Will the rapid shift towards a vegan diet elevate the demand for the plant-based milk market? Find Out With ChemView's Latest Analysis!
Category: Food & Beverages Published Date : July 2022 ID: CVC-00169 Format: PDF Pages: 365
Plant-Based Milk Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Plant-Based Milk Market was worth US$ 14,400.0 Mn and is expected to grow at a CAGR of 8.7% over the forecast period. The market is expected to hit US$ 28,100.0 Mn by 2030 end.
Consumers are increasingly interested in reducing their use of animal-based food items, owing to a growing emphasis on sustainability, health, and ethical considerations. As a result, the food industry is developing new plant-based products that mirror many physicochemical and sensory features of animal-derived foods, including milk, eggs, and meat.
Animal-free dairy proteins provide several advantages over typical dairy products. They are devoid of antibiotics, hormones, and lactose, making them suitable for those sensitive to or intolerant to these substances. In terms of nutritional content, taste, texture, and utility, they are likewise equivalent to dairy protein.
ADOPTION OF A VEGAN DIET AMONG HEALTH AND ENVIRONMENT-CONSCIOUS PEOPLE WILL DRIVE THE MARKET
With the growing tendency among athletes and young consumers to embrace a vegan diet that consists entirely of plant-based goods and excludes dairy meals or beverages, demand for plant-based products and dairy replacements is expanding.
Such shifts in consumer food consumption increase demand for plant-based meals and dairy substitutes.
Individuals undergoing radioiodine cancer therapy, suffering from eczema, or suffering from other conditions that respond negatively to dairy regularly consume plant-based milk. According to a recent study, about 40% of the worldwide population suffers from Lactose Intolerance, a significant amount. Furthermore, plant-based milk is a dairy alternative for persons with irritable bowel syndrome and inflammatory bowel disease.
The detrimental influence of food additives, chemicals, antibiotics, and other substances on health is becoming more widely recognized among millennials. Millennials are anticipated to be the most vocal consumers of organic products, as they buy more natural and organic items than other generations.
LACK OF KNOWLEDGE ABOUT PLANT-BASED MILK PRODUCTS HAMPERS THE MARKET GROWTH
People’s lack of knowledge about plant-based drinks and their worries about beverage additives may hinder the market’s growth throughout the projection period. It may, however, constitute a danger to expanding the plant-based milk sector.
Why is there a huge demand for organic Plant-Based Milk?
The organic plant-based milk category is expected to expand at a CAGR of 10.0%. Many premium plant-based milk producers use various marketing methods to attract people to buy the product.
Premium ‘organic’ variations are aimed at consumers who are ready to spend more for high-quality ingredients and superior plant-based milk.
Which End-Use segment is expected to expand the fastest during the forecast period?
Plant-based milk will continue to be in great demand in the food and beverage sector. In addition to coffee, plant-based milk is a foundation for smoothies, foamy soups, and baked goods. It may be used in place of dairy milk in any recipe or beverage.
As a result, demand for plant-based milk is expanding across various food industry sectors, from coffee shops to bakeries.
Which distribution channels are most popular among the customers?
Online retail is expected to increase at a 10.7% CAGR. Consumers’ hectic and hectic lifestyles, particularly in industrialized nations, leave them with little time to visit supermarkets or stores to purchase the things they require daily.
On the other hand, online shopping allows consumers to purchase anything from an online shopping platform without having to leave their homes. Given this, online sales are projected to grow at a rapid pace in the future years.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Product releases have been established as the direct approach among market participants. With rising competition, the emphasis on distinguishing goods is projected to increase, encouraging new introductions in the plant-based milk industry.
Some of the key developments that have taken place in the Plant-Based Milk Market include:
A list of some of the key suppliers present in the market are:
Market Segments Covered in Report
By Product Type:
By Flavor Type:
By Sales Channel:
By Region and Country:
Global Plant-Based Milk Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Category, Form, Product Type, Flavor Type, End-Use, Sales Channel, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|