Plant Milk Market – By Source, By Distribution Channel, By Formulation, By Packaging – Global Forecast, 2025 – 2034

Plant Milk Market Size

The global plant milk market was valued at USD 21.1 billion in 2024, with expectations to reach USD 41 billion by 2034, growing at a CAGR of 6.6%.
 

The core elements which drive growth are nutritional enhancements, rising demand for plant-based foods, and partnerships among companies. As a reaction to shifting consumer behavior towards dairy alternatives, producers of plant milks are now adding calcium, vitamin D, and vitamin B12 to their products allowing for plant milks to be advertised as nutrition comparable to fortified dairy milks.
 

For instance, according to Pharma Innovation Journal, soy milk is a great source of protein and is frequently fortified with minerals like calcium and vitamin D. On the other hand, almond milk has a high level of vitamin E while having few calories. Oat milk is a fantastic source of fibre and is frequently supplemented with vitamin B12, which is crucial for vegans since their diets might not include enough of this vitamin.
 

Another, and perhaps the most important emerging plant-based diets, rising concerns about health, sustainability, and environmental impact that motivates consumer choices. As more people become aware of the effects that dairy farming has on the environment coupled with a shift to reducing animal-based products consumption, there seems to be an increasing adoption of a plant-based lifestyle. Plant milk is the beneficiary of this revolution, achieving a cult status for a broader market.
 

According to International journal of food design, from a health perspective, the consensus of more than 30 years of epidemiological research confirms that a healthy diet is predominantly plant-based, as it prevents chronic non-transmissible diseases, hence resulting in expansion of plant-based milk market.
 

Plant Milk Market Trends

• Advancements in technology: A few noteworthy aspects govern the development and changes in the plant-based milk market. One of these aspects is the production technology of the next generation. The innovation of cellular agriculture and precision fermentation is shifting the paradigm of manufacturing plant-derived milk to be produced in a way that emulates the taste, nutrition, texture, and overall experience of consuming dairy milk. Technology allows for large scale production which is critical given the growing market need.
   
• According to IIP, the food industry is focusing on innovative products to meet consumer demand for healthier, functional alternatives. Beverages now offer more than hydration, incorporating features like energy boosts, anti-aging, and stress reduction. This shift, driven by urbanization and technological advances, has led to alternative options addressing issues like allergies, lactose intolerance, and calorie concerns.
   
• Liberalizations in regulations: Moreover, there is an increasing liberalization in the regulatory support given for plant-based products Governments in North America and Europe, for example, are developing new legislation on labeling, nutrition claims, and even sustainability which foster these new products.
   
• Transformations in consumer behavior preferences: Likewise, shifts in consumer attitudes towards health and sustainability have become increasingly important. There is a growing interest and attraction towards environmentally friendly and health-conscious plant-based milk and milk products. The companies are also using ecofriendly materials, clean labels and even promote green washing. The growing preference for plant-based products prompts and compels businesses to adopt environmentally friendly steps in order to satisfy green consumers.
   

Plant Milk Market Analysis

The plant milk market by source is segmented into soy, almond, oat, rice, coconut, and others. The soy source accounted for 41.3% of the market share in 2024 due to presence of high nutrition value offering rich source of protein.
 

• The market for plant milk is lucrative as well as enormous owing to its multiple uses in important segments. The use of soy milk, a dairy substitute in coffee, cooking, and even breakfast cereals owing to it rich protein content, has seen substantial growth owing to its nutritive value and low cost.
   
• Almond milk is used in some drinks and is widely adopted by health smoothies contributing to growth because it is low in calories and high in vitamin E. There has been a surge in the usage of oat milk because of its creamy texture and fiber content depicts it as a barista favorite. Those who have allergies prefer rice milk because of its hypo-allergenic properties which increases its usage in ready-to-drink beverages and cereals. Coconut milk is used around the globe in cooking and tropical flavored drinks and is value added by its distinctive taste and versatility.
   
• The others category includes pea, cashew, and hemp milk that are advancing through specialized niches which are high in protein and free of common allergens and stimulate diversity and innovation in the plant milk market.
   
• According to report published by Innovation Institute for Food and Health in 2022, soy milk is relatively high in iron, potassium, and protein, making it the strongest plant-based competitor nutritionally. It appears that the common nutrients prevalent in traditional milk such as calcium, and vitamin’s A, D, and B12, have been adequately addressed by the plant-based milk industry using fortification and enrichment.
   

The plant milk market is segmented into mainstream stores, specialty stores, others based on distribution channel. Mainstream stores made up 78.9% of the market in 2024 and expected to grow at a faster rate of 11.4% CAGR to reach a wider consumer base.
 

• The expansion of the plant milk market has been helped by self-service stores selling soy, almond, and oat milk at affordable rates because that is beneficial for the public. However, specialty stores tend to sell organic or fortified plant milk which appeal to health or environmentally conscious consumers.
   
• New innovation is also brought through convenience, which is provided by online platforms, often promoted by direct-to-consumer brands. While specialty shops put emphasis on specific product attributes by setting their products apart using virtue-based quality, self-service stores are more responsive to cost, which for them translates to increased sales.
   
• According to National Library of Science, plant-based milks now make up 15% of retail dollar sales of milk, and an estimated 40% of households purchased plant-based milks in 2020.
   

The plant milk market by formulation is segmented into unsweetened and sweetened. The unsweetened accounted for 57% of the market share in 2024 due to for rising health consciousness and rise in diabetic cases worldwide.
 

