PLANT-BASED MILK MARKET Challenges and Opportunities

Key challenges currently faced by the market includes relatively high prices of these products compared to conventional animal-based milk such as cow's milk. Plant-based milk alternatives tend to have a higher production cost due to the more complex processing required and the need to extract the milk from plant sources rather than simply milking cows. This price differential means that plant milks often cost nearly 2-3 times as much as cow's milk on a per gallon/liter basis.

Market Opportunity- Innovation in new product formulations

Plant-based milk market presents a major opportunity for innovation in new product formulations that can appeal to an even wider consumer base. With more companies entering the market, there has been increase in R&D to replicate the taste, texture, and nutritional profile of cow's milk more closely through new formulations. Products enriched with calcium, vitamins, and other nutrients are also improving. There has been scope to innovatively use different plant bases beyond the usual soy, almond and coconut to launch unique varieties.