By 2023, the plant-based milk market is anticipated to be worth US$ 19.8 billion. From 2023 to 2033, it is most expected to accelerate with a CAGR of 9.9%. Sales of plant-based milk are expected to make up a sizable portion of demand in the global food market. The market for plant-based milk is set to expand to US$ 47.2 billion by 2033.
Sustainable, nutritionally sound, economically viable, ecologically friendly, and socially and culturally acceptable diets are becoming more popular. Plant-based milk substitutes are gaining popularity since they are regarded to be healthier than traditional dairy products.
The demand for natural and organic products is rising as customer awareness of and inclinations towards healthy living increase. By offering beneficial fats, essential minerals, vitamins, and a higher nutritional value than animal products, plant-based foods support a balanced diet.
As customers look for healthier and more ecologically responsible alternatives to conventional dairy products, the market for plant-based milk is growing quickly. Growing health consciousness, lactose sensitivity, and ethical considerations are all contributing to the market’s expansion. Its attractiveness is aided by the accessibility of plant-based milk substitutes such almond, soy, oat, and coconut.
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Despite the best product prospects, the sector may face a few hurdles, including the flavour and texture of plant-based milk. Awareness of the health benefits of plant-based milk products, which may contain a variety of dangerous possibilities, may limit plant-based milk market share.
Key Takeaways from Plant Based Milk Market
By category, the organic segment and by flavor, the flavored segment are expected to dominate the plant based milk market, respectively.
Europe plant based milk market is anticipated to bolster at 7% CAGR over the estimated time period.
North America plant based milk market is likely to surge at a 4% CAGR over the forecast period.
By sales channel, the online retailers segment is expected to exhibit a CAGR of 8% in the next ten years.
India plant based milk market is estimated to accelerate at a CAGR of 2% in the assessment period.
“Increased incidence of chronic lifestyle illnesses and intolerance to animal protein are two key reasons propelling plant based milk demand. Widespread acceptance of vegan dietary practices is another factor that would propel plant based milk sales by 2033,” says a lead analyst at Future Market Insights.
Competitive Landscape: Plant Based Milk Market
At present, heavy investments are pouring into optometry-centric research and development activities. Another reason driving growth in this market is rapidly rising use of plant-based milk in foods and beverages, including dietary supplements and nutraceutical supplements.
There is also a bright future ahead for the use of non-GMO plants owing to their potential applications in the domains of agriculture and food research. Important businesses must constantly develop and adapt alternative items to compete for market domination.
Hence, it is crucial for plant based milk makers to spend in research that results in and sustains product improvements if they are to maintain client attention. For instance, latest technology and innovation have led to the launch of attractive packaging and quality. These can be the foremost priority for comfort of consumers.
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Key Market Developments:
In, March, 2022, the Hain Celestial Group, Inc. announced its participation and support of Cornerstone for Natural’s Smart Shelf Tag solution.
In June 2020, Pacific Foods of Oregon, Inc. launched organic oat-based beverages with reduced sugar. The product is also non-GMO project verified, vegan, and carrageenan-free. These products are available in vanilla flavor with 80 percent less sugar.
Get Valuable Insights into Plant Based Milk Market
Future Market Insights, in its new offering, provides an unbiased analysis of the plant based milk market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study divulges compelling insights on the plant based milk market based on product type (soy milk, almond milk, coconut milk, cashew milk, hemp seed milk, rice milk, oat milk, peanut milk, pea milk, hazelnut milk, macadamia milk), form (liquid, powder), category (organic, conventional), flavor (original/unflavored, flavored), end use (infant formula, dairy products, bakery & confectionery, milk & milk-based beverages, retail sales), sales channel (direct sales, indirect sales), across seven key regions.
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