Global Plant-Based Flavored Milk Market - 2023-2030

Market Overview

Global Plant-Based Flavored Milk Market reached US$ 5.4 billion in 2022 and is expected to reach US$ 11.1 billion by 2030 and is expected to grow with a CAGR of 9.5% during the forecast period 2023-2030. Customers give plant-based milk favorable reviews for distinctive qualities like sustainability and lactose intolerance, which is driving the plant-based flavored milk market demand.

Plant-based beverages have been referred to as "milk-like plant liquids" since the 13th century. These days, they are commonly referred to as non-dairy milk, vegan milk, alternative milk, or plant-based milk. Although they are frequently sold in packaging that is like and less expensive than that of dairy milk, plant-based beverages are not allowed to use the term "milk" in the EU.

Future plant-based flavored milk market growth is made possible by the millennial generation's growing awareness. Research by the Vegan Society included more than 3,200 participants, ranging in age from 18 to 75. 42% of the sample consisted of respondents who were millennials, with ages ranging from 18 to 44. The most significant conclusion was that 60% of respondents preferred plant-based chocolate products, which is driving the plant-based flavored milk market growth.

Market Dynamics

The Primary Driver of Market Expansion is Rising Rates of Chronic Lifestyle Disorders.

One of the main factors driving market expansion is the rise in chronic lifestyle diseases and sensitivity to animal protein. The popularity of vegan eating habits on a global scale is also encouraging industry growth. Due to growing consumer awareness of animal health issues and an increase in lactose intolerance worldwide, people's tastes in milk products made from plants are shifting.

The majority of individuals in Asia and Africa, according to the National Institute of Diabetes & Digestive and Kidney Diseases (NIDDK), are lactose intolerant. Northern Europe is one region where lactose intolerance is less prevalent. Lactose intolerance affects more than 35% of people in the US. Growth is also aided by the production of novel products like meat, eggs, and milk from plants.

Rising Incidences of Lactose Intolerances are Driving the Plant-Based Flavored Milk Market.

The growing demand for plant-based protein sources has led to an increase in the popularity of plant-based milk. With millennials particularly choosing healthier options, veganism is becoming more and more popular. For those that compete in the market for plant-based milk, this has also presented significant development prospects.

People are choosing alternatives that don't contain dairy because lactose sensitivity is so common. Governments and health organizations have recommended a number of measures to control lactose intolerance, which has helped to expand the market for plant-based milk. After childhood, the ability of the human population to digest lactose declines by about 65 percent. People of East Asian heritage are most frequently affected by lactase non-persistence, accounting for 70 to 100% of cases in these populations.

High Cost Coupled with Fewer Nutrients in Plant-Based Flavored Milk is Restraining the Market Growth.

Compared to dairy milk, plant milk is more expensive, which could impede market expansion throughout the projection period. Moreover, some plant-based milk products are relatively high in calcium, low in proteins or vitamin D, both of which are vital for health, and contain a negligible amount of arsenic, making them unsuitable for young children. Besides, continual revisions in food safety standards will stifle market trends for plant-based flavored milk.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global plant-based flavored milk market is segmented based on type, category, flavor, packaging, and region.

In the Global Market of Plant-Based Flavored Milk, the Chocolate Flavor Segment Holds the Largest Market Share.

The global plant-based flavored milk market has been segmented by flavor into chocolate, vanilla, strawberry, coffee, and others. The chocolate segment held the largest plant-based flavored milk market share of 35.7% in 2022 in the plant-based flavored milk market analysis report. The flavor of chocolate is well-known and adored by many. It has a long history of being connected to indulgence and fun. All consumers, including kids and adults, have a natural preference for the decadent and sweet flavor of chocolate.

Furthermore, milk-based goods and other food and beverage categories routinely place chocolate flavor among the most popular flavors. Chocolate is a safe and dependable option for flavored milk manufacturers to cater to a variety of consumer tastes because of its familiarity and universal appeal. As a special treat for themselves or their kids, as a source of comfort during moments of leisure, or just as a treat, consumers resort to chocolate-flavored milk.

Geographical Analysis

The North America Region Held the Largest Share of Plant-Based Flavored Milk Market.

The global plant-based flavored milk market is segmented into five parts of the world based on geography: North America, South America, Europe, Asia Pacific, the Middle East, and Africa. The North American plant-based flavored milk market held the largest market share of 42.6% in 2022 in the plant-based flavored milk market analysis.

Consumers are choosing healthier food options more frequently due to rising health and wellness knowledge, such as lactose-free plant-based milk, which offers a number of health advantages. The capacity of lactose-free food items to help with weight loss and facilitate accurate digestion, hence enhancing gut health, is one of the main factors contributing to their appeal.

Additionally, consumers are favoring lactose-free food items since they can lessen the body's exposure to antimicrobials, which is crucial given the global rise in gastrointestinal problems and other ailments. For instance, soy milk and rice milk are popular plant-based milk since it is low in fat, lactose-free, dairy-free, and cholesterol-free.

Competitive Landscape

The major global players in the market include: Hershey India Private Limited, The Hain Celestial Group, Inc., Sunopta Grains And Foods Inc., Califia Farms, LLC, NotCo, Valsoia S.p.A, Simple Foods, Australia's Own, Oatly Inc., and Elmhurst Milked Direct LLC.

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

COVID-19 Impact:

The market for plant-based flavored milk confronted an expanding tendency, nonetheless. Consumers are increasingly consuming plant-based flavored milk including almond, cashew, and hazelnut milk. Consumers' greater health consciousness and their growing interest in environmental preservation during these dangerous times are the main causes of this rise in non-dairy flavored milk, vegan flavored, and dairy-free flavored beverages demand.

To counter COVID-19, the government, corporate executives, and consumers must collaborate given the notable decreases in several industries. In this case, the COVID-19 pandemic's effect on the global market for plant-based dairy milk is mixed. Governments all around the world strictly abide by general public health initiatives, which include promoting awareness of obesity and foods and beverages with enhanced nutritional value.

High immunization awareness among consumers has grown to be a real concern during the pandemic. In terms of food, customers are increasingly choosing healthier options over tastier ones. Due to its advantages, plant-based milk consumption among consumers increased in this situation. The adaptability of the market is another factor contributing to its boom during the epidemic era.

The market, for instance, offers a variety of flavors, origins, formulas, and fortifications. Additionally, the situation has improved in the post-pandemic period because of rising consumer demand and a shift towards plant-based rather than animal-based products.

Why Purchase the Report?

• To visualize the global plant-based flavored milk market segmentation based on type, category, flavor, packaging, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of plant-based flavored milk market-level with all segments.
• The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The Global Plant-Based Flavored Milk market report would provide approximately 69 tables, 70 figures and 160 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies