Enjoy complimentary customisation on priority with our Enterprise License!
The dairy alternative plant milk beverages market size is projected to increase by USD 12.75 billion and the market size is estimated to grow at a CAGR of 8.8% between 2023 and 2028. The plant-based milk market is experiencing robust demand, fueled by the increased online availability of such products. Growing awareness about animal cruelty is a key driver, pushing consumers towards cruelty-free alternatives. However, despite the rising popularity, there's a simultaneous increase in allergies to plant-based sources, posing a challenge to sustained growth.
Additionally, the high production costs associated with plant-based milk hinder market expansion. Furthermore, stringent regulations on product labeling add another layer of complexity to the market landscape, making it difficult for manufacturers to navigate. Despite these challenges, the market remains resilient, driven by shifting consumer preferences towards healthier and more sustainable options. As technological advancements continue to improve production processes and regulatory frameworks evolve, the plant-based milk market is poised to overcome obstacles and thrive in the long run.
To get additional information about the market, Request Free Sample
The almond milk segment will account for a significant share of market growth during the forecast period. There is an increasing demand for almond milk over the years as it is a suitable alternative for individuals who are lactose intolerant, allergic to dairy, or following a vegan or plant-based diet. Additionally, almond milk can be used as a substitute for animal milk in many recipes as it has a creamy texture. It is one of the best choices for a nutritious option as it can be fortified with nutrients such as calcium, vitamin D, and vitamin E and is generally lower in calories and fat compared to animal milk. Thus, due to these benefits, there is a high demand from consumers, and therefore, it is widely available in supermarkets, coffee shops, and other food establishments. Hence, such factors are expected to boost the growth of this segment during the forecast period.
By Distribution Channel
The market share growth by the offline segment will be significant during the forecast period. One of the key reasons the Offline segment held the largest market share of the market in 2022 is that the consumer prefers buying through offline channels as it gives freedom to check the quality and specification of the plant-based milk beverages offered by the vendors. The offline distribution mainly channel includes hypermarkets, supermarkets, convenience stores, and other discount stores.
The offline segment was valued at USD 15.78 billion in 2018.
For a detailed summary of the market segments Request for Sample Report
As these offline stores offer a variety of dairy alternative plant-based products at discount prices, there is a growing preference for this distribution channel among consumers. Factors such as changing consumer behaviour, urbanization, and technological advancements are other key reasons which are exponentially driven the growth of supermarkets and hypermarkets over the years. Also, there is a growing popularity of the offline segment among consumers due to their convenience, affordability, and ability to offer a one-stop shopping experience for consumers. Hence, the increase in sales through this segment will drive the global alternative plant milk beverages market growth during the forecast period.
APAC is estimated to contribute 49% to the growth of the global market during the forecast period
Get a glance at the market share of various regions View PDF Sample
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. As consumers in APAC countries are becoming more health-conscious, there is a growing adoption of healthier alternatives to traditional dairy milk, such as plant-based milk, in the region. Factors such as the rise of lactose intolerance and milk allergies and a dominant vegetarian and vegan population driven by cultural, religious, and ethical considerations in the region fuelled the demand for plant-based milk products. Additionally, the increasing awareness of the environmental impact of the dairy industry, such as greenhouse gas emissions and water usage, has resulted in a shift towards more sustainable dairy alternative plant-based products. Hence, such factors are expected to hinder the global alternative plant milk beverages market growth during the forecast period. Dairy alternatives fortified with vitamins and minerals cater to vegetarian diets, addressing health concerns and allergies like hives. Options like soy-based cheese offer flavorful alternatives, ensuring a nutritious and satisfying experience for individuals seeking dairy-free alternatives.
The market is witnessing remarkable growth, driven by increasing concerns over health, environmental issues, and animal welfare. These beverages are fortified with essential vitamins and minerals, making them suitable for vegetarian and vegan diets. With options like soybean oil and soy lecithin, they cater to diverse dietary needs while addressing food allergens and promoting immune responses. For those with lactose intolerance or cholesterol concerns, alternatives like almond milk offer relief. Moreover, almond milk production significantly reduces carbon emissions and greenhouse gas emissions, aligning with proactive measures for a sustainable future. Rich in proteins and free from nuts and soy allergies, these beverages ensure safety without compromising taste, making them a preferred choice for consumers seeking healthier and environmentally friendly options.
