Plant-Based Milk Market Overview

The size of the global plant-based milk market was estimated at USD 13.77 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 11.1% to reach USD 28.78 billion by 2030.

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Plant-Based Milk Market Scope and Methodology:

The report describes the competitive landscape, identifies key competitors and their market positions, and provides an in-depth overview of the Plant-Based Milk industry. It also covers new product developments and technological trends in the market. Detailed data on revenue, sales volume, and average prices are provided for the entire Plant-Based Milk market and its sub-segments benefiting companies, new entrants, and industry-related companies in the Plant-Based Milk market. Plant-Based Milk Market analysis identifies current market trends that affect growth and potential.

The report includes both qualitative and quantitative research, with a focus on data interpretation, pattern recognition, and deep understanding. Market segments and sectors are studied using a hierarchical approach that examines the strategies of Plant-Based Milk industry-leading companies. The report also includes information on import/export activities, market dynamics, values, costs, revenue and gross margins.

Plant-Based Milk Market Regional Insights

In a regional analysis, the Plant-Based Milk market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. Regions are categorized into countries such as the United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Rest of Europe, China, India, Japan, Australia and South Korea.

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Plant-Based Milk Market Segmentation

by Product Type

Almond Milk
Soy Milk
Oat Milk
Coconut Milk
Rice Milk
Cashew Milk
Other plant Milks

Almond milk, soy milk, oat milk, coconut milk, rice milk, cashew milk, and other plant milks make up the market's segments. The market share of plant-based milk is anticipated to be highest over the forecast period, with the almond milk segment dominating the market in 2023. Though its origins are more ancient than one may think, almond milk has become a very popular dairy substitute in recent years. Almonds were used in Europe to make milk alternatives as early as the Middle Ages.

by Packaging

Cartons
Bottles
Tetra Packs

The market is divided into Tetra Packs, Bottles, and Cartons. The market for plant-based milk was dominated by the carton segment in 2023 and is anticipated to continue to do so during the forecast period. Because cartons offer a lot of surface area for labeling and branding, manufacturers may efficiently convey to customers product specifications, nutritional information, and branding messages. Customers see carton packing as high-quality and secure. Positive opinions of the goods are influenced by the cartons' resilience and protective qualities.

by Application

Beverages
Cereals
Cooking/Baking
Desserts
Yogurt and Cultured Products

The market is divided into five segments: desserts, yogurt and cultured products, beverages, cereals, and cooking/baking. The beverage segment led the market in 2023 and is anticipated to continue to maintain the biggest market share for plant-based milk during the forecast period. Many drinks, such as coffee, tea, smoothies, and as a stand-alone beverage, contain plant-based milk. Its versatility, whether in flavored or neutral forms, making it a simple and adaptable option for a wide range of beverage applications. Customers looking for dairy-free solutions for their coffee and tea may easily find plant-based milk in numerous coffee shops and cafés, demonstrating the continuous shift toward plant-based options.

by Distribution Channel

Grocery Stores
Online Retail
Health Food Stores

Plant-Based Milk Market Key Players

1. Oatly
2. Groupe Danone
3. The Hain Celestial Group Inc.
4. Vitasoy International Holdings Limited.
5. McCormick & Co.
6. Sunopta Inc
7. Pacific Foods of Oregon, Inc
8. Goya Foods
9. Blue Diamond Growers, Inc.
10. Califia Farms
11. Ripple Foods
12. Sanitarium
13. Ecomil
14. Hiland Dairy
15. Natura Foods
16. Earth’s Own Food Company Inc
17. Edward & Sons
18. Chef’s Choice Food Manufacturer Company Limited

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Key questions answered in the Plant-Based Milk Market are:

• What is Plant-Based Milk ?
• What was the Plant-Based Milk market size in 2023?
• What is the growth rate of the Plant-Based Milk Market?
• Which is the fastest-growing region in the Plant-Based Milk market?
• Which are the factors expected to drive the Plant-Based Milk market growth?
• What is the CAGR at which the Plant-Based Milk market will grow during the forecast period?
• What growth strategies are the players considering to increase their presence in Plant-Based Milk ?
• What are the upcoming opportunities and trends for the Plant-Based Milk Market?
• What are the different segments of the Plant-Based Milk Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Plant-Based Milk Market?
• What segments are covered in the Plant-Based Milk Market?
• Who are the key players in the Plant-Based Milk market?
• Who are the leading companies and what are their portfolios in Plant-Based Milk Market?

 Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
• Competitive landscape – Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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