Plant-Based Milk Beverage Market Size, Share, and Analysis by Source (Almond, Soy, Coconut, Oats & Others), by Flavor (Unflavored and Flavored) by Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Grocery Stores, Specialty Stores, and Online Retail Stores), and Regional Forecast, 2024-2032

Plant-based milk is emerging as the leading segment in the functional beverages category. Several factors drive growth and innovation in the alternative dairy market. The increasing lactose- intolerance among individuals forces them to shift towards non-dairy milk beverages. People seeking healthier and more nutritious lifestyles also prefer dairy alternative milk beverages due to calorie concerns and the prevalence of hypercholesterolemia. The plant-based milk market is gaining momentum due to a shift in consumers eating patterns and changes in diet as it provides people with an excellent choice of dairy-free, gluten-free options.

The chart of veganism's popularity is exhibiting a positive shift from left to right over the past several years. According to the study by the Vegetarian Times, an American publication promoting veganism, in 2022, more than 9.7 million Americans are following a vegan diet. Furthermore, plant-based milk companies are adding value to their products by innovating novel packaging options, such as carton packs that can be directly microwaveable. Since consumers opt for convenient food and beverage options, the ready-to-drink plant-based milk segment is gaining enormous popularity, which helps boost the plant-based milk beverage market.

Nowadays, consumers are aware of animal welfare due to ethical beliefs and cruelty towards them, thus, they opt for non-dairy products. A global survey involving more than 8,500 participants across 100 countries was conducted by the plant-based dieting application Veggly, around 89% of respondents opted for veganism for animal welfare concerns.

Impact of COVID-19 on the Global Plant-Based Milk Beverage Market

The COVID-19 pandemic positively impacted the global plant-based milk beverage market. Since the rapid changes in consumers' food-related buying behavior amidst the global outbreak, the popularity of veganism has been increasing. The pandemic created a paradigm shift making individuals opt for secure food options which leaned towards more eco-friendly and locally sourced ingredients. The consumers preferred plant-based milk products owing to their benefits of longer shelf-life with enhanced texture and creaminess. In addition, food safety and hygiene are the further supporting factors to drive the demand for plant-based milk beverages such as milk, flavoured milk and drinking yoghurt products during the pandemic.

Key Insights

The report will cover the following key insights:

• The product launched by key market players – For Dairy Alternative Plant Milk Beverages Market


• Overview of Dairy Alternative Plant Milk Beverages Market


• Impact of COVID-19 on Dairy Alternative Plant Milk Beverages Market


• Drivers of Dairy Alternative Plant Milk Beverages Market


• Supply Chain Analysis


• Regulatory Analysis


• Industry Trend Analysis

Analysis by Source

Soy-based milk beverage segment is expected to account for a significant share of the global plant-based milk beverage market. Soy milk is in demand due to its numerous health benefits, rich protein, and low-calorie content. It is an excellent substitute for dairy milk as it contains an equal amount of protein to cow milk and has low-calorie content. Several companies have undertaken investment strategies to expand their production capacities, which is anticipated to push the soy milk beverage demand. For instance, in August 2021, EFKO Group, one of the leading Russian companies producing mayonnaise and oil, announced an investment of USD 8 million to expand its soy milk production capacity. The company aimed to produce a thousand tonnes of milk per month.

The Almond milk segment is expected to grow at a high CAGR in the forecast period. Consumers prefer almond milk due to its nutritional benefits. It contains a rich amount of vitamins and minerals, including copper, iron, zinc, magnesium, calcium, and potassium. Furthermore, lactose intolerance and soy allergy factors drive individuals to opt for the product developed from almond milk. Since the almond milk beverages demand increasing gradually, manufacturers are introducing novel products to the retail shelves. For instance, in October 2022, Only earth, a plant-based beverage manufacturing company, introduced unsweetened almond milk to their vegan beverage portfolio. The product can be added to any hot or cold drink and meal ingredient. It is available across offline and online retail stores.

Analysis by Distribution Channel

Based on the distribution channel, the plant-based milk beverages market is segmented into supermarkets/hypermarkets, online stores, convenience stores, and others. The online segment is estimated to emerge strongly in the global plant milk beverage market. The major drivers boosting the online segment are the rise in usage of food delivery applications, convenient home delivery services, milk beverages with varied options, and exciting coupons and discounts.

Regional Analysis

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North America is one of the largest markets for plant-based milk beverages in the global market space. The popularity of animal-based protein alternatives, inherent deficiencies of traditional dairy, and lactose intolerance are significant factors driving the demand for plant-based milk beverages across the region. The increasing popularity of the flexitarian lifestyle has also created opportunities for plant-based milk beverage producers. According to the New Zealand Ministry of Foreign Affairs and Trade, in the U.S., milk alternatives generated significant retail sales in 2020 and rose to 4% in 2021. The environmental concerns related to dairy production also help drive the demand for plant-based milk beverages in the upcoming years.

The Asia Pacific is expected to grow at a high CAGR in the forecast period. The region represents a high-potential plant-based milk beverage market due to rapidly evolving consumer lifestyles, growing earning capacity, and penetration activities taken by several organisations such as PETA and Vegan Society. The rising plant-based milk beverages among consumers forces several manufacturers to develop new products. For instance, in September 2021, Alt Co, an Indian food and beverage company, introduced plant-based oat milk in the market. The product was made available across all the offline and online mediums such as Amazon, Nature’s Basket, etc.

Key Players Covered

Prominent global dairy alternative plant milk beverage market players include Organic Valley, Oatly AB, Blue Diamond Growers Inc, Groupe Danone, Alt Co, SunOpta, Ripple foods, Freedom foods Group Limited, The Hershey Company, Earth’s Own Food Company, Goya Foods, Living Harvest Foods Inc, and others.

Segmentation

Key Industry Developments

• In May 2022, The Molson Coors  Beverage Co., an American-Canadian multinational drink and brewing company, entered the plant-based milk category by introducing Golden Wing Barley Milk. The new product is available in market stores and direct-to-consumer websites.


• In May 2021, Nestle SA, a Swiss multinational food and drink company, introduced a new pea-based milk alternatives beverage  ‘Wunda.’ The product was made from yellow peas offering high nutritional value.