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Rising Trend of Veganism to Steer Plant-based Milk Market Past US$ 32 Billion by 2031
NEW YORK , Aug. 16, 2022 /PRNewswire/ -- The global plant-based milk market revenue totalled US$ 11 billion in 2020. With rising trend of veganism and surge in lactose intolerance cases, the overall demand for plant-based milk products is anticipated to grow at a prolific CAGR of 11% between 2021 and 2031, totalling around .
Over the years, plant-based milk products have gained immense traction across the world due to their various health benefits, easy availability, and surge in vegan population. Consumers, especially ones who are allergic to milk are showing a keen inclination towards utilizing plant-based milk products.
Hence, demand for these products, including plant-based milk, plant-based butter, and plant-based cheese, is expected to gain immense traction over the forthcoming decade. This will continue to provide a strong thrust to the growth in plant-based milk products during the forecast period.
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Similarly, evolving trends such as the demand for healthy and clean label products will propel sales of plant-based milk products over the next ten years. According to the Plant Based Foods Association, sales of new categories of plant-based milk product exceeded US$7 billion in 2020 and saw double-digit increases of 27%.
Demand is especially high for plant-based milk due to surge in cases of lactose intolerance and awareness about the high nutritional benefits of plant-based milk. Subsequently, adoption of effective marketing strategies to increase plant-based products awareness and their health benefits is expected to boost sales of plant-based milk products during the assessment period.
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Leading players are embracing novel strategies including cutting-edge marketing strategies, technology developments, mergers, and acquisitions to improve their market share
For instance,
In the latest study, Fact.MR offers a detailed study on global plant-based milk market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of Plant-based milk through detailed segmentation as follows:
As per Fact.MR, the global dairy cream market is anticipated to grow at a healthy pace during the forecast period, owing to the rising usage in soups, cakes, dressings etc. A dairy product having a minimum milk content of 18% is referred to as dairy cream in the United States.
During the projected period of 2021–2031, the global sales of dairy whiteners are anticipated to grow at 6% CAGR, reaching around US$ 18 Billion by 2031. Rising adoption of a healthy lifestyle and growing health awareness are fueling the demand for dairy whiteners.
The market for dairy stabilizers is estimated to be valued at US$ 73.3 million in 2022 and it is further expected to grow at a CAGR of 5.2% to reach US$ 122.2 million in 2031. is a key factor driving demand for dairy stabilizers.
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: The U.S. is one of the prominent consumers and manufacturers of coffee products, and has grown rapidly over the years. The U.S. milk frother market currently accounts for US$ 75.1 million (3.9 million units of milk frothers).
: The enriched milk powder market in Europe currently accounts for a net revenue total of US$ 2.01 billion and holds a market share of 23.3% in 2022 in the global industry landscape.
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