Plant Milk Market worth Over USD 21 Billion by 2024

Growing vegan population resulting in high demand for dairy alternatives is driving plant milk market growth. Improved taste and flavor along with long shelf life is anticipated to fuel the business penetration. 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. Plant Milk Market size is estimated to exceed USD 21 billion by 2024; according to a new research report by Global Market Insights.

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 alternative 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.

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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.

Increasing health issues owing to the use of bovine growth hormone into cattle to boost milk production has significantly hampered dairy industry. This has resulted in its ban from countries including Canada, the European Union, Australia, New Zealand, Japan, and Israel, hence fueling dairy alternative market. However, claims regarding hampered child growth due to use of dairy alternative product owing to lack of nutritional value compared to cow milk will restrain product adoption among young children.

Coconut will witness significant growth at over 13% up to 2024. Increased demand for coconut milk owing to the health benefits provided by coconut compared to soy will drive the product demand. Presence of significant amount of lauric acid in coconut, which when converted to monolaurin provides antiviral, antifungal and antibacterial properties. These properties in turn help in destroying wide variety of disease causing organism enhancing product penetration.

Mainstream stores accounted nearly 80% of the industry share in 2016. Growing disposable income and numerous value-added services offered by the modern retail outlets, substituting the conventional unorganized retailers is driving the product demand. Convenient locations, one-stop shopping, extended hours of operation, variety of merchandise, grab-and-go service and fast transactions are some of the key factors stimulating industry growth.

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Unsweetened formulation will witness gains exceeding 12.5% up to 2024. Increasing demand for dairy alternative product made from plain milk including desserts, yogurt and cheese drives the demand for unsweetened plant milk formulation. Convenience regarding addition of preferred quality and amount of sweetener owing to various health concerns by individuals will further propel the product demand.

Carton packaging accounted for over 65% of plant milk market share in 2016. Increased innovation in production of varied range of carton packaging offering barrier from UV radiations, moisture and harmful gases & odor will stimulate industry growth of plant milk market. Eco- friendly and recyclable properties exhibited by carton packaging will fuel product demand.

Global industry share is highly fragmented owing to presence various local and international vendors. Some of the key players include Ripple Foods, Danone, Archer-Daniels-Midland, WhiteWave Foods, Califia Farms, Hain Celestial Group, Daiya Foods and Freedom 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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