Plant milk is a beverage without non-dairy ingredients. It is made of water-based plant ingredients, which apparently is a better alternative to milk-based dairy products. The beverage is mostly preferred by the vegan population, though the plant contains a lower amount of nutrients compared to that extracted from the animals. However, due to the rise in veganism, the global plant milk market is anticipated to witness significant growth in the forthcoming years.
The global plant milk market is witnessing substantial growth over the past few years owing to the awareness about the nutrition benefits of the products, easy availability, and increased population preferring its consumption. Plant milk is a rich source of omega-3 acid, vitamin B12, D, A, and calcium. This is also propelling the demand for plant milk in the food and beverage sector. Plant milk is also used to add aroma and flavors to certain dishes and food products. Moreover, these products also help provide nutrient-rich vitamins and minerals, driving the market growth.
The outbreak of COVID 19 pandemic has affected the global market of all sectors badly, including the plant milk market. Lockdowns across the world, sluggish supply chain operations, and slow manufacturing processes in the industries have impacted market development.
However, low awareness about the health benefits of plant milk is likely to hamper the overall market growth in the future. Nevertheless, the rising adoption of veganism is foreseen to balance and improve the growth further.
The global plant milk market is broadly segmented into the source, formulation, sales channel, packaging, and region. In terms of source, the market is classified into rice, coconut, soy, and almond. Based on formulation, the market is bifurcated into sweetened and unsweetened. On the basis of sales channels, the market is sectioned into online stores, specialty stores, and mainstream stores. The packaging segment is divided into pouches, bottles, and carton packaging.
Geography-wise, the global plant milk market is likely to be dominated by Asia Pacific within the forecast period. The region is likely to hold the highest market share owing to the growth factors such as rising urbanization, increased number of people adopting veganism, rising purchasing power, and an increase in consumer awareness. Further, North America is estimated to follow the trail along with Europe not far behind. This is attributed to the increased awareness about healthy & nutritious food and an improved distribution network.
The key players operating in the global plant milk market are Oatly AB, Danone S.A., Campbell Soup Company, Earth’s Own Food Company, Organic Valley, Elmhurst Milked Direct LLC, Blue Diamond Growers, Califia Farms, Ripple Foods, Hain Celestial Group Inc., and so on.
To cite, Blue Diamond, in 2019, launched a new product in its existing range of Almond Breezer. The new variant is a dairy-free product, Almond milk Horchata, mostly demanded by the Latin American population.