Global Plant Milk Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Himanshu Patni
- February 28, 2022
- CONSUMER GOODS, NEWS
- Plant Milk Market, Plant Milk Market growth, Plant Milk Market share, Plant Milk Market size, Plant Milk Market trends
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The global Plant Milk market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 10% during the forecast period (2021-2027).
Plant milk, also known as plant-based milk alternatives, is generally an extract of legumes, cereals, nuts, and/or seeds, diluted in water. They are very similar to animal milk in terms of texture, appearance, and use. Depending on the raw materials and fortification, they differ in their nutritional composition and taste, but none of them contain any lactose or cholesterol. As per a study by food company Cargill, the percentage of consumers that are using plant milk in the U.S.A, Europe, Asia-Pacific, and Latin America is 54%, 54%, 69%, and 71% respectively as of the year 2018.
For a detailed analysis of Plant Milk browse through – https://univdatos.com/report/plant-milk-market/
A surge in the end user’s disposable income, rising lactose intolerance, and the launch of new flavored plant milk by manufacturers are some of the leading factors that are contributing to the growing market of Plant Milk, globally. Rising purchasing power in developing countries such as Australia, EU, Mexico, Brazil, India, Thailand, and China are projected to allow consumers to spend more on their health and diet., As per the World Bank, GDP per capita worldwide increased from US$ 10,249 in 2015 to US$11,433 in 2019
The rising demand for low sugar options in the milk category due to the rapid prevalence of diabetes globally is one of the key factors contributing to the growth. The cow milk has 4.58 grams of sugar per 100 ML while the soya milk and almond milk has 2.5 and 2.8 grams of sugar per 100 ML. Owing to these benefits numerous players are launching plant-based milk products; therefore, the market is uplifting. For example, in Feb 2021, Life Health Foods (India) Pvt. Ltd launched their new brand So Good protein+, dairy-free plant-based milk which contains 25% more protein than regular Soy Milk and toned dairy milk..
For a detailed analysis of the COVID-19 Impact on Plant Milk browse through – https://univdatos.com/report/plant-milk-market/
The unprecedented rise of the global health emergency caused by the COVID-19 pandemic has negatively affected the financial conditions of different sectors and countries. However, with the COVID-19 pandemic, sales of [lant based products including milk haven’t slowed down. According to data released from PBFA and SPINS, the growth of U.S. retail sales of plant-based foods has outpaced the growth of total food sales during the pandemic, demonstrating that more consumers are turning to plant-based foods amid the crisis (PBFA 2020). In mid-March, plant-based foods were up 90% compared with sales last year. Throughout the four weeks following peak panic buying, total plant-based food sales grew 27%, which is 35% faster than total retail food.
Based on the source, the market is fragmented into Almond, Soy, Coconut, Rice, and Others. The soy segment grabbed the major market share and dominated the market in 2020. The market of this segment would reach USD XX Mn by 2027. Soy milk is the only milk alternative that naturally contains the same amount of protein as cow’s milk, with about 3 g per 100 ml. Since many manufacturers fortify soya milk with calcium and other vitamins, such as B12, B2, D, and A, nutrition experts state that it can be used as a nutritionally adequate alternative to cow’s milk.
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Based on the sales channel, the market is fragmented into supermarket/hypermarkets, Online Stores, Specialty Stores, convenience stores, and Others. The specialty stores segment grabbed XX% market share in 2020 and captured USD XX Mn the market. The advantages of specialty stores such as product demonstrations, a wide range of product categories, the assistance of skilled staff, and the immediate shipping of products are leading to the growing share. However, the online segment would witness exhibit growth in the coming years.
Additionally, the report provides detailed initiatives that are being taken in the field of Artificial Plants. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. Asia Pacific region dominated the market and grabbed major market share in 2020. Thepresence of a large number of Buddhists and Hindus influencing vegetarianism in the Asia Pacific region is the key driver for the market growth. China is the country with the largest population of Buddhists, approximately 244 million, or 18.2% of its total population.
Global Plant Milk Market Segmentation
Market Insight, by Source
Market Insight, by Formulation
Market Insight, by Sales Channel
- Supermarkets and Hypermarkets
- Specialty Stores
- Convenience Stores
- Online Stores
Market Insight, by Nature
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
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