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Plant Milk Market: Current Analysis and Forecast (2021-2027)

Region:Global

Author(s):

Product Code:UMCG21672

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Published on

January 2022

Total pages

241

Table of Content

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About the Report

About the Report

Plant milk, also known as plant-based milk alternatives, is generally an extract of legumes, cereals, nuts, and/or seeds, diluted in water. They are very similar to animal milk in terms of texture, appearance, and use. Depending on the raw materials and fortification, they differ in their nutritional composition and taste, but none of them contain any lactose or cholesterol. As per a study by food company Cargill, the percentage of consumers that are using plant milk in the U.S.A, Europe, Asia-Pacific, and Latin America is 54%, 54%, 69%, and 71% respectively as of the year 2018.
A surge in the end user's disposable, increasing lactose intolerance, allergy from animal milk allergy among consumers are some of the prominent factors due to which the demand for plant milk is on the rise. An estimated 75% of the world's population is intolerant to lactose, the sugar found in milk. Also, 2-3% of kids under the age of three are allergic to cow's milk. According to the U.S. National Library of Medicine, roughly two in three adults aren't able to fully digest lactose & when lactose intolerant people consume products that contain this sugar, they experience a variety of uncomfortable symptoms. Therefore, consuming a lactose-free alternative enables them to keep dairy in their diet without causing their body distress.
Furthermore, some people choose to exclude animal products from their diets for ethical or health reasons. For example, plant-based food diet followers exclude all products that come from animals, including cow's milk. The Plant-Based Foods Association reports that Plant-based milk remains the largest animal-based alternative product category and reached sales of USD2.5 billion in 2020, according to the SPINS data, 20% higher than in 2019.
The rising demand for low sugar options in the milk category due to the rapid prevalence of diabetes globally is one of the key factors contributing to the growth. The cow milk has 4.58 grams of sugar per 100 ML while the soya milk and almond milk has 2.5 and 2.8 grams of sugar per 100 ML. Owing to these benefits numerous players are launching plant-based milk products; therefore, the market is uplifting. For example, in Feb 2021, Life Health Foods (India) Pvt. Ltd launched their new brand So Good protein+, dairy-free plant-based milk which contains 25% more protein than regular Soy Milk and toned dairy milk.
Based on the source, the market is fragmented into Almond, Soy, Coconut, Rice, and Others. The soy plant Milk segment grabbed the major market share and dominated the market in 2020. The market of this segment would reach USD XX Mn by 2027. The growing awareness about the health benefits of soy milk among consumer is leading to the growing demand for this segment, As per American Heart Association, eating foods containing soy protein to replace foods high in animal fats have benefits to cardiovascular health.
Based on the formulation, the market is fragmented into Regular and Flavored. The regular segment grabbed XX% market share and captured USD XX Mn market in 2020. However, the flavored segment would witness the robust CAGR during the forthcoming years
Based on the distribution channel, the market is fragmented into Supermarkets and Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, and Others. The supermarkets and hypermarkets segment grabbed XX% market share and captured USD XX Mn market in 2020. However, the online store segment would witness a robust CAGR during the forthcoming years.
Based on the nature, the market is segmented into Organic and Conventional. The conventional segment grabbed the major market share and dominated the market. However, with the rising disposable income and surging awareness, the demand for organic milk is witnessing an uptick.
For a better understanding of the market adoption of the Plant Milk Market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), and Rest of World. North America constitutes a major market for the Plant Milk Market industry and generated revenue of USD XX Million in 2020 owing to the emerging demand for Plant Milks due to shifting towards vegan products.
Some of the major players operating in the market are Groupe Danone, Pacific Foods of Oregon, Inc., The Hain Celestial Group Inc., Turtle Mountain LLC, Vitasoy International Holdings Limited., Natura Foods, Freedom Foods Group Ltd., Earth's Own Food Company Inc., Mc Cormick & Co., The Hershey Co, etc. Several M&As along with partnerships have been undertaken by these players to develop Plant Milk across the globe.

Products


Companies

Groupe Danone, Pacific Foods of Oregon, Inc., The Hain Celestial Group Inc., Turtle Mountain LLC, Vitasoy International Holdings Limited., Natura Foods, Freedom Foods Group Ltd., Earth's Own Food Company Inc., Mc Cormick & Co., The Hershey Co

Table of Contents

Table of Contents

1 MARKET INTRODUCTION

1.1. Market Definitions

1.2. Limitation

1.3. Stake Holders

1.4. Currency used in Report

2 RESEARCH METHODOLOGY OR ASSUMPTION

2.1. Research Process of the Plant Milk Market

2.2. Research Methodology of the Plant Milk Market

2.3. Forecasting Method

2.4. Respondent Profile

2.5. Main Objective of the Plant Milk Market Study

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL PLANT MILK MARKET COVID-19 IMPACT

6 GLOBAL PLANT MILK MARKET REVENUE, 2019-2027F

7 MARKET INSIGHTS BY SOURCE

7.1. Almond

7.2. Soy

7.3. Coconut

7.4. Rice

7.5. Others

8 MARKET INSIGHTS BY FORMULATION

8.1. Regular

8.2. Flavored

9 MARKET INSIGHTS BY SALES CHANNEL

9.1. Supermarkets and Hypermarkets

9.2. Specialty Stores

9.3. Convenience Stores

9.4. Online Stores

9.5. Others

10 MARKET INSIGHTS BY NATURE

10.1. Organic

10.2. Conventional

11 MARKET INSIGHTS BY REGION

11.1. North America Plant Milk Market

11.1.1. United States

11.1.2. Canada

11.1.3. Rest of North America

11.2. Europe Plant Milk Market

11.2.1. United Kingdom

11.2.2. Germany

11.2.3. France

11.2.4. Italy

11.2.5. Spain

11.2.6. Rest of Europe

11.3. Asia Pacific Plant Milk Market

11.3.1. China

11.3.2. Japan

11.3.3. India

11.3.4. Australia

11.3.5. South Korea

11.3.6. Rest of Asia Pacific

11.4. Rest of World Plant Milk Market

12 PLANT MILK MARKET DYNAMICS

12.1. Market Drivers

12.2. Market Challenges

12.3. Impact Analysis

13 PLANT MILK MARKET OPPORTUNITIES

14 PLANT MILK MARKET TRENDS

15 LEGAL & REGULATORY FRAMEWORK

16 DEMAND AND SUPPLY SIDE ANALYSIS

16.1. Demand Side Analysis

16.2. Supply Side Analysis

16.2.1. Top Product Launches

16.2.2. Top Business Partnerships

16.2.3. Top Business Expansions, Investments and Divestitures

16.2.4. Top Merger and Acquisitions

17 VALUE CHAIN ANALYSIS

18 COMPETITIVE SCENARIO

18.1. Competitive Landscape

18.1.1. Company Shares, By Revenue

19 COMPANY PROFILED

19.1. Groupe Danone

19.2. Pacific Foods of Oregon, Inc.

19.3. The Hain Celestial Group Inc.

19.4. Turtle Mountain LLC

19.5. Vitasoy International Holdings Limited

19.6. Natura Foods

19.7. Freedom Foods Group Ltd.

19.8. Earth's Own Food Company Inc.

19.9. Mc Cormick & Co.

19.10. The Hershey Co.

20 DISCLAIMER

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