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Plant-based milk consumption is growing tremendously across the globe, due to numerous health benefits offered by plant-based milk, such as soy milk, coconut milk, and others. Along with global players like Danone and Archer Daniels Midland Company, small and new market players are also making significant efforts to increase their market value by launching plant-based milk products. For instance, in September 2018, Life Health Foods India Private Limited launched a range of plant-based milk, under its new brand, called ‘So Good’.
The plant-based milk market is projected to expand at a rapid pace over the forecast period, owing to rising consumer inclination towards vegan food and beverages. According to Plant-Based Foods Association, plant-based milk market grew by 9% during 2017-18 and plant-based milk represents 15% of the total milk market. Health benefits offered by vegan diet over conventional diet, coupled with increased adoption of dairy substitutes by people suffering from obesity, cardiovascular diseases, and diabetes is expected to fuel the growth of plant-based milk market during the forecast period. Allergy from lactose among some individuals is another significant factor that is driving the growth of plant-based milk market.
Key Market Driver -
Rising consumer inclination towards vegan food and beverages
Key Market Restraint -
Price sensitivity of plant-based milk
Easy availability of raw or source materials such as soy, rice, and others, especially in developing economies, is expected to aid the production of plant-based milk, which in turn will contribute to market growth. The escalation in a number of non-dairy product launches is projected to impact the growth of plant-based milk market during the forecast years. However, price sensitivity of plant-based milk, coupled with negative health impacts posed by plant-based milk on infants and growing children can restrain the growth of the market during the forecast years.
Key market players operating in global plant-based milk market include DREAM, Danone, Daiya Foods, Archer Daniels Midland, Malk Organic, Ripple Foods, The New Barn, and Califia Farms.
Among source, soy milk segment is projected to hold the dominance in the global plant-based milk market, owing to abundant availability of soy across various developed as well as developing nations Canada, US, India, China, Australia, Brazil, and others. Availability of soy with a variety of blends, formulations, flavors, and fat content, coupled with its high nutrition value is encouraging producers to opt for soy in order to produce plant-based milk.
Retail store segment is expected to be the leading segment over the forecast period, responsible for maximum plant-based milk sales from it. Growth in the retail sector, coupled with high dependability of consumers on retail stores is expected to foster the growth of retail store segment in the forthcoming years.
North America is estimated to hold the major revenue share in the global plant-based market, owing to the rapidly increasing vegan population in the region. The rapid expansion of dairy alternatives market in North America is expected to contribute significantly to the growth of the region. Increased expenditure of North American population on food and beverage products, coupled with a rapid shift in preference of American population and adoption of a healthy diet is further expected to aid the growth of North America plant-based milk market.
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The Asia Pacific is expected to be growing at the fastest pace over the forecast period, due to the rising adoption of plant-based milk by Asian population attributed to health benefits offered by the product. Availability of source materials for production of plant-based milk, such as soy and rice in abundance, within Asian countries such as China, India, South Korea, and others will further propel the growth of plant-based milk market of the region.
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