Global Plant-Based Milk Market Outlook, 2027

Milk has been traditionally a part of various cultures around the world. Lately, its importance is diminishing due to health concerns over hormonal changes, allergens, and the quality of nutrients. This has led to global consumers changing habits to plant-based milk products that are rich sources of vitamins, proteins, fats and carbohydrates. The younger demographics are increasingly becoming lactose intolerant due to lifestyle changes and eating habits; further supported by the vegan food trend that has led to increased adoption of plant-based milk. Concerns about animal welfare and cruelty, as well as environmental impact, drive demand for plant-based milk. Extended promotional activities by celebrities and social media greatly influence consumer choices and preferences. However, the thought of preservatives being added to this milk to increase shelf life acts as a restraint. Lack of consumer awareness about the use of plant-based milk among the rural population further hampers the growth. According to the research report “Global Plant Based Milk Market Outlook, 2026" published by Bonafide Research, the plant based milk market is expanding speedily to attain revenue of over USD 27 Billion by the end of forecast period. Soy milk is one of the oldest plant based milk and so it is widely available and has massive acceptance globally. Whereas, Almond milk has recently captivated, vital reason being soy milks allergenic property. The report analyses influential trends that are currently determining the growth of the market. It further, interprets important dynamics, such as the drivers, restraints, and opportunities for key market players and also the new entrants with the manufacturing of the plant based milk market. The analyses also state the upholding of the future status of the plant based milk market over the forecast period. A detailed overview of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the plant based milk market, along with their product portfolios, enhances the reliability of this extensive research study.

Plant based milk is an alternative to Dairy Milk, which is made from base ingredients like Soy, Almond, Oat, Rice, Coconut, Cashew, Hazelnut, Hemp, Pea and others. It is of two types, Plain Milk or Flavoured Milk. Flavoured plant milks come in varied flavours like Chocolate, Strawberry, Vanilla, and Coffee, Hazelnut, Mocha, Berry, Banana, Coconut and others. The global climatic changes, increasing deforestation, lactose intolerance, gastric problems, indigestion and animal cruelty has led to a push to the vegan or plant based food products. Increasingly people around the globe are turning vegetarian, vegan, or even flexitarian. The vegan trend is in the air, due to its large presence over various social media platforms over the internet. It plays a pivotal role in luring the young demographics to turn to plant based milk. People in North America and Europe are more inclined towards plant based milk than the developing countries as the importance of protein-rich diets among health conscious consumers. Obesity is on the rise, globally irrespective of varied food cultures in different regions of the world. Plant based milk provides more energy, improves health, balances body weight and adds flavour to milk. Collaborations between the global players and companies in Asia Pacific region is driving technological advancements in plant-based milk market. Increased R&D activities supported by government to bolster domestic companies growth is expected to drive the future demands in Asia-pacific region. Middle East & Africa plant based milk market is in its nascent stage and so is an emerging market during the forecast period. Oat milk has paved its way to become one of the fastest growing markets during the forecast period with a power to cross over 10% market share globally. The other types of milk like Cashew milk, Hazelnut milk are also gaining traction in the market, as consumers are always on a spur to taste new variants. The flavoured plant based milk market is expected to grow enormously, as manufacturers are bringing new flavours on the shelf like Berry, Hazelnut, Coffee, Mocha and Coconut. While, Chocolate, Vanilla and Strawberry are well established and have succeeded in capturing majority of the market share. Online sales of plant based milks is rapidly expanding as they offer discount schemes and free home delivery options. Today’s busy consumers want to enjoy the easy accessible shopping through their luxury home space. Many one-stop shops have put themselves on the web to ease the purchasing process for the consumers. Leading supermarket chains have their own online shopping apps which further paves the market to succeed.

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Manmayi Raval

Research Consultant

The Covid-19 pandemic has negatively impacted the world economy at large. Major economies were hit hard resulting in decline of GDP to a significant extent. The demand and supply chain disruption led to a decline of plant based milk market in 2020 to a noticeable point. With the tourism industry coming to a halt altogether, the plant based milk market being inversely related suffered. However, the pandemic is now being seen as an advantage to plant based food products, as consumers moving towards healthy food eating habits. Consumers want to refrain from any animal origin product due to spread of diseases. Major Companies present in the market: The Hain Celestial (US), SunOpta (Canada), Nestle, Danone (France), Oatly (Sweden), Ripple Foods (US), Califia Farms (US), Daiya Foods Inc. (Canada), Pacific Foods of Oregon LLC, Elmhurst Milked Direct LLC, The Dohler Group, Kerry Inc, Sahmyook Foods. Considered in this report • Geography: Global • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027

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Aspects covered in this report • Global plant based milk market with its value and forecast along with its segments • Region-wise plant based milk market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions covered in the report • North America (US, Canada, Mexico) • Europe (Germany, UK, France, Italy, Spain, Russia) • South America (Brazil, Argentina, Columbia) • Asia-Pacific (China, Japan, India, Australia) • Middle-East & Africa (Saudi Arabia, UAE, South Africa) Types of milk in the report • Soy milk • Almond milk • Coconut milk • Rice milk • Oat milk • Other milk (Cashew, hazelnut, other) Type of milk by formulation: • Plain milk • Flavoured milk Type of milk by flavour: • Chocolate • Vanilla • Strawberry • Berry • Hazelnut • Others (Coffee, coconut, mocha) By Sales Channel: • Supermarkets/Hypermarkets • Convenience Stores • Online • Others (Airports, gas station, Cafes, Health shops) The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to plant based milk industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.