Global Plant Milk Market: Asia Leads in Consumption, While US Exhibits Strong Brand Loyalty

According to The Brainy Insights, the global plant-based milk market is projected to soar to $51.87 billion by 2032. This growth is largely driven by heightened awareness of the environmental impact of dairy production, rising lactose intolerance rates, and the increasing popularity of vegan diets.

Regional Market Leaders

In 2023, Asia dominated the global plant-based milk market, generating an estimated $13.4 billion in revenue. China led the region with $9.5 billion, followed by Japan at $1.8 billion, and South Korea and India each contributing approximately $0.4 billion. North America, driven by the United States, trailed behind with $3.6 billion, while Europe generated $3.9 billion, with Germany, the UK, and Spain as key contributors. South America and Africa reported lower revenues of $0.7 billion and $0.2 billion, respectively.

Despite the lower revenues in some regions, the global plant-based milk market is expected to exceed $35 billion in the next four years. While Asia is anticipated to maintain its lead due to its large population, Europe and North America are likely to experience more substantial growth in per capita revenue.

Variety Preferences Across Regions

The preference for specific plant-based milk varieties varies by region. In China, soy milk is the most consumed alternative, reflecting the country’s long-standing tradition of soy use. In contrast, almond milk dominates the US market, while oat milk is particularly popular in Sweden, thanks to the success of the local brand Oatly.

A Statista Consumer Insights survey conducted across 52 countries found that India had the highest percentage of regular dairy-substitute consumers at 32%, followed by Thailand and the United Arab Emirates at 29%. The global average stood at 20%, with Japan and Serbia at the lower end with 11% each.

US Market Insights and Brand Loyalty

In the United States, plant-based milk alternatives still represent a smaller market share compared to traditional dairy products. For instance, in 2023, refrigerated dairy milk sales generated approximately $14.1 billion, while plant-based milk alternatives contributed only $2.5 billion, according to Circana’s 2024 Dairy and Plant-Based Trends & Expectations report.

However, the loyalty among US plant-based milk consumers is notably strong. According to Statista’s Consumer Insights survey, those who try plant-based milk alternatives are highly likely to become repeat consumers. Silk, a leading plant milk brand in North America, emerged as the most popular choice, with over one-third of respondents reporting they had consumed it within the past year. Of these, 86% expressed an intention to continue purchasing the brand’s products. Blue Diamond’s Almond Breeze also showed strong performance, with 30% of respondents trying the brand and 84% indicating a likelihood of future consumption.

Consumer Drivers

The survey further explored the factors that influence US consumers when selecting a plant milk brand. High value, honesty, trustworthiness, authenticity, and reliability were the most commonly cited attributes. Additionally, consumer enthusiasm for plant-based milk, along with concerns for animal welfare and environmental impact, were significant predictors of willingness to try these alternatives.