According to a new market research report titled, “Plant-based Milk Market by Type (Almond Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation (Unflavoured, Flavoured), Distribution Channel (B2B, B2C (Modern Groceries, Convenience Store, Specialty Store, Online Retail)) - Forecast to 2029,” the market is expected to grow at a CAGR of 11.9% from 2022 to 2029 to reach $42.86 billion by 2029.
In recent years, the popularity of non-dairy or plant-based milk among health-conscious people has been rising. Plant-based milk comprises much lesser sugar compared to livestock milk. Besides, it consists of extra fiber, extra protein, and additional omega-3 fatty acids. The growing levels of lactose intolerance have propelled consumers to choose plant-based milk. Several recommendations by governments and health organizations are also directed toward effectively managing lactose intolerance, accelerating the growth of the plant-based milk market. These milk alternatives offer various nutritional benefits, such as reduced cholesterol levels, improved cardiovascular health, diabetes control, heart health, and immune system. Hence, the consumption of plant-based milk imparts several health benefits, which are expected to fuel the market growth during the forecast period.
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Plant-based milk industry predictions in light of COVID-19
The coronavirus outbreak led to massive disruptions in travel, manufacturing, services, healthcare, and supply chains, causing havoc in the global financial markets. The crisis caused people to re-evaluate their diets in the food and beverage sector because it has underlined the link between food and health. In the space of the plant-based milk industry, COVID-19 is providing an unexpected boost. The outbreak of COVID-19 and negative associations with animal-based food created the demand for plant-based milk.

Plant-based milk can be generated with less dependence on labor, making it less prone to staffing scarcity than animal-based products, which are relatively labor-intensive. Further, medical studies showed that COVID-19 has overwhelmingly impacted people with underlying health conditions like diabetes, hypertension, and heart disease. Plant-based milk can help reduce the effects of the virus on at-risk people as macronutrients, micronutrients, and antioxidants are abundant. From a manufacturing and distributing point of view, this industry faced unprecedented demand from plant-based product manufacturers and consumers.
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As a result, most food firms changed their marketing and production strategies to promote them more than other traditional healthy foods. As a result of the COVID-19 pandemic, it encouraged most consumers to shift from animal-based milk to plant-based milk due to various health and environmental concerns.

The global plant-based milk market is segmented based on type, formulation, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at a country level.

Based on type, the global plant-based milk market is mainly segmented into almond milk, soy milk, coconut milk, oat milk, rice milk, and others. The almond milk segment is estimated to account for the largest share of the overall plant-based milk market in 2022. The leading position of this segment is mainly attributed to factors such as an increased number of consumers switching to nut-based lactose-free milk, changing taste preferences, and increasing general health & environmental concerns. This segment is also expected to grow at the fastest CAGR during the forecast period.

Based on formulation, the global plant-based milk market is mainly segmented into flavored and unflavored. The unflavored segment is estimated to account for the largest share of the overall plant-based milk market in 2022. However, the flavored segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for ready-to-drink beverages.

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Based on distribution channel, the global plant-based milk market is mainly segmented into business to business and business to customers. The business to customers segment is estimated to account for the largest share of the overall plant-based milk market in 2022. The leading position of this segment is mainly attributed to factors such as consumers' preference for brick-and-mortar grocers, the growing online retail sector, urbanization, and the rising number of supermarkets and hypermarkets. This segment is also expected to grow at the highest CAGR during the forecast period.

Geographically, Asia-Pacific is estimated to account for the largest share of the overall plant-based milk market in 2022. The large share of this region is primarily attributed to increased awareness about a protein-rich diet, increased health consciousness, higher adoption of technological advancements in the F&B industry, and a larger vegan & vegetarian population base. This region is also expected to grow at the highest CAGR during the forecast period.

The key players operating in the global plant-based milk market are Danone SA (France), Plamil Foods Ltd. (U.K.), Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Sanitarium Health Wellbeing Company (Australia), Axiom Foods (U.S.), Earth's Own Food Company Inc. (Canada), Nestlé S.A. (Switzerland), SunOpta (Canada), American Soy Products (U.S.), Alpina Foods (U.S.), and Pacific Foods of Oregon, Inc. (U.S.).
TOP 10 COMPANIES IN PLANT BASED PROTEIN MARKET