Plant Milk Market size to exceed $21bn by 2026
Published Date: October 29, 2020 Authors: Kunal Ahuja, Amit Rawat
Plant Milk Market size is set to surpass USD 21 billion by 2026., According to a new research report by Global Market Insights, Inc.
Plant based milk offers various nutritional health benefits as these are rich in vitamin A, D and B12, calcium, potassium and less in saturated fats. Soy and almond milk accounted for the major share in plant milk industry. Consumers prefer to use soy and almonds-based plant milk, to reduce lactose intolerance. In addition, due to its health benefits, it is popular among fitness enthusiasts and sports players. The increasing popularity among fitness enthusiast is one of the factors to raise market demand for plant-based milk across the globe.
Plant milk market from unsweetened formulation is likely to surpass USD 12 billion by 2026 owing to growing demand for sugar free and organic food and beverages from health-conscious consumers. As, unsweetened plant milks have almost no sugar or any other additives and preservatives which helps in lowering lactose level in the body and maintain diabetic and cardiac health.
Stringent regulations in Europe & Middle East towards food and beverage industry is likely to boost product demand. In addition, intense competition among manufactures, product innovation and R&D will also foster the market statistics. Furthermore, strict laws on quality testing, environmental factors, and marketing is making manufacturers to rapidly enter strategic acquisitions with suppliers and technology providers to get recognition which is likely to boost market share.
COVID – 19 pandemics is expected to impact food and beverage market demand owing to stagnated economy, shutting down of manufacturing units and international trading. Additionally, strict social distancing measures, restrictions on trade & movement, and lockdown conditions is likely to reduce labor involvement thus hinder the market growth. Also, industry players are rapidly investing in product development and innovation of the product to remain competitive in post corona economy, thus boosting industrial plant base milk market demand.
Browse key industry insights spread across 150 pages with 302 market data tables and 11 figures & charts from the report, “Plant Milk Market Analysis By Source (Almond, Soy, Coconut, Rice), Formulation (Unsweetened, Sweetened), Sales Channel (Mainstream Stores, Specialty Stores), Packaging (Carton Packaging, Bottles, Pouches), Industry Analysis Report, Regional, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Faster accessibility and cost-effectiveness should boost plant milk demand from other sales channels such as online stores
Other sales channels such as online stores and natural food stores are projected to witness significant growth of over 11.5% during the projected timespan. Changing consumer purchase behavior due to COVID-19 with increasing population ordering online grocery is expected to fuel product demand from this channel. Online channel also sale same products with discounted rates as compare to traditional stores which is another factor having positive impact on segment growth.
“Plant milk market from other sales channels such as online stores channel is likely to witness highest CAGR through 2026 owing to rapid growth of online distribution channels due to COVID-19”
Increasing demand for plant-based food products and adoption of healthy lifestyle in Europe will boost plant milk industry share
Europe plant milk market is likely to surpass USD 3.4 billion by 2026 owing to increasing disposal income, living standardization and working population which is likely to shift consumers towards healthy lifestyle will propel the market demand. The products are used in wide variety of food and beverages industries ranging from cheese, creams, dairy, ice-creams, yogurt and milk. Furthermore, rapid introduction of new safety laws within the region. European countries like France, Germany, Spain are adopting vegan diet culture, this will positively affect the market outlook. Consumers are more aware about health benefits of plant base market also foster the industry landscape.
Asia-Pacific is the fastest growing region gaining over 11.5% CAGR through 2026, due to the increased production as well as consumption of the plant milk and related products.
Industry players in plant milk market are engaged in research & development activities to manufacture high quality product line. Manufactures are rapidly engaging in strategic endeavors to meet growing requirements in developing economies. Major players operating in plant milk market include The Whitewave Food Company, Hain Celestial Group, Blue Diamond Growers, SunOpta, Sanitarium, Freedom Foods, Inc, EComil, Earth’s Own Food Company, Triballat Noyal, Hiland Dairy, Dairya foods Inc, Oatley Inc, Pureharvest, and GoodMilk.
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