According to Custom Market Insights (CMI), the Global Plant-based Milk Market was valued at approximately USD 13 billion in 2021 and is projected to reach nearly USD 30 billion by the end of 2030. This growth reflects a robust compound annual growth rate (CAGR) of about 9% during the forecast period from 2022 to 2030. The research study provides a comprehensive 360-degree analysis of the plant-based milk industry, evaluating the key market drivers, restraints, opportunities, and challenges, as well as competitive dynamics impacting market demand over the projected timeframe.

Plant-based Milk Market: Overview

The increasing prevalence of health issues such as hypercholesterolemia and lactose intolerance, along with growing consumer awareness around calorie intake and ethical concerns, has significantly contributed to the demand for plant-based milk as an ideal alternative to traditional dairy beverages. Furthermore, the rising adoption of vegan diets has encouraged consumers to shift toward non-dairy milk options, prompting manufacturers in the food and beverage industry to innovate and introduce a variety of plant-derived milk products to capture consumer interest.

In response to this growing trend, numerous companies have been investing in the development of innovative plant-based formulations to meet evolving consumer preferences and dietary needs. This dynamic has played a pivotal role in expanding the market for plant-based milk globally.

For complete details, read the full report: “Plant-based Milk Market Size, Trends and Insights By Type (Soy Milk, Oat Milk, Coconut Milk, Almond Milk, Rice Milk, Others), By Form (Liquid, Powder), By Flavor (Unflavored, Flavored), By End-use (Infant Formula, Dairy Products, Bakery & Confectionary, Others), By Distribution Channel (Direct, Indirect), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” at
https://www.custommarketinsights.com/report/plant-based-milk-market

Market Growth Drivers

The clean label trend, driven by a growing consumer preference for products that are free from artificial ingredients and synthetic additives, is strongly influencing market growth. This trend is especially prominent among millennials and Gen Z consumers, who are increasingly seeking sustainable and health-conscious alternatives to conventional dairy products.

Additionally, the rising global awareness around the benefits of plant-based proteins has substantially contributed to the surge in popularity of plant-based milk. This is particularly evident among health-focused consumers and individuals adopting vegan or flexitarian lifestyles, which continues to drive momentum for plant-based milk products across various global markets.

Moreover, a significant factor contributing to market growth is the increasing prevalence of lactose intolerance. In response, several government bodies and healthcare organizations have recommended the use of lactose-free or non-dairy milk options, thereby boosting the market for plant-based milk substitutes.

Market Restraints

Despite the growing popularity of plant-based milk, there are challenges that could restrain market expansion. One key limitation is the lower protein content found in many plant-based milk alternatives when compared to traditional dairy products, which may deter some consumers focused on protein intake. Additionally, regulatory hurdles and labelling restrictions present challenges for manufacturers, as strict guidelines often prohibit them from using specific labels that may be considered misleading in terms of nutritional value or product composition.

Segmental Overview

The plant-based milk market is broadly segmented by type, form, flavor, end-use, and distribution channel. Among these, the soy milk segment dominated the market in 2021, holding over 50% of the total share, largely due to its high protein content and wide consumer acceptance. It is also expected to witness a CAGR of more than 10% during the forecast period.

The almond milk segment is also gaining rapid traction and accounts for nearly 40% of the market share, supported by its low-fat composition and the availability of diverse flavor options that appeal to health-conscious and lifestyle-oriented consumers.

Regional Insights

Geographically, the North American region is projected to maintain dominance in the global plant-based milk market throughout the forecast period, both in terms of revenue share and consumer adoption. The popularity of vegan diets, coupled with a high prevalence of lactose intolerance, has increased demand for non-dairy milk products in the United States and Canada.

Moreover, increasing consumer sensitivity toward lactose and related health issues continues to stimulate growth across the region. Other regions such as Europe and Asia-Pacific are also expected to show promising growth trajectories, owing to changing dietary preferences and increasing awareness of plant-based alternatives.

Competitive Landscape

The plant-based milk market is characterized by a highly competitive landscape with numerous global and regional players striving for market share through product innovation, strategic partnerships, and portfolio diversification. The competitive analysis in the report provides an overview of leading companies' financial performance, SWOT analysis, and product benchmarking.

For example, in 2022, Green Rebel, Southeast Asia’s leading plant-based protein supplier, launched a new product line named Creamy Crew, which includes cheese, sauces, and dressings, expanding its presence in plant-based categories beyond milk.

Key Market Players

Some of the notable companies operating in the plant-based milk market include:

  • Groupe Danone

  • The Hain Celestial Group Inc.

  • Pacific Foods of Oregon, Inc.

  • Vitasoy International Holdings Limited

  • Turtle Mountain LLC

  • Natura Foods

  • Sunopta Inc.

  • Alpina Foods

  • Freedom Foods Group Ltd.

  • McCormick & Co.

  • Goya Foods

  • Earth’s Own Food Company Inc.

  • The Hershey Company

  • The Bridge S.r.l.

  • Kaslink Foods Oy Ltd.

  • Edward & Sons

  • Blue Diamond Growers, Inc.

  • Chef’s Choice Food Manufacturer Company Limited

  • Liwayway Holdings Company Limited

https://www.custommarketinsights.com/report/plant-based-milk-market/