The Plant-Based Milk Market is on its way to perceive escalation, from USD 20.1 billion in 2024 up to USD 47.9 billion by 2034. The industry is forecast to expand at a CAGR of 9.1% between 2024 and 2034, indicating strong vegan milk market growth.
Since plant-based milk, for example, coconut milk and soy milk, have numerous health provisions, the adoption is booming acutely on a global level. The amplified customer choice for plant-based food and beverages encourages the plant-based milk market to accelerate.
| Attributes | Details |
|---|---|
| Valuation for 2024 | USD 20.1 billion |
| Valuation for 2034 | USD 47.9 billion |
| CAGR from 2024 to 2034 | 9.1% |
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Veganism has been a strengthening trend in recent years and is a catalyst for the thriving plant-based milk demand during the forecast period. The escalating popularity of lactose intolerance and amplifying conditions of dairy allergies in infants favor the adoption of plant-based milk between 2024 and 2034.
The escalating prevalence of vegan products, environmental issues concerning milk processing plants and milk suppliers, spurring awareness about the advantages of an organic diet, and advancing availability of dairy options in the global plant-based milk market are other impetus that govern adoption through 2034.
| Attributes | Details |
|---|---|
| Valuation for 2019 | USD 16.1 billion |
| CAGR from 2019 to 2023 | 4.5% |
The amplified cognizance of animal exploitation and ethical considerations regarding consuming products derived from animals are the significant factors that usher the plant-based milk market trend toward vegan diets.
Additional trends that open up novel segment opportunities for plant-based dairy vendors include the expanding demand for clean-label products and the escalating adoption of functional foods. Between 2024 and 2034, a strong demand for plant-based milk and cheese is slated to be witnessed.
The segmented plant-based milk market analysis is included in the following subsection. Based on comprehensive studies, the soy milk sector is prevalent in the product type category, and the powder segment emerges victorious in the form category.
| Top Segment | Share |
|---|---|
| Soy Milk | 34% |
The soy milk segment prevailed in the product type category share of the plant-based milk market in 2024. This ascendency continues until 2034. The soy milk segment growth is significant owing to the organic allergen-free property, specifically luring individuals with lactose intolerance or dairy/nut allergies.
The plant-based milk demand surges for soy milk in the retail segment because of its traction among consumers and the availability provided. It provides plentiful healthcare provisions to the consumer.
| Top Segment | Share |
|---|---|
| Powder | 19% |
For regions without refrigeration access, the powdered segment is a lucrative alternative because of its increased stability and less prone to spoiling. Powdered milk provides customizable serving sizes to accommodate a wide range of consumer requirements and tastes.
The demand for powdered form is far beyond beverages, as it is effortlessly comprised of an array of recipes and diverse food products. Significant profit margins occur with cut-down shipping costs consequent from lighter and smaller volumes contrasted with liquid alternatives.
The plant-based milk industry can be observed in the subsequent tables, which focus on the leading economies in the United Kingdom, India, China, the United States, and Germany. A comprehensive evaluation demonstrates that Germany has enormous opportunities for plant-based milk market.
| Nation | United States |
|---|---|
| CAGR (2024 to 2034) | 8.5% |
Studies show that the United States plant-based milk market held a share of 27.5% from 2024 to 2034. The United States witnessed a significant demand for plant-based milk alternatives as health consciousness surges. The United States Trends in Eating and Nutrition Declarations infer to anticipations made by the United States Agriculture Department that regulate consumer dietary preferences.
Considerable demand for plant-based milk is attributed to augmenting lactose intolerance and a universal concentration on healthy food practices. The prominent non-dairy beverages are made from almonds, soy, coconut, oat, and hemp.
All of the plant-based milk options are broadly available because of escalated demand. With amplifying health consciousness and interest in lactose-free options, the plant-based milk market growth boosts the food and beverage sector in the United States.
| Country | Germany |
|---|---|
| CAGR (2024 to 2034) | 11.5% |
The plant-based milk market expands as the German millennials become aware of environmental and health disorders. There is significant potential in the plant-based milk industry, with varieties ranging from soy and almond milk to coconut and oat milk.
