Global Plant-Based Milk Market Size Likely to Reach at a CAGR of 10.6% By 2033

As per the current market research conducted by CMI Team, the global Plant-Based Milk Market size is expected to record a CAGR of 10.6% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 31,128.5 Million. By 2033, the valuation is anticipated to reach USD 77,082.2 Million.

Plant-Based Milk Market: Growth Factors and Dynamics

• Increasing Health Consciousness: Growing awareness of health and wellness benefits associated with plant-based diets is a significant driver of the plant-based milk market. Consumers are increasingly opting for plant-based milk alternatives due to concerns about lactose intolerance, allergies, ethical considerations, and the perceived health benefits of plant-based diets.

• Rising Vegan and Vegetarian Population: The expanding vegan and vegetarian population worldwide is fueling the demand for plant-based milk alternatives. Plant-based milk products align with the dietary preferences and ethical beliefs of vegans and vegetarians, driving market growth as these consumers seek dairy-free alternatives for milk consumption.

• Environmental Sustainability Concerns: Increasing environmental consciousness among consumers is driving demand for sustainable food products with lower carbon footprints. Plant-based milk options, such as almond milk, oat milk, and soy milk, are perceived as more environmentally sustainable alternatives to dairy milk, as they require fewer natural resources and produce fewer greenhouse gas emissions.

• Product Innovation and Diversification: The plant-based milk market is characterized by continuous innovation and diversification of product offerings to cater to diverse consumer preferences and dietary requirements. Companies are introducing new plant-based milk varieties, flavors, and formulations, including fortified options with added vitamins, minerals, and functional ingredients to enhance nutritional profiles and taste experiences.

• Retail Expansion and Distribution Channels: The availability of plant-based milk products in mainstream retail outlets, supermarkets, specialty stores, and online platforms is expanding rapidly, increasing accessibility and convenience for consumers. Strategic partnerships and collaborations between plant-based milk manufacturers and retailers further enhance market penetration and distribution channels, driving sales and market growth.

• Government Initiatives and Regulations: Government initiatives promoting healthy eating habits, sustainable agriculture, and animal welfare are supporting the growth of the plant-based milk market. Regulatory measures aimed at reducing greenhouse gas emissions, promoting plant-based diets, and incentivizing sustainable food production practices contribute to market expansion by creating a favorable regulatory environment for plant-based milk products.

Plant-Based Milk Market: Partnership and Acquisitions

• In 2022, SunOpta acquired the non-dairy beverage brands of Hain Celestial Group in North America for $33 million. The acquisition included two plant-based beverage brands, Dream and WestSoy, expanding SunOpta’s portfolio and presence in the growing non-dairy beverage market.

• In 2022, Silk unveiled its latest product, Silk Oat, expanding its portfolio and appealing to a wider consumer audience. This new launch bolsters Silk’s presence in the market, offering consumers additional choices in plant-based milk alternatives.

Report Scope

Plant-Based Milk Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the Plant-Based Milk Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Shift in Consumer Behavior: During the COVID-19 pandemic, consumers’ focus shifted towards health and immunity, leading to increased demand for plant-based milk perceived as healthier alternatives to dairy. However, disruptions in supply chains and economic uncertainties initially affected purchasing behaviors, impacting overall market growth.

• Foodservice Sector Challenges: Closure of restaurants, cafes, and foodservice establishments due to lockdowns and restrictions significantly impacted the foodservice sector, affecting the demand for plant-based milk products used in coffee beverages, smoothies, and culinary applications.

• Rising Health Awareness: With heightened health consciousness post-pandemic, the demand for plant-based milk is expected to continue growing as consumers prioritize healthier dietary choices, providing opportunities for market recovery and expansion.

• E-commerce Growth: The accelerated shift towards online shopping during the pandemic has boosted e-commerce sales of plant-based milk products. Manufacturers can leverage e-commerce platforms to reach consumers directly, expand market reach, and mitigate the impact of disruptions in traditional retail channels.

• Product Innovation: Continued innovation in plant-based milk formulations, flavors, and packaging formats can drive market recovery by attracting consumers with new and exciting product offerings that cater to diverse tastes and preferences.

• Strategic Partnerships and Marketing: Collaborations with retailers, foodservice providers, and influencers can help plant-based milk brands regain consumer trust and market share post-pandemic. Strategic marketing campaigns highlighting the health, sustainability, and taste benefits of plant-based milk products can reinvigorate consumer interest and stimulate demand in the market.

• Supply Chain Resilience: Strengthening supply chain resilience through diversification of sourcing, warehousing, and distribution channels can mitigate the impact of future disruptions on the plant-based milk market. Building redundancy and flexibility into supply chains can ensure consistent availability of raw materials and finished products, enabling manufacturers to meet fluctuating demand and support market recovery efforts.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Plant-Based Milk Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the Plant-Based Milk Market:

• Silk (Danone North America)
• Alpro (Danone)
• Califia Farms
• Oatly
• Ripple Foods
• So Delicious Dairy Free (Danone North America)
• Elmhurst 1925
• Good Karma Foods
• Forager Project
• Malk Organics
• Planet Oat (HP Hood)
• Mooala
• Joyya (Agropur)
• Dream (Hain Celestial)
• Plenish Dairy Ltd.
• Others