As more and more of us become concered with a healthier lifstyle and our wellbeing the surge in plant based milk is driving growth in the market for almond, rice, soy, rice, oat and coconut alternatives to cow´s milk. The benefits of a plant based diets are being extolled by experts across the globe and plant based milk is also a life-line for those who are lactose intollerant.
The plant-based milk market is observing marvelous growth mainly due to the increasing awareness of health benefits, with rising numbers of consumers opting for dairy alternatives due to factors like lactose intolerance, boosting the market’s sustained growth. Additionally, a surge in environmental consciousness and a growing preference for sustainable choices are driving the adoption of plant-based milk, further fueling market expansion. However, the increasing production costs, seasonal fluctuations in plant ingredient prices, and higher distribution expenses are anticipated to hamper market growth during the forecast period. On the other hand, the increasing adoption of vegan and vegetarian lifestyles, coupled with a rising awareness of health benefits and environmental sustainability, is expected to unlock growth opportunities in the plant-based milk market.
The plant based milk market is expected to Reach $7.3 Billion Globally by 2032 at 10.3% CAGR, according to a new report by Allied Market Research. Allied Market Research has recently published its report, titled, “Plant based Milk Market by Milk Type (Almond, Soy, Rice, Oat, Coconut, Others), by Distribution Channel (Online, Supermarket, Convenience Stores), by End-User (Retail/Household, Foodservices Industry, Food and Beverage Industry): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global plant-based milk market generated $2.8 billion in 2022, and is anticipated to generate $7.3 billion by 2032, witnessing a CAGR of 10.3% from 2023 to 2032.
The soy sub-segment dominated the global plant-based milk market share in 2022, holding a major share of 27.5%. This dominance is expected to continue until 2032. This growth is mainly due to the soy milk’s natural allergen-free profile, particularly appealing to individuals with lactose intolerance or dairy/nut allergies.
Most people continued to by their plant base milk at the supermarket of their choice and so the supermarket sub-segment led the market in 2022, holding a substantial share of 44.0%. This dominance is expected to continue until 2032. The growth of the sub-segment is mainly because supermarkets are actively expanding their product offerings to meet the growing demand for plant-based milk, collaborating with various brands to ensure a diverse range of options, flavors, and formulations on their shelves.
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