Many plant-based drinks are standard staples in modern homes as a proliferating number of people shift towards veganism or look for healthy alternatives without sacrificing taste. Between 2024 and 2034, Germany's share of the vegan milk sector was to seize 3%.
| Nation | India |
|---|---|
| CAGR (2024 to 2034) | 9.8% |
The plant-based milk market in India clutches 16.6% of the global share from 2024 to 2034. The demand for these products in India is escalating as people are aware of their health preferences. The spurring of disposable income and improved products on the market escalated the adoption of plant-based drinks.
There is a prospering requirement in India for vegan milk that lacks artificial flavoring and stabilizers since more homes are putting healthy feeding habits forward. Plant-based drinks are healthier alternatives than conventional dairy milk, as well as include significant vitamins and minerals in their high nutritive content.
| Nation | China |
|---|---|
| CAGR (2024 to 2034) | 5.9% |
China holds 19.8% of the share of the global plant-based milk market through 2034. This is because of the surging health and nutritional advantages of vegan milk among users. The accelerating demand for processed foods and the proximity of plant-based beverages which are incredibly rich in nutrients in the food and beverage sector, positively affect the vegan milk market.
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The optimistic plant-based dairy provider focuses on launching novel goods with an assortment of tastes and flavors to strengthen their product portfolio and escalate plant-based milk sales.
The forthcoming plant-based dairy vendors are emphasizing acquiring investments through capitalizing and fundraising campaigns to facilitate their ventures to strengthen their business and advertising reach to other firms.
The plant-based milk market is fragmented globally, with prominent vendors acquiring a considerable share. The significant plant-based milk providers operating regularly use diverse growth procedures to hold steady in the industry.
The major vegan milk vendors utilize numerous growth approaches to persist in the fiercely competitive industry, like product launches, innovations, mergers and acquisitions, alliances, and research and development. The major plant-based milk providers are focusing on research and development to present economical and proficient solutions for different sectors.
Recent Development
| Company | Headquarter |
|---|---|
| Oatly Inc. | Sweden |
| Recent Advancement | Oatly Inc. and Reitan reported the progress in January 2023. Across Sweden, Reitan is the operator of around 90 7-Eleven and 300 Pressbyrn convenience shops. Through this expansion, the firm rose and attracted new customers. |
| Company | Headquarter |
|---|---|
| Danone | France |
| Recent Advancement | The preliminary dairy and baby formula made from plants was established by French food giant Danone in July 2022. As per parents' request for vegetarian and flexitarian alternatives for their toddlers, the companies launched the product. |
The report consists of key product type like, soy milk, almond milk, coconut milk, cashew milk, hemp seed milk, rice milk, oat milk, peanut milk, pea milk, hazelnut milk, macadamia milk, and other product types (spelt milk, banana).
Key forms present in the industry include liquid and powder.
The market is classified into organic and conventional.
The report consists of key product type like original/unflavored and flavored (chocolate, vanilla, strawberry, coconut, mocha, berry, hazelnut, and other flavors).
Key forms present in the industry include infant formula, dairy products (milk, cheese, yogurt, butter, spreads, ice cream, frozen dessert), bakery and confectionary, milk and milk-based beverages, and retail sales.
The market is classified into direct sales, indirect sales (modern trade, convenience store, departmental store, traditional store, specialty store, online retailers), and other sales channel.
Analysis of the market has been carried out in key countries of North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, and the Middle East and Africa.
The plant-based milk product industry to acquire a valuation of USD 20.1 billion in 2024.
The plant-based product industry has the potential to garner a worth of USD 47.9 billion by 2034.
The plant-based milk product industry equates to a CAGR of 9.1% through 2034.
From 2019 to 2023, the plant-based milk product industry exhibited a 4.5% CAGR.
The soy milk sector is set to achieve a share of 34% in 2024.
The powder segment to possess a share of 19% in 2024.
| Estimated Global Industry Size (2025E) | USD 120.99 Billion |
| Projected Global Industry Value (2035F) | USD 187.88 Billion |
| Value-based CAGR (2025 to 2035) | 4.5% |
| Market Size (2023) | USD 2036.6 million |
|---|---|
| Market Size (2033) | USD 5120.9 million |
| CAGR (2023 to 2033) | 9.5% |
| Market Size Value in 2022 | USD 23.2 Billion |
|---|---|
| Market Forecast Value in 2032 | USD 32.8 Billion |
| Growth Rate (2022 to 2032) | 3.5% |
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