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Plant-based Milk Market (New Insights Report) to Reach US$ 25.3 Billion by 2030 Lactose intolerance to boost the market growth in the Globe over the forecast period (2023-2030)
The global consumption of plant-based milk has increased due to the numerous health benefits provided by soy milk and coconut milk. In addition, major brands such as Archer Daniels Midland Company and Danone Corporation, as well as small and new industry participants, are making significant efforts to increase their market share through the introduction of plant-based milk products. With the rise of veganism among millennials, plant-based milk demand is expected to increase in the coming years.
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The prevalence of lactose intolerance has compelled people to seek alternatives that do not contain dairy products, resulting in a massive global demand for plant-based milk. A rise in consumer preferences for a vegan diet will contribute to the global expansion of the market.
According to the Plant-Based Foods Association, the global market grew by 9.5% between 2017 and 2018, contributing approximately 15.3% to the overall milk market. According to reports, the expansion of the global market will be fueled by the health benefits of a vegan diet and the increase in demand for dairy substitutes among people with cardiac conditions, obesity, and diabetes.
In addition, simple access to basic materials, such as soy and rice, will enhance global market trends. A significant increase in the consumption of non-dairy products will increase the extent of the global market for plant-based milk. Various governments and health companies have made recommendations for effectively managing lactose intolerance, thereby contributing to the expansion of the global market.
The fluctuating prices of plant-based milk and the negative impact of plant-based milk consumption on infant health can impede the global plant-based milk industry.
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The global plant-based milk market is sectored type, formulation, distribution channel, and region.
In terms of type segment, the global plant-based milk market is divided into almond milk, rice milk, soy milk, oat milk, and coconut milk. In addition, the almond milk segment, which held over 53% of the global market share in 2022, is anticipated to record the highest CAGR over the next few years. Increased demand for nut-based lactose-free milk, escalating health concerns, and a shift in consumer preferences may all contribute to the segmental growth predicted for the future.
On the basis of formulation, the global plant-based milk market is segmented into flavoured and unflavored segments. In addition, the unflavored segment, which held the largest share of the global market in 2022, is anticipated to dominate segmental growth in the coming years. Customers' demand for sugar-free and non-dairy products with a silky texture may contribute to segment growth in the coming years.
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The report contains qualitative and quantitative research on the global Plant-based Milk Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.
Some of the main players in the global Plant-based Milk market include;
North America , which accounted for more than 61% of the global plant-based milk market's revenue in 2022, is projected to experience a substantial increase during the forecast period. The regional market expansion over 2023-2030 may be contingent on the subcontinent's increasing vegan population. Rapid demand for non-dairy products has led to the increasing prominence of plant-based milk, thereby influencing regional market trends. The increase in per capita expenditure of the population in the region will contribute to the expansion of the regional market. The expansion of the regional market will be driven by an increase in demand for healthy goods.
In addition, the Asia-Pacific plant-based milk market is anticipated to record the maximum CAGR over the assessment period. The regional population's increasing consumption of plant-based milk is likely to have a positive effect on the industry's growth. In addition, the readily available raw materials for the production of plant-based milk in China , South Korea , and India will enhance regional industry trends.
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