Plant-based Milk Market to Reach $7.3 Billion Globally by 2032 at 10.3% CAGR
Source: The DairyNews
Plant-Based Milk Market Projected to Surge to $7.3 Billion by 2032, Fueled by Health Awareness and Sustainability Trends
The global plant-based milk market is set to reach $7.3 billion by 2032, growing at a remarkable CAGR of 10.3%, according to a recent report by Allied Market Research. The surge in demand is attributed to the increasing awareness of the health benefits associated with plant-based diets, propelling consumers to opt for dairy alternatives, especially in North America, which dominated the market share in 2022.
The report, titled "Plant-based Milk Market: Global Opportunity Analysis and Industry Forecast, 2023-2032," highlights key factors influencing market dynamics. Factors such as lactose intolerance and a growing preference for sustainable choices contribute to the sustained growth of the plant-based milk market.
Despite the market's impressive growth, challenges such as rising production costs, seasonal fluctuations in plant ingredient prices, and higher distribution expenses are expected to pose obstacles during the forecast period. However, the report also identifies the increasing adoption of vegan and vegetarian lifestyles as well as a rising awareness of health benefits and environmental sustainability as pivotal factors unlocking growth opportunities in the plant-based milk market.
As the global shift towards healthier and more sustainable dietary choices continues, the plant-based milk market is poised for substantial expansion, offering lucrative prospects for industry players and stakeholders alike.
The report, titled "Plant-based Milk Market: Global Opportunity Analysis and Industry Forecast, 2023-2032," highlights key factors influencing market dynamics. Factors such as lactose intolerance and a growing preference for sustainable choices contribute to the sustained growth of the plant-based milk market.
Despite the market's impressive growth, challenges such as rising production costs, seasonal fluctuations in plant ingredient prices, and higher distribution expenses are expected to pose obstacles during the forecast period. However, the report also identifies the increasing adoption of vegan and vegetarian lifestyles as well as a rising awareness of health benefits and environmental sustainability as pivotal factors unlocking growth opportunities in the plant-based milk market.
As the global shift towards healthier and more sustainable dietary choices continues, the plant-based milk market is poised for substantial expansion, offering lucrative prospects for industry players and stakeholders alike.
