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09.02.2024

Global Plant Milk Market Set to Surge, Estimated to Reach $51.87 Billion by 2032

Source: The DairyNews
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The global plant milk market is poised for substantial growth, projected to escalate from USD 20 billion to an impressive USD 51.87 billion within the next decade.
Global Plant Milk Market Set to Surge, Estimated to Reach $51.87 Billion by 2032
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The market is expected to witness rapid expansion fueled by the introduction of a diverse range of plant-based milk alternatives during the forecast period. North America has emerged as a key player, dominating the global plant milk market with a robust 38% share of market revenue in 2022.

Brainy Insights forecasts a remarkable ascent from the 2022 global plant milk market value of USD 20 billion to an estimated USD 51.87 billion by 2032. Plant milk, an alternative to traditional dairy, mimics the flavor and consistency of conventional milk while originating from plant sources. The growing acceptance of plant milk can be attributed to various factors, including evolving dietary preferences, increasing instances of lactose intolerance, and environmental concerns associated with conventional dairy farming.

Plant milk derives from sources such as soybeans, almonds, oats, rice, coconuts, cashews, hemp seeds, and yellow peas, each offering unique textures and flavors. Almond milk, for instance, boasts a nutty flavor, while soy milk provides a creamy smoothness. Functioning as a nutritional alternative to dairy milk, plant milk includes essential vitamins and minerals. It serves as a lactose-free option for those intolerant to dairy and addresses protein allergies related to cow's milk.

A growing health consciousness among consumers, driven by a surge in dairy allergies and lactose intolerance, propels the demand for dairy substitutes. This lifestyle shift is further accelerated by the popularity of plant-based and vegan diets, with social media influencing a broader audience on the benefits of these dietary choices. The extensive variety of plant milk options caters to diverse palates, enhancing accessibility and availability through widespread distribution in supermarkets and grocery stores.

In 2022, the almond segment dominated the plant milk market, commanding a substantial 35% market share and generating revenue of 7 billion. The source segment, encompassing almond, soy, rice, oat, coconut, and others, reflects the growing preference for almond-based plant milk among consumers. With the market continuously evolving, the plant milk industry is positioned for significant growth, offering an array of choices to meet the diverse needs of consumers worldwide.
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February 2024
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