Global Plant Milk Market is valued approximately at USD 15.9 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 11.6% over the forecast period 2024-2032. The Global Plant Milk Market is anticipated to witness substantial growth, driven by increasing consumer preference for plant-based alternatives, rising awareness of lactose intolerance, and the growing popularity of vegan and flexitarian lifestyles. Plant milk, derived from various sources like soy, almonds, oats, and rice, is gaining prominence as a healthier and more sustainable substitute for traditional dairy milk. The market is also being propelled by the trend of fortified plant-based beverages that provide essential vitamins and minerals, matching or even exceeding the nutritional content of cow's milk.
Manufacturers are expanding their product lines to include fortified plant milk options, which appeal to health-conscious consumers seeking lactose-free alternatives without compromising on nutrition. For instance, Califia Farms launched a new line of vegan milk fortified with nine essential nutrients in 2024, aiming to cater to consumers looking for dairy milk alternatives that offer comprehensive nutritional benefits.
The market faces challenges related to the higher cost of plant milk compared to traditional dairy milk. However, advancements in production processes and economies of scale are expected to mitigate these price differences in the coming years. In addition, the rising consumer demand for sustainable and eco-friendly production methods is further driving innovation in the plant milk industry, as companies prioritize reducing their environmental footprint by adopting greener practices.
The key regions considered for the global market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in 2023, with the United States leading the way due to high consumer awareness, the growing adoption of vegan diets, and strong demand for plant-based nutrition. Meanwhile, Asia Pacific is poised for rapid growth due to increasing awareness of lactose intolerance and the expanding middle-class population seeking healthier dietary options.
Key Market Players in the report includes:
Blue Diamond Growers
Califia Farms
Danone
Elmhurst 1925
Mooala
Nestle
Oatly AB
Pacific Foods
Plenish
Ripple Foods
SunOpta Inc.
The Hain Celestial Group
WhiteWave Foods
The detailed segments and sub-segments of the market are explained below:
By Source:
Soy
Almond
Oat
Rice
Coconut
Others
By End-User:
Mainstream Stores
Specialty Stores
Others (online, natural food stores)
By Formulation:
Unsweetened
Sweetened
By Packaging:
Carton Packaging
Bottles
Pouches
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Years considered for the study are as follows:
Historical year: 2022
Base year: 2023
Forecast period: 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
