAIRY-BASED MILK 129
- 6.2.2 TASTE AND TEXTURE ISSUES ASSOCIATED WITH PLANT-BASED MILK 130
- 6.2.3 FLUCTUATING RAW MATERIAL PRICES 130
- 6.3 OPPORTUNITIES 131
- 6.3.1 RISING AWARENESS REGARDING ENVIRONMENTAL CONCERNS IS FUELING THE MARKET GROWTH 131
- 6.3.2 GROWING NEW PRODUCT LAUNCHES AND NEW PARTNERSHIPS, ACQUISITION AMONG KEY PLAYERS 132
- 6.3.3 INCREASED DEMAND FOR FORTIFIED BEVERAGES IN THE MARKET 133
- 6.4 CHALLENGES 134
- 6.4.1 RISE IN NUT ALLERGIES AMONG CONSUMERS 134
- 6.4.2 STRINGENT GOVERNMENT REGULATIONS 134
- 6.4.3 RISE IN THE NUMBER OF PLANT-BASED MILK PRODUCERS IN THE MARKET 135
7 IMPACT OF COVID-19 136
- 7.1 CONSUMERS WITH CARDIOVASCULAR DISEASE AND OBESITY AT HIGH RISK OF COVID-19 136
- 7.2 INCREASED DEMAND FOR SPECIFIC FOOD PRODUCTS FOR VEGAN DIETS 137
- 7.3 IMPACT ON DEMAND 137
- 7.4 IMPACT ON SUPPLY 137
- 7.5 CONCLUSION 138
8 GLOBAL PLANT-BASED MILK MARKET, BY TYPE 139
- 8.1 OVERVIEW 140
- 8.2 OAT MILK 141
- 8.2.1 OAT MILK, BY FORMULATION 142
- 8.2.1.1 UNSWEETENED 142
- 8.2.1.2 SWEETENED 142
- 8.3 SOY MILK 142
- 8.3.1 SOY MILK, BY FORMULATION 143
- 8.3.1.1 UNSWEETENED 143
- 8.3.1.2 SWEETENED 143
- 8.4 ALMOND MILK 144
- 8.4.1 ALOMIN MILK, BY FORMULATION 145
- 8.4.1.1 UNSWEETENED 145
- 8.4.1.2 SWEETENED 145
- 8.5 COCONUT MILK 145
- 8.5.1 COCONUT MILK, BY FORMULATION 146
- 8.5.1.1 UNSWEETENED 146
- 8.5.1.2 SWEETENED 146
- 8.6 RICE MILK 146
- 8.6.1 RICE MILK, BY FORMULATION 147
- 8.6.1.1 UNSWEETENED 147
- 8.6.1.2 SWEETENED 147
- 8.7 CASHEW NUT MILK 148
- 8.7.1 CASHEW MILK, BY FORMULATION 148
- 8.7.1.1 UNSWEETENED 149
- 8.7.1.2 SWEETENED 149
- 8.8 WALNUT MILK 149
- 8.8.1 WALNUT MILK, BY FORMULATION 150
- 8.8.1.1 UNSWEETENED 150
- 8.8.1.2 SWEETENED 150
- 8.9 HAZELNUT MILK 150
- 8.9.1 HAZELNUT MILK, BY FORMULATION 151
- 8.9.1.1 UNSWEETENED 151
- 8.9.1.2 SWEETENED 151
- 8.10 FLAX MILK 151
- 8.10.1 FLAX MILK, BY FORMULATION 152
- 8.10.1.1 UNSWEETENED 152
- 8.10.1.2 SWEETENED 152
- 8.11 OTHERS 152
- 8.11.1 OTHERS, BY FORMULATION 153
- 8.11.1.1 UNSWEETENED 153
- 8.11.1.2 SWEETENED 153
9 GLOBAL PLANT-BASED MILK MARKET, BY PRODUCT TYPE 154
- 9.1 OVERVIEW 155
- 9.2 REFRIGERATED MILK 156
- 9.3 SHELF STABLE MILK 157
10 GLOBAL PLANT-BASED MILK MARKET, BY FORMULATION 158
- 10.1 OVERVIEW 159
- 10.2 UNSWEETENED 160
- 10.3 SWEETENED 161
11 GLOBAL PLANT-BASED MILK MARKET, BY CATEGORY 163
- 11.1 OVERVIEW 164
- 11.2 CONVENTIONAL 165
- 11.3 ORGANIC 166
12 GLOBAL PLANT-BASED MILK MARKET, BY FLAVOR 168
- 12.1 OVERVIEW 169
- 12.2 ORIGINAL/UNFLAVORED 170
- 12.2.1 ORIGINAL/UNFLAVORED, BY MILK TYPE 170
- 12.2.1.1 ALMOND MILK 171
- 12.2.1.2 OAT MILK 171
- 12.2.1.3 SOY MILK 171
- 12.2.1.4 COCONUT MILK 171
- 12.2.1.5 RICE MILK 171
