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Plant Milk Market Trends

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

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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.

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.