• In the plant milk industry, there are two broad plant milk categories such as sweetened and unsweetened. The customers focused on their health and fitness seek low-sugar options through unsweetened plant milk, which drives growth within sugar free products. Innovations in flavor and texture, as well as a growing demand for sugar free options bolsters the market even further.
   
• On the other side, sweetened plant milk still sells well since it is used all across in coffee, smoothies, and desserts. The rising level of health consciousness versus sugar content consumes people. In addition, sweetened versions of these products have a gap in the market since extra cost tends to increase the already high price.
   

The plant milk market is segmented into carton packaging, bottles, pouches based on packaging. Carton packaging made up 69.3% of the market in 2024 and expected to grow at a faster rate of 11.7% CAGR to reach a wider consumer base.
 

• The effectiveness of production methods combined with the convenience of portable servings increases their popularity. Each style has its own function: the cartons focus on sustainability, the bottles on the premium segment, and the pouches on ease of use. Their market presence are determined by pricing strategies and the consumer's tendency to switch toward greener products.
   
• For instance, according to IIFH-GSM report, carton packaging accounted for around 69% of the plant-based milk products in 2019 and are most often in half gallon (64oz) or smaller sizes.
   

The plant milk market is dominated by North America, accounting for 29.2% of total revenue in 2024. However, the Asia-Pacific region is expected to see the highest growth, driven by the rapid urbanization and rise of disposable income in China and India.
 

• The growth of plant milk market is on the rise in the North American region. From a health and environmental standpoint, there is a marked increase in consumer interest in plant-based products which helps fuel this growth. Some of the key drivers include government policies that promote sustainable food production, a rising number of self-identified vegans and lactose intolerants, and a general push for a healthier population in the area.
   
• According to the Global Agriculture Information Network, Europe stands as the second largest producer of almond nuts, notably, Italy and Spain are the frontrunners with Italy producing 12,800 metric tonnes in 2018 and Spain producing an astounding 71,622 metric tonnes in the same year.
   
• According to data from 2019, 41% of households in the United States purchase plant-based milk. The plant-based milk industry is the most successful sector of the whole plant-based milk industry with 40% of the market share.
   

Plant Milk Market Share

The plant milk industry is booming across the U.S. and Canada and western part of Europe. Top 5 companies in the plant milk market include Nestlé, Lactalis Canada, Califia Farms, Danone and Plenish. In the market, Nestlé holds the largest share due to its early entry and comprehensive product portfolio. Danone S.A., a close competitor, has been expanding its capabilities, driving its market share growth. Lactalis Canada, Califia Farms, all these companies own a substantial section of the market share owing them massive product portfolios and strategic initiatives.
 

Plant Milk Market Companies

Some of the eminent market participants operating in the plant milk industry include:

• Blue Diamond Growers
• Califia Farms
• Danone
• Elmhurst 1925
• Mooala
• Nestlé
• Oatly AB
• Pacific Foods
• Plenish
• Ripple Foods
• SunOpta Inc.
• The Hain Celestial Group
• WhiteWave Foods
   

In June of 2024, the dairy free brand Califia released ‘Complete Kids’ milk, an alternate form of milk tailored for children. It contains 8 grams of protein, omega 3 fatty acids, calcium, choline, in addition to prebiotic fibers. This product is said to have 50 percent less sugar than conventional milk while still maintaining smoothness and creaminess. Califia Brand has made this milk available for sale through its website and at grocery stores across the USA.
 

In May 2024, Lactalis Canada, the Canadian subsidary of the French dairy Lactalis, targeted health focusing customers by introducing a dairy free plant milk brand known as “Enjoy”. The product range of Enjoy contains six different varieties of plant milk like plain oat milk and almond milk, hazelnut milk, vanilla oat milk, vanilla almond milk, and a blend of oat milk and hazelnut. Also, these milks are labeled non-GMO, gluten-free, and free of synthetic colors, preservatives and flavors.
 

Plant Milk Industry News:

• In November 2022, Indonesian plant-based food company Green Rebel Foods announced the launch of its vegan dairy products. Some of the products produced include cheddar style block cheese and vegan mayonnaise. Green Rebel Foods is headquartered in Indonesia.
   
• An Indian firm named Alt Foods introduced an innovative plant-based milk in the market which was made out of sprouted finger millet, oats, sprouted sorghum, and amaranth in December 2021. The company had two brands, “Original Milk” and ‘Chocolate Flavored Milk’.
   
• In June 2022, the Australian food tech startup Eden Brew raised USD 5 million in the ongoing funding round. Mars’ Digitalis Ventures participated for the first time while Main Sequence was a new investor. The funds will first be used to scale Eden Brew‘s animal-free fermented milk product before diversification into ice cream.
   
• May 2022 saw the entry of The Molson Coors Beverage Co. into the plant-based milk segment with the Golden Wing Barley Milk launch. The new item is available on the manufacturer’s website and some whole foods market locations.
   

The plant milk market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Billion from 2021 – 2034 for the following segments:

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Market, By Source

• Soy
• Almond
• Oat
• Rice
• Coconut
• Others
• Insect

Market, By Distribution Channel

• Mainstream Stores
• Specialty Stores
• Others (online, natural food stores)

Market, By Formulation

• Unsweetened
• Sweetened

Market, By Formulation

• Carton packaging
• Bottles
• Pouches

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada
• Europe 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America 
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa 
  • Saudi Arabia
  • South Africa
  • UAE