Global Plant-based Milk Market
Dublin, Oct. 27, 2023 (GLOBE NEWSWIRE) -- The "Plant-Based Milk Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The Global Plant-Based Milk Market was valued at USD 12.62 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 6.38% through 2028.
Key Market Drivers:
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Rise in Veganism and Lactose Intolerance: The growing trend of veganism and an increase in the lactose intolerant population have contributed significantly to the surge in demand for plant-based milk alternatives. People are seeking dairy-free options for various reasons, including ethical concerns, health benefits, and dietary restrictions.
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Consumer Health Consciousness: A profound shift in consumer health consciousness has driven the adoption of plant-based milk. Consumers are becoming more aware of the health benefits associated with plant-based diets, such as lower saturated fat and cholesterol content. Plant-based milk is often perceived as a healthier alternative to traditional dairy milk.
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Diversification of Product Offerings: The plant-based milk market has diversified beyond traditional soy and almond milk to include a wide range of options, such as oat milk, coconut milk, rice milk, hemp milk, and more. This diversity allows consumers to choose products that align with their taste preferences and dietary needs.
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Availability and Accessibility: Plant-based milk products have become widely available in supermarkets, convenience stores, and online retail platforms. This increased availability has made it convenient for consumers to access these products, contributing to market growth.
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Innovation: Plant-based milk companies are continuously innovating and developing new products, including plant-based yogurt, ice cream, and cheese. Innovation in taste, texture, and nutritional profiles has made these products more appealing to consumers.
Key Market Challenges:
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High Prices: The production of plant-based milk can involve cost-intensive processes, including sourcing high-quality ingredients and processing. As a result, some plant-based milk products can be priced higher than traditional dairy milk, which may deter price-sensitive consumers.
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Competition from Conventional Dairy Brands: Established dairy companies have entered the plant-based milk market, leveraging their brand recognition and resources. This competition can make it challenging for specialized plant-based brands to gain market share and compete on pricing.