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The global plant milk market is projected to grow with healthy rate over the forecast period. Major factors or trends that are expected to contribute in the growth of the market comprise increasing vegan food culture in developed as well as developing regions, rising awareness among the customers about health benefits of plant-based food, specified nutrition values, and easy availability of plant food products at global level. All these factors about plant-based foods have grabbed more attention towards plant milk in food & beverage industry. Nutrients present in plant milk include Omerga-3 fatty acid, vitamins like A and D, calcium, and essential minerals. Most of the nutrients specifically added in to the plant milk to increase its nutritional value, which is also one of the factors contributing to the growth of the market. Furthermore, plant-based milk is also used to enhance flavor and aroma in many other food products. However, less awareness about plant milk in low and middle-income countries may hamper further growth of the market in forecast period.
COVID 19 pandemic situations have adversely affected the growth of plant-based milk market. Strict lockdowns imposed by several governments to control the spread of infection stopped all the manufacturing process that directly impacted the production of plant-based milk and related products. Moreover, restrictions on personnel movements also hampered the production of plant-based milk. Furthermore, disruption of supply chain, less availability of raw material due to travel bans also hampered the market growth in year 2020. However, the market is expected to bounce back during the forecast period.
Plant milk market is bifurcated based on formulation and source. By formulation, the plant milk is primarily available in sweetened and unsweetened form. The unsweetened form or the basic form of plant milk is largely consumed all over the world. Plant milk can be extracted from different sources which include soy, almond, rice, and others. Demand of soy milk is much larger owing to its easy availability, high nutritional value, and low cost.
Major players in the market are focusing on mergers and acquisitions to expand their market growth by reaching at maximum numbers of customers, key players in the market include Danone S.A., Earth’s Own Food Company, Califia Farms, LLC, Oatly AB, Campbell Soup Company, Blue Diamond Growers, Elmhurst Milked Direct LLC, Organic Valley, Ripple Foods PBC., and Hain Celestial Group Inc. among others.
Trends and Future Outlook:
- Growing vegan food culture
- Large investments by key players in novel bases
- Rise in lactose intolerance people to drive the demand for plant based milk