Plant-based Milk Market Size and Trends

Plant-based milk market is estimated to be valued at USD 19.88 Bn in 2024 and is expected to reach USD 32.33 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

Plant-based Milk Market Key Factors

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Plant-based milk market witnesses growth owing to rising health consciousness among consumers and increasing lactose intolerance. Various factors such as increasing vegan population, environmental concerns regarding dairy milk production, and rising availability of plant-based milk variants are driving the market growth. Moreover, growing awareness regarding the nutritional benefits of plant-based milk such as low cholesterol, lesser calories, and fat content compared to animal-based milk can also boost its demand.

Plant-based Milk Market Concentration By Players

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Top Strategies Followed by Plant-based Milk Market Players

Established players focus heavily on R&D to innovate new products. Companies like Oatly and Blue Diamond invest over 10% of revenues annually to develop enhanced formulations, nutrient profiles and packaging. These also form strategic partnerships with food companies, cafes and restaurants to increase distribution and boost brand awareness. International expansion remains a top priority with major players opening new production plants worldwide every year.
Mid-sized companies compete on cost while maintaining quality. Brands such as Kite Hill and Earth's Own ensure competitive pricing without compromising on taste. These frequently collaborate with local suppliers, co-packers and distributors to optimize manufacturing processes and logistics.
Small-scale Players are carving out niches in specialized categories. For example, companies like Plenish focus on creating distinctive textures and flavors suited for cereal and baking. Other brands concentrate on meeting dietary needs with allergen-free or vegan products.

Emerging Startups in the Plant-based Milk Market

Innovative technologies are driving change in the dairy alternatives market. Startups like Perfect Day are pioneering animal-free dairy proteins using fermentation to create customized whey and casein, with the potential to transform the industry and lessen environmental impact.

Sustainability is at the core for several startups. For instance, Nut Pod’s oat milk comes in cartons made from recycled household materials, saving millions of plastic bottles each year, while Bolt Threads has created a packaging material from mycelium and agricultural by-products.

New companies are also addressing niche needs. Minor Figures, for example, offers specialty milk aimed at families with infants, designed to mimic the properties of breastmilk. Meanwhile, other brands collaborate with chefs and mixologists to develop unique ingredients for innovative recipes and culinary concepts.