Consumers all over the world are avoiding dairy due to a growing knowledge of global problems such as animal welfare, the environmental effects of milk, elevated levels of dairy allergy, and other health concerns.
Related Project: Soya Milk From Soyabean
This shift in customer preferences, along with major industry players’ creative product creation strategies, has resulted in massive market growth. In terms of global sales, it is estimated at $16,130.9 million in 2019 and is expected to hit $41,061 million in 2025, representing a 16.7% CAGR between 2020 and 2025. Soy milk and almond milk both accounted for about 40% of global industry sales in 2019.
Rice, oat, hazelnut, almond, and even pea plant milk accounted for the remaining 20%. These global percentages are expected to remain relatively stable by 2025, with almond gaining a few percentage points on soy.
Related Project: Processing Of Milk And Milk Products
Growing Demand of Plant-Based Milk Market
The demand for plant milk surpassed USD 12 billion in 2019 and is expected to grow at a rate of over 11% between 2020 and 2026. The demand is growing due to rising customer understanding of vegan diets and the health benefits they have.
When compared to its larger counterpart, the dairy sector, which is valued at $140 billion, India’s demand for milk alternatives is still limited, estimated at $25 million. Analysts, on the other hand, are bullish about its future, estimating that it will rise at a CAGR of 30% over the next five years.
Plant-based milk has the same color as milk and is a vegan alternative to dairy milk. Almond milk is high in vitamin E, which can help prevent heart disease and stroke. With the growing trend for sweetened formulations around the world, the market for plant milk is growing.
Plant milk, which is made up of extracts from soy, almonds, coconuts, oats, and rice, is a great alternative to dairy and other animal milk on the market. Plant milk is popular with consumers because of its high nutritional value, which includes vitamins, minerals, carbohydrates, and proteins.
It has a variety of uses in the food and beverage industry, as well as the dairy and cosmetic industries. Increasing understanding of plant milk and its nutritional benefits is expected to drive demand for plant milk during the forecast era.
Related books:- Food Processing, Food Industry, Agriculture, Agro Processing, Processed Food
Applications of Plant Milk
- In the food and beverage industry, plant-based milk is widely used. It’s used in a variety of items for flavoring and fragrance.
- Calcium, basic minerals, Omega-3 fatty acid, and vitamins A, D, and B12 are among the nutrients contained in it. Due to strong customer demand, the industry forecast would like to be changed.
- Furthermore, lactose intolerance in infants is one of the major factors driving plant-based milk market
- Since dairy milk produces a higher proportion of lactose than plant-based milk, it can induce a variety of symptoms such as bloating, diarrhea, and abdominal cramps, which would boost the industry outlook.
Global Market for Plant Milk
Over 2026, the global soy plant milk market is projected to rise at a CAGR of more than 11%. Soy milk has the largest market share and is the consumer’s first choice thanks to its nutritional benefits, excellent taste, and wide range of flavors available. The market share of almond milk, on the other hand, is rapidly the, with a market share of about 40% due to the low-fat content and flavors.
Due to an increasing understanding of sugar-free and gluten-free products, the global plant milk demand from the unsweetened formulation is expected to reach USD 12 billion by 2026, fueling market forecasts during the forecast era. Sugar-free milk keeps diabetic wellbeing safe and protects against heart disease, fueling market forecasts during the forecast period.
In 2019, mainstream retailers had about 79 percent of the market share. Plant-based demand expansion would be supported by an increase in retail stores across the world as a result of rising disposable income. Consumers often enjoy convenient shopping, which is a key factor behind market dynamics.
Related videos:- Food Processing and Agriculture Based Projects
NPCS has served hundreds of thousands of clients, our experience in Techno-economic feasibility report, Integrated market study, Pre-feasibility study, and Comprehensive market survey for estimating the potential for Products, combined with our deep understanding of engagement issues across a wide array of industries, has resulted in an extensive and rich portfolio.
PM_Art2021