Logo
North America Plant-Based Milk Market Outlook, 2027

North America Plant-Based Milk Market Outlook, 2027

Bonafide Research 30-08-2022 62 Pages Figures : 12 Tables : 18
Region : North America Category : Food & Beverages Food

1. Hain Celestial Group, Inc.

2. Nestle SA

3. Kerry Group

4. SunOpta Inc

5. Califia Farms

More...

North Americans are an epitome of the developing economies of the world, as their way of life is imitated by the populace around the world. Similarly, the vegan diet trend is followed all over the world. A study conducted in 2020 revealed that the number of Americans following plant-based diets has increased by nearly 9.6 million over the last 15 years. This is nearly 3% of the population in the United States. The most prominent vegan states are Oregon, Vermont, Washington, and California, and the states which are most reluctant to seek out vegan trends are Mississippi, followed by South Dakota, Alabama, and North Dakota. However, the states that are seeing the biggest change in adoption of plant-based foods include Nevada and New Hampshire. Plant-based diets have become more established as a food group, but the change is very imbalanced. In recent years, it has achieved more acceptance and new varieties have been introduced in response to increasing demand. According to the research report "North America Plant Based Milk Market Outlook, 2027" published by Bonafide Research, the plant-based milk market is expected to grow at a CAGR of 8.31% during the forecast period. North America includes the USA, Canada, and Mexico, out of which the USA holds the majority share of the plant-based milk market. While the smaller countries like Jamaica, Dominica, Cuba, Costa Rica, Bahamas, and others have a very small populace that is adopting plant-based milk. The vegan food trend is more exemplified in the larger and more prominent countries of North America than in the less developed, smaller ones. With the presence of leading manufacturer Blue Diamond Growers of almond milk based in California, almond milk is widely consumed in North America. Almond milk is low in calories and the new versions comes fortified with calcium. A lot of money has also been spent on marketing these plant-based milks, which has proven to be successful. Americans have grown tired of hearing that eating too much soy can cause hormone disruption, thyroid issues, and possibly an increased risk of breast cancer in certain women. People were turned off by soy and were looking for an alternative; at the exact same time, almond milk miraculously appeared in the dairy case. The Oat milk market in this region has paved its way to becoming one of the fastest growing markets during the forecast period, with the power to cross over 10% market share globally. Rice milk and coconut milk are gaining traction in the plant-based milk market in North America as consumers want to try out different types of milk. The other types of milk, like cashew milk and hazelnut milk are being introduced to the market, with manufacturers experimenting with new nut milks. The flavoured plant-based milk market is expected to grow enormously, as manufacturers are bringing new flavours to the shelf like Berry, Hazelnut, Coffee, Mocha, and Coconut. While chocolate, vanilla, and strawberry are well established and have captured the majority of the market share. The majority of sales of plant-based milk is enjoyed by supermarkets and hypermarkets as they have very well developed supply chains and distribution channels. While online sales of plant-based milks are rapidly expanding due to promotional offers and free home delivery, Today’s busy consumers want to enjoy easy access to shopping in their luxury home space. Many one-stop shops have put themselves on the web to ease the purchasing process for consumers. Leading supermarket chains have their own online shopping apps, which further paves the way for the market to succeed. United States of America is the World's leading Almond producer with 2,002,742 tonnes yearly production. Almond milk is most consumed plant-based milk in North America due to the increasing intolerance for lactose and changing preference towards healthy food among people. Almond milk can have some possible side effects due to overconsumption and nut allergies, adverse effects on the thyroid gland, high sugar levels, skin reactions, abdominal issues, etc. Companies have diverted to flavoured plant-based milk to capture younger generations. Companies develop their distinct flavours and tastes to stand apart from their counterfeits. E-commerce sales have become a profitable strategy and it is easy to reach consumers directly. It is further supported by the increased smart phone and tablet penetration. But retail sales would remain the main sales point for plant-based milk. The COVID-19 pandemic has negatively impacted the world economy at large. Major economies were hit hard, resulting in a significant decline in GDP to a significant extent. The demand and supply chain disruption led to a noticeable decline in the plant-based milk market in 2020. 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 for plant-based food products, as consumers move towards healthy food eating habits. Consumers want to refrain from any animal-origin product due to the 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: North America • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • North America plant based milk market with its value and forecast along with its segments • Country-wise plant based milk market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendations Countries covered in the report • United States of America (USA) • Canada • Mexico 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.

Read More

Card image cap

Interested in this report?
Get your FREE sample!

Requirement Gathering & Methodology
Data Collection Techniques
Our Research Team & Data Sourcing
Data Science & Analytical Tools
Data Visualization & Presentation Skills
Project/ Report Delivery & After Sales Services