Global Plant-based Milk Market Insights Forecasts to 2033

• The Global Plant-based Milk Market Size Was Estimated at USD 15.6 Billion in 2023
• The Market Size is expected to grow at a CAGR of around 9.25% from 2023 to 2033 
• The Worldwide Plant-based Milk Market Size is Expected to Reach USD 37.8 Billion by 2033 
• North America is Expected to Grow the fastest during the forecast period.   

The Global Plant-based Milk Market size was valued at USD 15.6 Billion in 2023 and is slated to reach USD 37.8 Billion by 2033, Growing at a CAGR of 9.25% from 2023 to 2033. The global market of plant-based milk is expanding due to the increasing awareness among consumers about the health benefits of plant-based milk products, as well as many appropriate alternatives to dairy milk that offer similar nutritional benefits without potential drawbacks. The growing availability of plant-based milk alternatives has become a popular trend due to the growing demand for healthier and sustainable food choices. Moreover, the rising investment of manufacturers in the research and development to offer advanced and more healthy food products to the customers. This innovation is fuelled by domestic government rules and regulations and schemes related to plant-based foods and beverages production improvement with the concern of human health and environmental impact.

Market Overview

Plant-based Milk industry includes the production and distribution of non-dairy milk substitutes from plants such as nuts, grains, and legumes. It’s rapidly growing due to the rising consumer demand for more healthy or nutritious and sustainable foods for health concerns. Plant-based milk is made by blending plant ingredients with water. It has often added vitamins, minerals, and stabilizers to make it likely cow's milk, which helps to offer this with many varieties and flavors such as almond milk, cashew milk, coconut milk, hazelnut milk, oat milk, and others.

Moreover, increasing awareness among consumers about the health benefits of plant-based milk products has surged. Many appropriate alternatives to dairy milk offer similar nutritional benefits without potential drawbacks. Products with simple ingredients and added nutrients like calcium, vitamin D, and protein are in high demand. While almond milk remains the most popular, oat milk is gaining traction for its creamy texture and barista-friendly qualities. New entrants like pea protein milk and rice milk further diversify the market, catering to the growing health-conscious population. According to Good Food Institute (GFI), total U.S. retail plant-based food dollar sales reached $8.1 billion in 2023 with nearly 15% market share of total milk dollar sales during the year. This is increasing rapidly with health-conscious individuals seeking dairy alternatives with similar nutritional benefits but fewer drawbacks, which boosts the industry's growth.

Report Coverage

This research report categorizes the global plant-based milk market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global plant-based milk market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global plant-based milk market.

Driving Factors

The growing availability of plant-based milk alternatives has become a popular trend in recent decades, which is driven by a rapidly growing demand for healthier and sustainable food choices. These include coconut milk, soy, oat, almonds, and others with their richness such as vitamins, minerals, and antioxidants, ingredients which contribute to better overall health, thus driving their demand.

The rising investment of manufacturers in the research and development to offer advanced and more healthy food products to the customers. This investment in research and innovation helps to improve the taste, texture, and nutritional profile of plant-based milk products and creates an amazing mouthfeel of products. This innovation is supported by domestic government regulations and schemes which will help to make industry grow. For instance; In 2023, Canada invested CAD 150 million in public funding to boost the plant-based protein market. The UK and Germany also made significant commitments to alternative protein R&D. Government support for alternative protein startups was announced in Brazil, Japan, Singapore, and South Korea. Furthermore, many governments around the world are offering subsidies and financial incentives to promote the cultivation of crops used in plant-based milk, such as almonds, soybeans, oats, and rice, and promoting environmentally friendly farming practices, these initiatives, along with the promotion of ecologically friendly farming methods, are helping to propel the market for plant-based milk during the forecast period.

Restraints & Challenges

There are increasing plant-based milk options are increasingly popular, and their higher price compared to traditional dairy milk presents a challenge. The production of plant-based milk involves intricate processes and the procurement of specific raw materials, such as almonds, soy, or oats, which can elevate costs. Consequently, plant-based milk tends to be priced higher than dairy alternatives, limiting their accessibility to a wider audience, especially in cost-sensitive markets.

Market Segmentation

The global plant-based milk market share is classified into product type, application, and distribution channel. 

• The almond milk segment secured a dominant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.

Based on the product type, the global plant-based milk market is classified into soy milk, almond milk, coconut milk, rice milk, oat milk, and others. Among these, the almond milk segment secured a dominant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. the dominance is attributed to, its, low-calorie content, and high levels of vitamins, particularly vitamin E, which make it a popular option for health-focused individuals. Its gentle taste and adaptability boost its appeal for use in beverages, cereals, coffee, and smoothies. Customers value its natural lactose-free qualities and healthy fats. Intensive promotion by well-known brands highlighting health advantages has created a robust market presence, enhancing almond milk's expansion and popularity globally throughout the forecast period.

