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Plant Milk Market Size - By Source (Soy, Almond, Oat, Rice, Coconut), Distribution channel (Mainstream Stores, Specialty Stores), Formulation (Unsweetened & Sweetened), Packaging (Carton Packaging, Bottles, Pouches), Regional Outlook & Forecast, 2024 – 2032

  • Report ID: GMI2250
  • Published Date: Dec 2023
  • Report Format: PDF

Plant Milk Market Size

Plant Milk Market size was valued at USD 14 billion in 2023 and is estimated to expand at 11.6% CAGR from 2024 to 2032. Plant milk refers to non-dairy beverages that are derived from various plant sources such as nuts, grains, seeds, or legumes, providing an alternative to traditional animal-based milk.

Plant Milk Market

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The market growth is driven by a rising demand for dairy alternatives due to factors such as lactose intolerance, ethical concerns, and the pursuit of healthier lifestyles. Consumers are increasingly embracing plant milk varieties like almond milk, soy milk, oat milk, and coconut milk for their nutritional benefits, environmental sustainability, and diverse flavor profiles. This market expansion is also influenced by the growing popularity of plant-based diets and an overall shift towards more sustainable and cruelty-free food choices.

As awareness of the environmental impact of traditional dairy production continues to increase, the plant milk market is expected to witness sustained growth, with ongoing innovation and product diversification contributing to its evolving landscape.

Volatility in raw material prices poses a significant pitfall for the market. The production of plant-based milk involves sourcing raw materials such as nuts, grains, seeds, and legumes, which are susceptible to price fluctuations influenced by various factors like weather conditions, global demand, and geopolitical events. The inherent variability in these input costs can disrupt production budgets and impact profit margins for manufacturers.

COVID-19 Impact

The COVID-19 pandemic has had a mixed impact on the plant milk market. On one hand, there was an initial surge in demand for plant-based alternatives as consumers sought products perceived as healthier and immune-boosting during the health crisis. However, disruptions in the supply chain, production, and distribution posed significant challenges for the market. Lockdowns, restrictions, and shifts in consumer behavior affected both manufacturing and retail operations. Additionally, economic uncertainties led some consumers to prioritize essential purchases, potentially impacting premium-priced plant milk products. Despite these challenges, the resilience of the market was evident as it adapted to changing circumstances. 

Plant Milk Market Trends

Current trends in the plant milk industry reflect a dynamic landscape shaped by evolving consumer preferences and a growing emphasis on health and sustainability. Plant milk alternatives, such as almond, soy, oat, and coconut milk, continue to gain popularity as consumers seek dairy-free options for various reasons, including lactose intolerance, ethical concerns, and environmental sustainability. The market is witnessing innovation in flavors and formulations, with an increasing focus on fortification to match the nutritional profiles of traditional dairy milk. Brands are also leveraging eco-friendly packaging and emphasizing transparency in sourcing to align with consumer values.

Plant Milk Market Analysis

Plant Milk Market Size, By Source, 2021 - 2032 (USD Billion)
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Based on source, the soy segment source dominated around USD 6.42 billion revenue in 2023. The plant-based milk segment has witnessed robust growth, with Almond, Oat, Rice, Coconut, and other alternative sources gaining increasing popularity. Almond milk, known for its nutty flavor and nutritional benefits, has experienced substantial market expansion, driven by its dairy-free appeal.

Oat milk, characterized by its creamy texture and sustainability, has carved a significant niche, appealing to environmentally conscious consumers. Rice and Coconut milk have also seen steady growth, offering diverse options to consumers with specific taste preferences. The inclusion of other plant-based sources indicates a dynamic market, with innovative products contributing to the overall segment growth. This surge is propelled by a shifting consumer focus towards plant-based and lactose-free alternatives, reflecting a broader trend in health-conscious choices.

Plant Milk Market Revenue Share, By Distribution Channel, (2023)
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Based on distribution channel, the mainstream stores segment accounted for 79% of the plant milk market share in 2023. Beyond Specialty Stores, the market has experienced notable growth through alternative distribution channels such as online platforms and natural food stores. The online marketplace has emerged as a significant contributor to this expansion, offering consumers the convenience of browsing and purchasing a diverse range of plant-based milk products from the comfort of their homes. The digital landscape has witnessed an upsurge in e-commerce platforms dedicated to health-conscious and sustainable products, further fostering the accessibility and availability of plant-based milk.

Based on formulation, the market segmented as Unsweetened, Sweetened. The distinction between these formulations caters to diverse consumer preferences and dietary needs. Unsweetened plant-based milk options appeal to health-conscious individuals seeking a pure, natural taste without added sugars, aligning with the growing trend towards reduced sugar intake.

On the other hand, sweetened formulations cater to those who prefer a slightly indulgent flavor profile or are transitioning from traditional dairy to plant-based alternatives. This segmentation not only underscores the industry's commitment to accommodating a broad spectrum of consumer tastes but also reflects the recognition of health-conscious and flavor-driven considerations within the market.

Based on Packaging, the market segmented as carton packaging, bottles, pouches. The plant milk market has exhibited remarkable growth, characterized by an evolution in packaging options that include cartons, bottles, and pouches. Carton packaging has gained prominence due to its eco-friendly nature and ability to preserve the freshness of plant-based milk while minimizing environmental impact.

Bottles, often chosen for their convenience and recyclability, have also contributed significantly to plant-based milk market growth. Pouches, offering a flexible and lightweight packaging solution, have witnessed increased adoption, particularly for on-the-go consumption. The growth in diverse packaging options not only caters to varied consumer preferences but also underscores the industry's commitment to sustainability and innovation.

U.S. Plant Milk Market Size, 2020- 2032 (USD Billion)
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U.S. plant milk market size held over USD 3.02 billion in 2023, attributed to several factors, including indicative of a thriving sector. The remarkable growth in the U.S. market can be attributed to several pivotal factors. Firstly, a shifting consumer preference towards plant-based and healthier dietary choices has fueled the demand for alternative milk products. Additionally, heightened environmental awareness and sustainability concerns have prompted consumers to opt for plant-based options, aligning with global efforts to reduce the ecological footprint.

The innovative product offerings and strategic marketing by industry players have further contributed to the market's success. The anticipated growth underscores the U.S.'s pivotal role in steering the North American market, as it continues to align with evolving consumer trends and maintain a leading position in the broader shift towards sustainable and health-conscious food choices.

Plant Milk Market Share

Alpro and Oatly have successfully secured substantial revenue shares in the market, Alpro, a leading European brand, has successfully established itself by offering a diverse portfolio of plant milks, including almond, oat, soy, coconut, and rice. Its wide range of products caters to various consumer preferences, contributing to its substantial market share.

Oatly, on the other hand, has become a global leader in the plant milk industry, specifically known for its oat milk products. Oatly's focus on sustainability, innovative marketing, and the popularity of its creamy oat milk have propelled the brand to secure a substantial market share, reflecting the increasing demand for oat-based alternatives. Both Alpro and Oatly exemplify the success of companies that respond adeptly to changing consumer trends and preferences in the market.

Plant Milk Market Companies

Major companies operating in the plant milk industry include:

  • Alpro
  • Oatly
  • Silk (Danone)
  • Califia Farms
  • So Delicious Dairy Free
  • Ripple Foods
  • Elmhurst 1922
  • MALK Organics (MALK Holdings)
  • Eden Foods
  • WhiteWave Foods (Horizon Organic)
  • WestSoy (Silk)
  • Rude Health
  • Good Karma Foods
  • Plenish
  • Blue Diamond Almonds (Almond Breeze)

Plant Milk Industry News

  • In August 2023, Oatly, the Swedish oat milk company, announced plans to build a new manufacturing plant in Idaho, US. The facility will have a capacity of 120 million liters of oat milk annually, expanding Oatly's production capabilities in the US market. The new plant is expected to create over 200 jobs in the region.
  • In February 2023, Danone, the multinational food conglomerate, outlined its plans to significantly increase its focus on plant-based products. The company aims to achieve USD 10 billion in plant-based revenue by 2025, representing a 50% increase from 2021 levels. Danone plans to expand its portfolio of plant-based dairy alternatives, including oat milk, soy milk, and almond milk.

The plant milk market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Tons from 2018 to 2032, for the following segments:

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Market, By Source

  • Soy
  • Almond
  • Oat
  • Rice
  • Coconut

Market, By Distribution channel

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

Market, By Formulation

  • Sweetened
  • Unsweetened

Market, By Packaging

  • Carton Packaging
  • Bottles
  • Pouches

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Netherlands
    • Poland
    • Russia
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Indonesia
    • Thailand 
  • Latin America
    • Brazil
    • Mexico
    • Argentina 
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of plant milk reached USD 14 billion in 2023 and is expected to cross USD 41.65 billion by 2032, due to the rising demand for dairy alternatives due to factors, such as lactose intolerance, ethical concerns, and the pursuit of healthier lifestyles worldwide.
The soy source segment recorded USD 6.32 billion in 2023, owing to the shifting consumer focus towards plant-based and lactose-free alternatives to meet the health-conscious choices.
U.S. market was valued at USD 3.02 billion in revenue in 2023, attributed to the heightened environmental awareness and sustainability concerns prompting consumers to opt for plant-based options in the region.
Alpro, Oatly, Silk (Danone), Califia Farms, So Delicious Dairy Free, Ripple Foods, Elmhurst 1922, MALK Organics (MALK Holdings), and Eden Foods are some of the major plant milk companies worldwide.

Plant Milk Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 245
  • Countries covered: 23
  • Pages: 180
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