- 12.2.1.6 CASHEW NUT MILK 171
- 12.2.1.7 FLAX MILK 172
- 12.2.1.8 WALNUT MILK 172
- 12.2.1.9 HAZELNUT MILK 172
- 12.2.1.10 OTHERS 172
- 12.3 VANILLA 172
- 12.3.1 VANILLA, BY MILK TYPE 172
- 12.3.1.1 ALMOND MILK 173
- 12.3.1.2 OAT MILK 173
- 12.3.1.3 SOY MILK 173
- 12.3.1.4 COCONUT MILK 173
- 12.3.1.5 RICE MILK 173
- 12.3.1.6 CASHEW NUT MILK 173
- 12.3.1.7 FLAX MILK 173
- 12.3.1.8 WALNUT MILK 174
- 12.3.1.9 HAZELNUT MILK 174
- 12.3.1.10 OTHERS 174
- 12.4 CHOCOLATE 174
- 12.4.1 CHOCOLATE, BY MILK TYPE 174
- 12.4.1.1 ALMOND MILK 175
- 12.4.1.2 OAT MILK 175
- 12.4.1.3 SOY MILK 175
- 12.4.1.4 COCONUT MILK 175
- 12.4.1.5 RICE MILK 175
- 12.4.1.6 CASHEW NUT MILK 175
- 12.4.1.7 FLAX MILK 175
- 12.4.1.8 WALNUT MILK 176
- 12.4.1.9 HAZELNUT MILK 176
- 12.4.1.10 OTHERS 176
- 12.5 COFFEE 176
- 12.5.1 COFFEE, BY MILK TYPE 176
- 12.5.1.1 ALMOND MILK 177
- 12.5.1.2 OAT MILK 177
- 12.5.1.3 SOY MILK 177
- 12.5.1.4 COCONUT MILK 177
- 12.5.1.5 RICE MILK 177
- 12.5.1.6 CASHEW NUT MILK 177
- 12.5.1.7 FLAX MILK 177
- 12.5.1.8 WALNUT MILK 178
- 12.5.1.9 HAZELNUT MILK 178
- 12.5.1.10 OTHERS 178
- 12.6 COCONUT BLEND 178
- 12.6.1 COCONUT BLEND, BY MILK TYPE 178
- 12.6.1.1 ALMOND MILK 179
- 12.6.1.2 OAT MILK 179
- 12.6.1.3 SOY MILK 179
- 12.6.1.4 COCONUT MILK 179
- 12.6.1.5 RICE MILK 179
- 12.6.1.6 CASHEW NUT MILK 179
- 12.6.1.7 FLAX MILK 180
- 12.6.1.8 WALNUT MILK 180
- 12.6.1.9 HAZELNUT MILK 180
- 12.6.1.10 OTHERS 180
- 12.7 CARAMEL 180
- 12.7.1 CARAMEL, BY MILK TYPE 180
- 12.7.1.1 ALMOND MILK 181
- 12.7.1.2 OAT MILK 181
- 12.7.1.3 SOY MILK 181
- 12.7.1.4 COCONUT MILK 181
- 12.7.1.5 RICE MILK 181
- 12.7.1.6 CASHEW NUT MILK 181
- 12.7.1.7 FLAX MILK 181
- 12.7.1.8 WALNUT MILK 182
- 12.7.1.9 HAZELNUT MILK 182
- 12.7.1.10 OTHERS 182
- 12.8 HONEY 182
- 12.8.1 HONEY, BY MILK TYPE 182
- 12.8.1.1 ALMOND MILK 183
- 12.8.1.2 OAT MILK 183
- 12.8.1.3 SOY MILK 183
- 12.8.1.4 COCONUT MILK 183
- 12.8.1.5 RICE MILK 183
- 12.8.1.6 CASHEW NUT MILK 183
- 12.8.1.7 FLAX MILK 183
- 12.8.1.8 WALNUT MILK 183
- 12.8.1.9 HAZELNUT MILK 183
- 12.8.1.10 OTHERS 183
- 12.9 HAZELNUT BLEND 183
- 12.9.1 HAZELNUT BLEND, BY MILK TYPE 184
- 12.9.1.1 ALMOND MILK 184
- 12.9.1.2 OAT MILK 184
- 12.9.1.3 SOY MILK 185
- 12.9.1.4 COCONUT MILK 185
- 12.9.1.5 RICE MILK 185
- 12.9.1.6 CASHEW NUT MILK 185
- 12.9.1.7 FLAX MILK 185
- 12.9.1.8 WALNUT MILK 185
- 12.9.1.9 HAZELNUT MILK 185
- 12.9.1.10 OTHERS 185
- 12.10 MAPLE 185
- 12.10.1 MAMPLE, BY MILK TYPE 186
- 12.10.1.1 ALMOND MILK 186
- 12.10.1.2 OAT MILK 186
- 12.10.1.3 SOY MILK 186
- 12.10.1.4 COCONUT MILK 186
- 12.10.1.5 RICE MILK 186
- 12.10.1.6 CASHEW NUT MILK 186
- 12.10.1.7 FLAX MILK 187
- 12.10.1.8 WALNUT MILK 187