• The beverages segment dominates the market in 2023 and is anticipated to grow at a notable CAGR during the forecast period.

Based on the application, the global plant-based milk market is diversified into beverages, bakery and confectionery, dairy products, and others. Among these, the beverages segment dominates the market in 2023 and is anticipated to grow at a notable CAGR during the forecast period. this is due to its traditional contribution to dairy milk as well consumers are searching for healthy, ingredients foods or beverages with an increasing number of vegan populations. Additionally, the increase in the availability at retail stores, and growth in specialty stores such as coffee shops, cafes, and restaurants that are offering plant-based milk options has further fuelled this segment.

• The supermarkets/hypermarkets segment accounted for the highest share in 2023 and is anticipated to grow at a prominent CAGR during the forecast period.

Based on the distribution channel, the global plant-based milk market is divided into supermarkets/hypermarkets, convenience stores, online stores, and others. Among these, the supermarkets/hypermarkets segment accounted for the highest share in 2023 and is anticipated to grow at a prominent CAGR during the forecast period.  this segmental growth driven by easy reach to a large customer base along with the availability of extensive variety of options for their convenience. These outlets can offer an appropriate purchasing experience, with separate and informative sections for plant-based products including beverages and foods. Additionally, these distribution channels offer multiple products and brands, which gives the option to compare products and purchase many with their preferences. These all factors allow the segment to be dominant in making a favorite shopping destination for the customer.

Regional Segment Analysis of the Global Plant-based Milk Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific is projected to hold the dominant share of the global plant-based milk market over the predicted timeframe.

Asia-Pacific is projected to hold the dominant share of the global plant-based milk market over the predicted timeframe. This regional dominance is attributed to the presence of a major number of vegetarian populations and trends of veganism, which is fuelled by the worries over animal welfare, that enhance the demand for plant-based milk alternatives. In 2023, about 38% of India's population identified as vegetarian, according to a survey conducted by Rakuten Insight in February 2024, over 64% of respondents in India reported having consumed plant-based alternatives to animal-based food products. Moreover, the increasing use of plant-based milk, and the existing companies operating promotional activities that can help to boost the demand for plant-based milk products.

The North America plant-based milk market is expected to grow with a rapid CAGR during the forecasting period. Consumers in North America are growing more health-aware, prompting a shift towards plant-based options. Numerous individuals are trying to decrease their consumption of saturated fats and cholesterol, commonly found in dairy milk. Almond, soy, and oat milk provide fewer calories and are frequently enriched with vital nutrients including calcium, vitamin D, and B12. This is in accordance with the increasing trend of clean eating and holistic wellness, consequently boosting product sales in the area throughout the projected period.

Moreover, operating companies in the region are investing money in research and innovation to offer convenient products, this product launch makes it easy to availability new varieties of products. Also, the major economies empower their per capita income and allow the customer to buy plant-based milk and other beverages at their conveniences. Which will help to boost the regional growth in the plant-based milk industry.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global plant-based milk market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Elmhurst Milked Direct, LLC
• Freedom Foods Group Ltd
• Earth’s Own Food Company Inc.
• Elden Foods Inc.
• Goya Foods
• Groupe Danone
• Living Harvest Foods Inc.
• Liwayway Holdings Company Limited
• Alpina Foods
• Hain Celestial Group, Inc.
• Horizon Organic
• Kaslink Foods Oy Ltd
• Others  

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In December 2023, Elmhurst 1925., announced the expansion of its flagship unsweetened plant milk line with its latest product: Milked Coconuts & Cashews. The new blend, crafted with whole buttery cashews and rich coconut cream, promises a balanced flavor and creamy texture, according to the company.

• In November 2024, Danone North America launched a new plant-based milk under its Silk brand, specially formulated for children. Which has made with oats and peas, Silk Kids addresses the rising demand for dairy-free, casein-free options. The nutrient-rich alternative offers 8 grams of protein per serving and a taste children will enjoy.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global plant-based milk market based on the below-mentioned segments: 

Global Plant-based Milk Market, By Product Type

• Soy Milk
• Almond Milk
• Coconut Milk
• Rice Milk
• Oat Milk
• Others

Global Plant-based Milk Market, By Application 

• Beverages
• Bakery and Confectionery
• Dairy Products
• Others

Global Plant-based Milk Market, By Distribution Channel   

• Supermarkets/Hypermarkets
• Convenience Stores
• Online Stores
• Others

Global Plant-based Milk Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa