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Plant based milk, as the name suggests assists as a substitute to bovine milk and refers to non-dairy milk. People elect plant based milk as a substitute, normally for lifestyle reasons or medical problems. Precisely, plant based milk includes interruptions of dissolved and disintegrated plants in water, which look like cow’s milk. Numerous plant based milk include soy milk, almond milk, rice milk, coconut milk and others. The varieties enumerated have diverse amount of protein and other nutrient content present in the milk. These groups of plant based milk are also available in versions such as regular, low fat and fat-free. Growing health awareness in consumers aligned with rising impact towards the plant based product is expected to support the plant based milk market over the forecast period.
One key benefit presented by plant based milk is that it holds less fat content as compared to dairy based milk. Some aspects which accelerate the plant based milk market are that plant based milk taste and smell of plant based milk can be effortlessly made superior for consumers with the help of flavors, lactose content of plant based milk can also be measured easily which appeals consumers who have lactose intolerance, which is a major issue that many consumers face. There is also a substantial rise in global vegan population that is taking place which results in high consumption of plant based milk and other products, which are derived with the help of this milk.
The report analyses global plant based milk market based on source, distribution channel, formulation, packaging, end user and geography.
The various sources through which plant based milk is produced are soy, almond, rice, coconut and others. Among these sources, soy is being predicted to have higher volume share owing to its growing popularity among its consumers. Excess product availability with fluctuating fat content, blends, flavours and formulations has heightened the product demand. Augmented awareness for soy as the traditional option available to substitute dairy products will certainly impact industry share. Additionally, growing consumer cognizance about nutritional benefits of soy-based products along with easy product accessibility will bolster product demand.
Plant based milk can be presented in two forms, namely sweetened and unsweetened. Growing health awareness among consumers along with availability of healthy product replacements in plain form will push product demand. Furthermore, rising demand for unsweetened soy and almond products to further manufacture numerous food products including cheese, desserts and yogurt are factors positively influencing plant milk market growth.
Households, food industry and HoReCa (Hotel, Restaurant, Café) are the major end users of Plant Based Milk industry covered in the report. The Plant Based Milk products are principally consumed by the household and HoReCa sectors owing to its easy accessibility and at a minimal cost. Hence, the volume sales is been predicted to be high in these sectors.
Carton packaging, bottles and poches are the various types of packaging through which plant based milk is sold.
Retail stores, specialty store and online retail are the distribution channel through which Plant Based Milk products are sold. High consumer reliability along with growth in retail industry has enhanced the industry demand. Improved convenience for shopping accompanied by promotional strategies are the key factors driving product demand. Rising number of mainstream stores globally along with increasing disposable income will propel business demand.
Geographically, this market is studied for major countries of North America, Europe, Asia-Pacific and Rest of the World. North America is experiencing a good market growth compared to other regions owing to high demand of plant based milk in the US, rising consumer health awareness and thus the growth of other alternatives is getting affected. Being an emerging market, Asia Pacific is predicted to spectate a high market growth during the forecast period because of a high rate of urbanization and consumer awareness about health.
The major players involved in this market are Archer-Daniels-Midland, Danone, Daiya Foods, Hain Celestial Group, WhiteWave Foods, Blue Diamond Growers, SunOpta, Freedom Foods, Eden Foods, Earths Own Food Company, The New Barn, Califia Farms and Malk Organics among others.
The report analyses global plant based milk market based on source, distribution channel, formulation, packaging, end user and geography. The various sources through which plant based milk is produced are soy, almond, rice, coconut and others. Among these sources, soy is being predicted to have higher volume share owing to its growing popularity among its consumers. Plant based milk can be presented in two forms, namely sweetened and unsweetened. Growing health awareness among consumers along with availability of healthy product replacements in plain form will push product demand. Households, food industry and HoReCa (Hotel, Restaurant, Café) are the major end users of Plant Based Milk industry covered in the report. Retail stores, specialty store and online retail are the distribution channel through which Plant Based Milk products are sold. High consumer reliability along with growth in retail industry has enhanced the industry demand. Geographically, this market is studied for major countries of North America, Europe, Asia-Pacific and Rest of the World.
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