PLANT-BASED MILK MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Takeaways from Analyst

Rising health consciousness among consumers along with growing vegan and lactose intolerant population are expected to boost demand for plant-based milk products. Plant-based milk such as soy milk, almond milk and coconut milk are gaining immense popularity as these are perceived to be more nutritious alternatives to dairy milk. Major factor contributing to the market growth include flexitarian diet culture especially in western countries.

Price sensitivity can hamper the market growth. Plant-based milk is generally more expensive than dairy milk which could hamper mass consumption. Consumer preference for authentic taste is also a challenge as many plant-based options fail to mimic dairy milk flavors perfectly.

Asia Pacific currently dominates the global plant-based milk market, owing to widespread vegan trends and adoption of healthier lifestyle in the region. Europe region is anticipated to witness the fastest growth in the future due to rising health consciousness, growing incomes and western influence in countries like India and China. The Middle East and Africa also presents untapped growth potential for plant-based milk due to increasing lactose intolerant population in Gulf Countries.