GLOBAL – The plant-based milk market, valued at US$2.8 billion in 2022, is projected to reach US$7.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2032, according to a new report published by Allied Market Research.

Plant-based milk, derived from sources such as nuts, seeds, legumes, and grains, offers a non-dairy alternative to traditional milk, catering to individuals with lactose intolerance or milk allergies, and those opting for cruelty-free or environmentally friendly options.

These products are typically fortified with nutrients like calcium and vitamin D to match the nutritional profile of dairy milk.

According to the research, the shift towards plant-based milk is driven by increasing awareness of animal welfare, ethical concerns about the dairy industry, and environmental impact.

Practices in conventional dairy farming, such as confinement and separation of calves from their mothers, have prompted consumers to seek cruelty-free alternatives.

Additionally, the lower environmental footprint of plant-based milk production appeals to environmentally conscious consumers.

Despite its benefits, the plant-based milk market faces challenges regarding nutritional adequacy and fortification levels.”

Variability in nutrient content among different brands and types of plant-based milk, particularly calcium bioavailability, raises concerns about its nutritional value.

Opportunities abound for companies in the plant-based milk market, especially those derived from sources like almonds, soy, oats, and coconuts.

Leveraging health and wellness trends, companies can highlight the nutritional benefits of their products through marketing campaigns and clear labeling.

Fortifying plant-based milk with essential nutrients further enhances its appeal to consumers with specific dietary requirements.

The plant-based milk market is segmented based on type, distribution channel, end user, and region. Types include almond, soy, rice, oat, coconut, and others, while distribution channels encompass online platforms, supermarkets, and convenience stores.

End users range from retail/household consumers to the food services and food & beverage industries. Geographically, the market analysis spans North America, Europe, Asia-Pacific, and LAMEA.

The COVID-19 pandemic had a mixed impact on the plant-based milk market. Demand surged due to heightened health consciousness and concerns about zoonotic diseases, but supply chain disruptions posed challenges.

Temporary shortages and delays in product availability were observed, alongside increased competition as established dairy companies entered the market with their plant-based alternatives.

Overall, the plant-based milk market is poised for significant growth, driven by consumer demand for ethical, health-conscious, and environmentally friendly food options.

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