24-Jun-2021 | Zion Market Research
The global plant milk market accounted for USD 22.1 Billion in 2020 and is expected to reach USD 46.46 Billion by 2028, growing at a CAGR of more than 10.2% from 2021 to 2028.
Major companies in plant milk market are Danone S.A., Oatly AB, Campbell Soup Company, Organic Valley, Earth’s Own Food Company, Elmhurst Milked Direct LLC, Califia Farms, Blue Diamond Growers, Hain Celestial Group Inc., Ripple Foods, amongst others. These players are set to bolster the development of global plant milk market.
Consumer Preference Towards Vegan Foods and Beverages To Spur Growth
The plant milk market is expected to witness significant growth within the forecast period on account of increasing demand for vegan foods and beverages. This is attributed to increasing health awareness coupled with healthy eating benefits like nutritional values. With people becoming more aware and benevolent, they have started caring for the body and think on what they eat and the source they get from. This is relevant to plant milk market too. Apart from this, the global plant milk market is generating a lot of demand because of the surge in consumer preference for lactose-free food products. There is increasing demand for organic foods and beverages owing to the fact that it has healthy benefits like boosting metabolism and strengthening immunity.
Global Plant Milk Market
With many new entrants coming in the market, the global plant milk market is displaying a highly competitive business landscape with new technologies and manufacturing processes been adopted to explore the new bases, finds a new research report by Zion Market Research (ZMR). Danone S.A., Oatly AB, Campbell Soup Company, Organic Valley, Earth’s Own Food Company, amongst others are some key players of plant milk market across the world. They are focusing on business expansion to grow their footprints in other regions, adding strategies like quality improvement and new product development segment to meet the rising demand of the consumers.
APAC Region to Account for Largest Market Share
Asia Pacific Region has accounted for more than 50 % share in the market in 2020. The growth in this region is majorly supported by increasing urbanization and awareness for the healthy food. APAC countries are also the source of raw materials used in plant milks and has low labour rates as well. There is a rise in awareness for the sustainability in regions like India, China and Japan. The market in Australia and China will be driven majorly due to the large economy as well.
Many companies originate from North America, led by the U.S. People in the U.S. and Canada are preferring the vegan food along with nutrient-rich food.
The Global Plant Milk Market is segmented as follows:
By Distribution Channel
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