Market Research Report
Latin America Plant-Based Milk Market Outlook, 2026
|Latin America Plant-Based Milk Market Outlook, 2026|
Published: December 30, 2021
Bonafide Research & Marketing Pvt. Ltd.
Content info: 68 Pages
Delivery time: 1-2 business days
Agriculture and mining form the two most important bases for Latin America economy that is a developing region. The land is full of minerals and other raw materials. As compared to North America and Europe, per capita income here is mere USD 27.8 thousand, with which dairy spending is not that significant. Latin America is more often conferred with a third world tag that is not much developed. It lacks knowledge and innovation that results in slow production and competitiveness and excess inequality. Unemployment and corruption hinders the economic growth in Latin America. Due to violence more prevalent the populace remains in constant uncertainty and persistent inequality. The region lacks basic structural requirements like roads, dense forests and poor communication and transportation facilities. The Latin America diet revolves around meat, beans and rice in varied forms. Vegetarian diet or even Veganism is by far, a distinct phenomenon in this region as it is not so widespread among populace in this region. The bigger cities have a few specific restaurants serving vegan food on their palate. Going shopping for vegan products is very difficult as the supermarkets do not have space allotted to plant based products. The dairy industry in this region is not developed yet, as the smaller cities and interior regions still have loose packaging that makes it difficult to come to actual consumption on milk. With proper packaging, developed infrastructure and transportation new products can be placed here. COVID-19 pandemic had adverse effects on Latin America's economy with fewer investments, productivity coming to a halt, increased unemployment and poverty. However, in 2021 it is fast recovering, but plant based milk being a niche market has to be still propagated well among populace in this region.
According to the research report "Latin America Plant Based Milk Market Outlook, 2026" published by Bonafide Research, the plant based milk market is expanding steadily at a CAGR of 10.49% during the forecast period. The Latin America plant based milk market is five times more than Latin America plant based meat market, which is prudent that plant based milk market is a matured market. Still, Latin America when compared globally holds a scanty market position. Soy milk is one of the oldest plant based milk and so it is widely available and has massive acceptance. Whereas, Almond milk has recently captivated, vital reason being soy milks allergenic property. Brazil and Argentina makes almost 50% of the plant based milk market, while Columbia is an emerging country in this region. Oat milk is the fastest growing plant milk given its health benefits. By consumption plain milk is mass consumed as compared to flavoured milk, as the latter is high priced. Sales through supermarkets/ hypermarkets are dominant as consumers prefer buying their essentials from branded chains with trust worthy names.
The report analyses influential trends that are currently determining the growth of the market. It further, interprets important dynamics, such as the drivers, restraints, and opportunities for key market players and also the new entrants with the manufacturing of the plant based milk market. The analyses also state the upholding of the future status of the plant based milk market over the forecast period. A detailed overview of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the plant based milk market, along with their product portfolios, enhances the reliability of this extensive research study.
People in the western countries are more inclined towards plant based milk than the developing countries. Widespread awareness of consuming plant based foods and its positive impacts on health are a major driver for this market. Obesity is on the rise, globally irrespective of varied food cultures in different regions of the world. Plant based milk provides more energy, improves health, balances body weight and adds flavour to milk.
Oat milk has paved its way to become one of the fastest growing markets during the forecast period with a power to cross over 10% market share globally. The other types of milk like Cashew milk, Hazelnut milk are also gaining traction in the market, as consumers are always on a spur to taste new variants. The flavoured plant based milk market is expected to grow enormously, as manufacturers are bringing new flavours on the shelf like Berry, Hazelnut, Coffee, Mocha and Coconut. While, Chocolate, Vanilla and Strawberry are well established and have succeeded in capturing majority of the market share. Online sales of plant based milks is rapidly expanding as they offer discount schemes and free home delivery options. Today's busy consumers want to enjoy the easy accessible shopping through their luxury home space. Many one-stop shops have put themselves on the web to ease the purchasing process for the consumers. Leading supermarket chains have their own online shopping apps which further paves the market to succeed.
The COVID-19 pandemic has negatively impacted the world economy at large. Major economies were hit hard resulting in decline of GDP to a significant extent. The demand and supply chain disruption led to a decline of plant based milk market in 2020 to a noticeable point. With the tourism industry coming to an halt altogether, the plant based milk market being inversely related suffered. However, the pandemic is now being seen as an advantage to plant based food products, as consumers moving towards healthy food eating habits. Consumers want to refrain from any animal origin product due to spread of diseases.
The Hain Celestial (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium Health and Wellbeing Company (Australia), Danone (France), Freedom Foods Group (Australia), Earth's Own Food Company (Canada), Triballat Noyal (France), Valsoia S.p.A (Italy), Panos Brands (US), Melt Organic (US), Oatly (Sweden), Living Harvest Foods (US), Ripple Foods (US), Kite Hill (US), Califia Farms (US), Hudson River Foods Inc. (US), Daiya Foods Inc. (Canada), Pureharvest (Australia), Yoconut Dairy Free (US), and Yumbutter (US)
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to plant based milk industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
Keywords: Global, North America, South America, Europe, Middle East, Africa, Asia, Asia-Pacific, India, Japan, USA, Canada, Mexico, UK, Italy, France, soy milk, almond milk , coconut milk, oat milk, vegan milk, vegan, hemp milk, cashew milk, quinoa milk, hazelnut milk, chocolate milk, coffee milk, nut milk, berry milk, flavoured milk, plain milk, vanilla milk, strawberry milk, alternative milk, soy, pea, lactose, allergy, legumes, organic milk.
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