PUBLISHER: Bonafide Research & Marketing Pvt. Ltd. | PRODUCT CODE: 1046519
PUBLISHER: Bonafide Research & Marketing Pvt. Ltd. | PRODUCT CODE: 1046519
Middle Eastern region is neither developed nor developing economy. It stays disputed under which category it is more prominent as it is more often labelled as developed in terms of vast oil deposits. In terms of basic facilities, they are developing because of lack of proper education and poor healthcare facilities. The income distribution is very unequal as the gap between the rich and the poor is very high. Middle East being the world's most important source of energy has a significant impact on the global economy as a whole. The pandemic has created new group of poor people in Middle East and North Africa, impacting more on small and informal business owners. Unemployment rate has increased to a large extent among the youth and women in this region. The pandemic has increased pre-existing inequalities in social, political and economic systems. South Africa is also a developing country with high number of unemployed population and poverty despite rich natural resources and largest industrialized country. Less than 5% of south africa's populace is vegetarian and 20% are in line of limiting meat intake. Veganism is slowly seeping into this country with fifth highest vegan food ordering country through UberEats an online food platform. It increased significantly during the lockdown period as populace is determined to healthy eating habits. Though veganism is widespread here, many misconceptions wander into the minds of consumers like it has bland taste, costly and lacks nutrition.
According to the research report "Middle East & South Africa Plant Based Milk Market Outlook, 2026" published by Bonafide Research, the plant based milk market is expected to grow rapidly at a CAGR of 12.30% during the forecast period. The plant based milk market is under developed in this region, which results in a less than five per cent share globally. However, South Africa leads the plant based milk market in this region with 70% consumption from soy milk. MEA leads the flavoured milk market globally with highest consumed Chocolate, Vanilla and Strawberry flavours in plant based milk. This is mainly due to high travel inventory in cities like Dubai, Oman, Egypt, Jordan and Cape Town. With more tourists' influx, the demand for plant based products is sure to boost up during the forecast years. Soy milk is one of the oldest plant based milk and so it is widely available and has massive acceptance globally. Whereas, Almond milk has recently captivated, vital reason being soy milks allergenic property. 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.
Growing number of population is turning vegan and the 2020 statistics shows there are 5% vegans, 20% flexitarian and 11% vegetarians around the globe. 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.
Middle East & Africa plant based milk market is in its nascent stage and so is an emerging market during the forecast period. 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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