Plant-based Milk Market Size, Share, Industry Analysis, Trends, Growth, 2032

Plant-based Milk Industry Prospective:

The global plant-based milk market size was evaluated at $20.35 billion in 2023 and is slated to hit $45.87 billion by the end of 2032 with a CAGR of nearly 9.45% between 2024 and 2032.

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Plant-based Milk Market: Overview

Plant-based milk is a non-dairy substitute product for the regular milk of cows and buffalo. Furthermore, plant-based milk is extracted from plants. Reportedly, it is a beverage resembling milk in appearance and is an apt alternative in a slew of culinary & beverage applications. In addition to this, the product is made by deriving liquid from plants including legumes, seeds, nuts, and grains. These products are easily available in groceries and are easily available in various flavors & varieties, thereby fulfilling the food requirements of individuals.  

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 9.45% over the forecast timespan (2024-2032)
• In terms of revenue, the global plant-based milk market size was evaluated at nearly $20.35 billion in 2023 and is expected to reach $45.87 billion by 2032.
• The global plant-based milk market is anticipated to grow rapidly over the forecast timeline owing to escalating awareness about the health advantages offered by plant-based foods.
• In terms of source, the soy milk segment is slated to register the highest CAGR over the forecast period.
• Based on formulation, the unflavored segment is predicted to contribute majorly towards the global industry share in the upcoming years.
• Based on distribution channel, the supermarkets segment is predicted to account sizably for the global market revenue share in the ensuing years.
• Region-wise, the Asia-Pacific plant-based milk industry is projected to register the fastest CAGR during the projected timespan.

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Plant-based Milk Market: Growth Factors

Growing awareness about product benefits among customers to drive global market trends

Escalating awareness about the health advantages offered by plant-based foods has resulted in consumers opting for plant-based milk, thereby boosting the global plant-based milk market growth. An increase in the intake of a vegan diet will prompt the growth of the global market. Easy access to a slew of plant-based milk items will spur market expansion across the globe.

A surge in the lactose-intolerant populace and an increase in promotional activities as well as a rise in social media marketing activities will spearhead the expansion of the global market. Moreover, the launching of new kinds of plant-based products globally will drive global market trends.

Plant-based Milk Market: Restraints

Changes in product prices can inhibit the growth of the industry globally

Oscillations in the cost of product and price sensitivity of plant-based milk can restrict the expansion of the global plant-based milk industry. Apart from this, adverse health impacts of the product seen on infants can further hamper the expansion of the global industry. Additionally, plant-based milk needs special kinds of packaging such as cartons and tetra packs to increase its shelf life along with avoiding spoilage. This, in turn, can further curtail the expansion of the global industry.

Plant-based Milk Market: Opportunities

Rising concerns about land degradation and water usage can open new growth avenues for the global market

Growing concerns about carbon footprints, water use, and land degradation related to the dairy sector have forced customers to consume sustainable beverages such as plant-based milk. This, in turn, will open new growth avenues for the global plant-based milk market.  

Plant-based Milk Market: Challenges

Low product availability & surge in raw material costs can obstruct the global industry surge by 2032

Expensive ingredients such as coconuts, almonds, oats, and soybeans are used in preparing plant-based milk and this can prove to be a huge challenge for the growth of the global plant-based milk industry. Apart from this, scarce availability and seasonal fluctuations in prices of these ingredients can impact the product costs, thereby impeding the expansion of the global industry.

Plant-based Milk Market: Segmentation

The global plant-based milk market is divided into source, formulation, distribution channel, and region.                                         

In source terms, the plant-based milk market across the globe is bifurcated into rice milk, soy milk, almond milk, and coconut milk segments. Additionally, the soy milk segment, which acquired nearly 65% of the global market revenue in 2023, is expected to record the fastest annual rate of growth in the forecast timespan. The expansion of the segment in the next eight years can be due to soy milk being naturally free from allergens such as nuts, dairy, and lactose. Hence, people who are lactose intolerant prefer soy milk.   

Based on the formulation, the global plant-based milk industry is divided into flavored and unflavored segments. Moreover, the unflavored segment, which accumulated about 60% of the global industry size in 2023, is anticipated to make sizable contributions toward the global industry share over the analysis timeline. The growth of the segment in the upcoming years can be attributed to a rise in the consumer preference for natural products and smooth texture.

Based on the distribution channel, the global plant-based milk market is divided into online channels, specialty stores, retail stores, and supermarket segments. Furthermore, the supermarkets segment, which accumulated about 70% of the global industry size in 2023, is anticipated to make sizable contributions towards the global market revenue over the analysis timespan. The growth of the segment in the upcoming years can be credited to the easy availability of the product on the shelves of supermarkets.

Plant-based Milk Market: Report Scope

Plant-based Milk Market: Regional Insights

North America is expected to maintain its leadership status in the global market in the next couple of years

North America, which contributed approximately 70% of the global plant-based milk market earnings in 2023, is projected to maintain the number one position in the global market in the years ahead. In addition to this, the regional market expansion in the next couple of years can be owing to growing awareness among consumers about the health benefits offered by plant-based foods. In addition to this, a rise in the number of people intolerant to lactose in the region along with awareness about the beneficial properties of products such as low calorie has promoted the regional market demand.

The Asia-Pacific plant-based milk industry is anticipated to register the fastest growth rate in the forecast timespan. The rapid progression of the industry in the sub-continent over 2024-2032 can be credited to a rise in per capita income along with growing product demand in countries such as India and China. Apart from this, the large-scale presence of key product manufacturers in APAC will further steer the growth of the industry in the sub-continent.

Key Developments

• In February 2024, Califia Farms, a key player in the plant-based milk product manufacturing business, launched Califia Farms Complete, tasty creamy plant milk consisting of nine key ingredients. Reportedly, the product is made up of fava bean proteins, peas, and chickpeas. The move is likely to drive the growth of the plant-based milk market.
• In November 2023, The Coconut Collab, a UK-based firm creating plant-based yoga and puds, introduced a new barista-kind of milk substitute that is tasty and looks like dairy milk products. Reportedly, the new product is made up of coconuts having low sugar and high electrolytes, healthy fats, and minerals.

Plant-based Milk Market: Competitive Space

The global plant-based milk market profiles key players such as:

• Mc Cormick & Co.
• Kaslink Foods Oy Limited
• Sunopta Inc.
• Groupe Danone
• Turtle Mountain LLC
• Pacific Foods of Oregon Inc.
• The Hain Celestial Group Inc.
• Natura Foods
• Vitasoy International Holdings Limited
• Goya Foods
• Freedom Foods Group Limited
• Blue Diamond Growers Inc.
• The Hershey Company
• Earth’s Own Food Company Inc.
• Edward & Sons
• Alpina Foods
• The Bridge s.r.l.
• Liwayway Holdings Company Limited

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

By Source

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

By Formulation

• Flavored
• Unflavored

By Distribution Channel

• Specialty Stores
• Retail Stores
• Online Channels
• Supermarkets

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa