Plant Milk Market is Expected to Double Its Market Size in Upcoming Years
Date: 2019-05-16   Author: Rahul Sankrityayan  Category: #news

Plant Milk Market is Expected to Double Its Market Size in Upcoming Years

Global Market Insights, Inc. added research on Plant Milk Market is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, market also includes an in-depth study of the industry’s competitive scenario.

The growing trends of veganism, negative health effects of hormones present in dairy milk, and the rising prevalence of lactose intolerance have emerged as some of the driving forces that have contributed to the phenomenon of patrons shifting base from consuming dairy milk to plant milk. Driven by their massive benefits, the launch of dairy alternatives has risen by 20% between 2012 and 2016. Initiatives for reduction of nitrous oxide and methane (greenhouse gas) produced by diary industry, deteriorating environment will stimulate plant milk market share from 2017 to 2024.

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The popularity of plant milks such as soy milk, coconut milk, almond milk, cashew milk and others, extracted from a variety of grains, nuts and legumes has been rising exponentially. The growing trends of veganism, negative health effects of hormones present in dairy milk, and the rising prevalence of lactose intolerance have emerged as some of the driving forces that have contributed to the phenomenon of patrons shifting base from consuming dairy milk to plant milk.

Increasing health concerns including overweight and diabetic diseases have encouraged the adoption of non-dairy substitutes over dairy products. As per industry experts, global per capita fluid milk consumption decreased by close to 23% from 2000 to 2016, while consumption of non-dairy plant milk substitutes grown by triple digits through the same period. As per analysis, global dairy alternative drinks industry is expected to surpass USD 16 Billion by 2018.

Plant milk is obtained from numerous sources - soy, coconut, almond, cashew, rice, oats, hazelnut and walnuts, though soy, almond, coconut and rice essentially form the source landscape of plant milk market. Soy in fact, has been the oldest option available when it comes to choosing dairy milk alternatives – as per estimates, soy-based plant milk market size is projected to be over USD 8 billion by 2024. Alternatively though, plant milk industry share from coconut milk and almond milk has also witnessed steady growth, given the rising consumer demands for more alternatives and a wider variety of flavors. Coconut-based plant milk market has been projected to witness a 13% CAGR over 2017-2024, driven by the demand of lauric acid present in coconuts that helps in lowering blood pressure and controlling cholesterol levels and the fact that coconut milk helps in weight loss, improves digestion and controls blood sugar levels. It has been observed that plant milk industry has lately been attracting a wide spectrum of consumers, as these basic sources are being made compatible to be consumed with coffee or cereals. Furthermore, they are also made available in different flavors like strawberry, peppermint, vanilla and chocolate, which has considerably increased the popularity of plant milk market.

North America plant milk market accounted for over 25% share in 2016. Higher incidence of lactose intolerance in Hispanic and Asian-American populations in the U.S. is major driving force for the plant milk market growth. According to National Institute of Children's Health & Human Development, in the U.S. around 30-50 million people are lactose intolerant. Rise in the number of dairy alternatives including soy, almond, coconut and rice will fuel the overall revenue generation. Ongoing launch and projects in pipeline for a range of enhanced blends and flavors of non-dairy beverages from different sources are among key factors driving industry growth of plant milk market.

Rising threats pertaining to saturated fat levels, hormone content, antibiotics used in dairy cows has diverted consumers preference to dairy alternatives. Growing health concerns regarding diabetes and allergies has encouraged the consumers to adopt dairy alternative products. According to International Diabetes Federation and the U.S. Census Data, in the U.S., 37 million people have diabetes and 1.26 million people have a milk allergy.

Sweetened plant milk market is anticipated to worth over USD 9 Billion by 2024. Increasing consumer preference for better taste due to changing food habits will fuel industry growth. Product development and innovations including added flavours of chocolate, peppermint, strawberry, rose and vanilla are key factors supporting product penetration.

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Mainstream stores accounted around 80% of the plant milk market share in 2016. High consumer reliability along with growth in retail industry has enhanced the industry demand. Improved convenience for shopping accompanied by promotional strategies are the key factors driving product demand. Rising number of mainstream stores globally along with increasing disposable income will propel business demand.

Global industry share is highly fragmented owing to presence various local and international vendors. Some of the key players include Danone, Daiya Foods Inc, The Hain Celestial Group, WhiteWave Foods, Blue Diamond Growers, SunOpta,Freedom Foods Group Limited, Eden Foods, Inc.,  Earth's Own Food Company Inc, New Barn, Califia Farms, MALK Organics, Ripple Foods. Key players are capitalizing in innovation with new flavors and natural sweeteners to support stronger growth of the plant milk market.

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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