The robust demand for plant-based milk is driving the global market growth. Due to the growing awareness among people regarding their dietary choices and the environmental impact of animal agriculture, there is an increase in demand for alternatives to traditional dairy milk. Thus, plant-based milk offers a key alternative to dairy milk for those who are lactose intolerant or have dairy allergies. Also, it is an ideal option for people looking to reduce their intake of animal products as they are lower in saturated fat and cholesterol. One of the key reasons for the growing adoption of plant-based milk is the rising concerns about the environmental impact of animal agriculture, including greenhouse gas emissions, land use, and water usage. Additionally, it is one of the best sustainable options as plant-based milk generally requires fewer resources and generates fewer carbon emissions compared to traditional dairy milk. Therefore, due to such benefits of plant-based milk when compared to traditional milk, it is expected to drive the global alternative plant milk beverages market growth during the forecast period.
Frequent product innovation and launches will have a positive impact on the market in the coming years. The growing adoption of dairy-free products among the millennial population is due to ethical concerns. Due to this increase in demand for dairy-free products, vendors in the market are launching new vegan products in the market. For instance, in October 2022, Danaone invested USD 22M in new health and wellness initiatives which included the reformulation of 70% of its plant-based drinks portfolio. Thus, such frequent product launches are expected to drive the global market growth during the forecast period.
The increasing allergies to plant-based sources will be a major challenge for the global market during the forecast period. One of the main reasons limiting the expansion of the worldwide dairy-free industry is due to the allergies connected to plant-based substitutes. Soy allergy is a type of plant-based allergy caused by the misinterpretation of benign proteins by the body's immune system leading to the generation of antibodies. These kinds of allergic reactions are most prevalent in people with asthma or who have allergies to other foods besides soy, including peanuts. Due to these allergic reactions, there is a significant decline in the adoption of plant-based substitutes among certain consumer segments. Hence, such factors are expected to hinder the global alternative plant milk beverages market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
You may also interested in below market reports:
The market is thriving, catering to diverse dietary needs and lifestyles. With a focus on health, ethical practices, and environmental concerns, these fortified beverages provide essential vitamins and minerals, perfect for vegetarian, flexitarian, and vegan diets. Free from allergens like lactose and cholesterol, they ensure high digestibility and nutritional value, rich in amino acids, potassium, and vitamin B. Soy-based, hemp, oats, and flax milk varieties offer alternatives for those with allergies or sensitivities, promoting immune health and proactive measures against anaphylaxis. From soy-based cheese to almond cream cheese, these products suit busy lifestyles, offering convenience without compromising health. Whether for personal health, animal welfare, or environmental sustainability, the dairy alternative market caters to health-savvy consumers of all ages, providing delicious options for a nutritious lifestyle. Demand Side Platforms (DSPs) revolutionize data-driven advertising, enabling targeted ad placement across various digital channels. By harnessing consumer data, advertisers optimize campaigns for precise audience targeting and better ROI. DSPs empower advertisers to make data-driven decisions, enhancing the effectiveness and efficiency of advertising strategies.
Moreover, the market is booming, driven by a growing concern for health and environmental issues. These beverages, fortified with essential vitamins and minerals, cater to various dietary preferences, such as vegetarian and flexitarian diets, as well as the rise of veganism and the vegan diet. With a focus on catering to food allergies and intolerances, options like soy-based cheese and soy-based yogurt provide alternatives for those with nuts or soy allergies. Free from lactose and cholesterol, these products address health concerns while accommodating hectic lifestyles with their convenience. From hemp milk to cashew milk, they offer a plethora of nutritional benefits, including high proteins, fiber, and essential minerals for healthy skin, hair, and nails. Whether for heart disease prevention or breast cancer recurrence, consumers can find options tailored to their specific health needs, all available conveniently through online stores.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
160 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 8.8% |
|
Market Growth 2024-2028 |
USD 12.75 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
7.49 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 49% |
|
Key countries |
China, US, Japan, Germany, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Adisoy Foods and Beverages Pvt. Ltd., ALT. MILK, Arla Foods amba, Califia Farms LLC, Campbell Soup Co., Celebes Coconut Corp., Dairy Farmers of America Inc., DANA Dairy Group Ltd., Danone SA, Drupe Foods India Pvt. Ltd., Eden Foods Inc., Goodmylk, LEMONCONCENTRATE SLU, MALK Organics, Midas Soy Nutritions, Nestle SA, SAP Agrotech Pvt. Ltd., Soyfoods USA, SunOpta Inc., and The Hershey Co. |
|
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
BUY NOW Full Report and Discover more
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Source
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.