Plant Milk Market Revenue to Hit $21 Billion by 2026, Says Global Market Insights, Inc.

Plant Milk Industry is set to register over an 11% CAGR between 2020 and 2026, propelled by an increasing vegan population and its health benefits.

Global plant milk market value is expected to cross USD 21 billion by 2026, According to a new research report by Global Market Insights, Inc. An increasing vegan population and changing lifestyles, and also significant developments in the dairy industry, is likely to boost the industry landscape.

Asia-Pacific accounted for the largest share in the plant milk industry of over 50% in 2019, owing to lactose intolerance, diet consciousness and increasing adoption of a vegan diet in the food sector; the market is projected to witness significant gain over the forecast period. Increasing disposal income and purchasing power, the rapid growth of the middle-class population, an increase in consumer awareness about health & fitness, and consumer demand for nutritional & healthy products provide promising prospects to the market players for growth and diversification in the region’s food sector.

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Some major findings of the global plant milk market report include:

  • The plant milk industry has seen rising interest in recent years, as consumers are increasingly looking for lactose-free, dairy-free and plant-based/vegan options as healthy lifestyle choices.
  • Demand for plant-based milk is increasing due to vegan or vegetarian lifestyles to suit consumers’ social lives or health conditions.
  • Significant development in the organic food industry impacting the dairy sector across the globe, resulting in increased demand for plant milk.
  • Coconut milk and rice milk are becoming perfect alternatives for dairy milk, which are rich in calcium and minerals, thereby driving the overall market demand.
  • Increased demand for plant milk from carton packaging is likely to witness over a 13% CAGR through 2026, owing to the ease of convenience in handling, storage, transportation, and usage, along with environmental benefits associated with it.
  • Major industry players include The Whitewave Food Company, Blue Dimond Growers, SunOpta, Freedom Foods group Limited, Eden Foods Inc, Earth’s Own Food Company, Hiland Dairy.

Browse key industry insights spread across 150 pages with 302 market data tables and 11 figures & charts from the report, “Plant Milk Market Forecasts By Sales Channel (Mainstream Stores, Specialty Stores), Source (Almond, Soy, Coconut, Rice), Formulation (Unsweetened, Sweetened), Packaging (Carton Packaging, Bottles, Pouches), Industry Analysis Report, Regional, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2026” in detail along with the table of contents:

Sweetened plant milk market is likely to register more than an 11% CAGR over the projected time frame, owing to the rising demand from health-conscious and lactose intolerant Millennials looking for flavoured alternatives to dairy products.

Major manufactures are increasingly adopting strategic expansion measures by mergers and acquisitions to take advantage of well-established distribution networks. Furthermore, industry players are also entering into long term contracts with suppliers to reduce supplier power equilibrium during COVID-19 epidemic and to maintain their position in competitive market scenario, thus boosting market share.

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Browse Related Report:

Plant-Based Ingredients Market Analysis By Product (Soy {By Application [Food & Beverages, Dietary Supplements, Infant Foods, Bakery & Confectionery, Meat Substitutes, Animal Feed]}, Rice {By Application [Food & Beverages, Sports & Energy Nutrition, Dairy Alternatives, Bakery & Confectionery, Meat Substitutes, Animal Feed, Cosmetics]}, Pea {By Application [Food & Beverages, Dietary Supplements, Sports Nutrition, Meat Substitutes, Animal Feed]}, Canola {By Application [Food & Beverages, Dietary Supplement, Bakery & Confectionery, Animal Feed]}, Wheat [By Application {Food & Beverages, Dietary Supplements, Bakery & Snacks, Animal Feed, Meat Substitutes]}, Potato [By Application {Food & Beverages, Sports Nutrition, Snacks & Bar, Animal Feed]}, Corn [By Application {Food & Beverages, Sports Nutrition, Snacks, Animal Feed]}, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Source: Global Market Insights, Inc.