Plant Milk Market Size - By Source (Soy, Almond, Oat, Rice, Coconut), Distribution channel (Mainstream Stores, Specialty Stores), Formulation (Unsweetened & Sweetened), Packaging (Carton Packaging, Bottles, Pouches) & Forecast, 2024 – 2032

Plant Milk Market Size

Plant Milk Market size was valued at USD 15.9 billion in 2023 and is expected to register 11.6% CAGR between 2024 and 2032. Enhanced nutritional fortification is fueling market growth as consumers increasingly prioritize health and wellness. Manufacturers fortify their plant-based dairy products with essential vitamins, minerals, and nutrients such as calcium, vitamin D, vitamin B12, and omega-3 fatty acids to match or exceed the nutritional value of milk.
 

These fortified plant-based milks appeal to consumers looking for options, offering lactose-free options while delivering comparable or better nutritional value. The trend is supported by research highlighting the health benefits associated with these nutrients, including supporting bone health, strengthening the immune system, and cardiovascular benefits. As a result, fortified plant-based milk is gaining popularity among health-conscious people, vegans, and those with dietary restrictions, contributing to the overall plant milk market expansion.
 

For instance, In April 2024, Califia launched its completely vegan milk, packed with at least nine essential nutrients, including protein and all essential amino acids. It offers a nutritious alternative with approximately 50% less sugar than dairy milk, competing directly by providing equal or superior levels of essential nutrients like calcium, vitamins A, D, B12, magnesium, phosphorus, potassium, and riboflavin.
 

In addition, growing consumer demand for plant-based nutrition is another factor driving the plant milk market. As more and more consumers prioritize health, sustainability, and ethical considerations in their food choices, plant-based diets have gained widespread popularity.
 

Plant-based dairy products such as almond, soy, oat, and coconut milk offer viable alternatives to traditional dairy milk and cater to a variety of dietary preferences and restrictions, including lactose intolerance and veganism. This development is further fueled by the growing awareness of the environmental impacts of animal husbandry and the health benefits of plant-based food consumption. As a result, manufacturers are expanding their product offerings and investing in research and development to meet the growing demand for nutritious, sustainable, and delicious plant-based milk options.
 

In addition, growing consumer demand for plant-based nutrition is another factor driving the plant milk market. As more and more consumers prioritize health, sustainability and ethical considerations in their food choices, plant-based diets have gained widespread popularity.
 

Plant-based dairy products such as almond, soy, oat and coconut milk offer viable alternatives to traditional dairy milk and cater to a variety of dietary preferences and restrictions, including lactose intolerance and veganism. This development is further fueled by the growing awareness of the environmental impacts of animal husbandry and the health benefits of plant-based food consumption. As a result, manufacturers are expanding their product offerings and investing in research and development to meet the growing demand for nutritious, sustainable, and delicious plant-based milk options.
 

Higher prices compared to conventional dairy milk serve as a major market restraint. Despite growing consumer interest in plant-based alternatives, the production and processing costs of ingredients such as almonds, oats, or soybeans for milk substitutes are still higher than traditional milk production. That cost difference often results in higher retail prices for plant-based dairy products, which can discourage price-sensitive consumers from making the switch.
 

Additionally, fluctuations in raw material prices and production costs add to pricing challenges, limiting the market's ability to compete directly with dairy on cost. As the market matures and economies of scale improve, lowering production costs and increasing efficiency will be critical to alleviating this constraint.
 

Plant Milk Market Trends

The introduction of environmentally friendly production methods is emerging as a crucial market trend. As consumer awareness of environmental sustainability grows, manufacturers are increasingly focused on reducing their carbon footprint and minimizing environmental impact during production. This trend includes various initiatives such as sourcing raw materials from sustainable agriculture, optimizing water and energy use during production, using renewable energy sources, and implementing efficient packaging solutions that reduce waste.
 

Companies are also researching innovative technologies and investing in certifications that confirm their commitment to environmentally friendly practices. The goal is to attract environmentally conscious consumers and improve brand image. By prioritizing sustainability in production, the plant-based dairy industry not only meets regulatory requirements but also adapts to changing consumer preferences for products that contribute positively to environmental protection.
 

For instance, In April 2024, Califia announced that all its bottles in the United States and Canada will transition to 100% recycled plastic (rPET), a significant milestone in its sustainability journey. This shift could cut greenhouse gas emissions by at least 19 percent and reduce energy usage by half, underscoring Califia's commitment to environmental responsibility in the beverage industry. 
 

Investment in marketing and branding is another significant trend in the plant milk market. Companies are devoting more resources to building brand awareness, educating consumers about the benefits of plant-based milk, and differentiating their products from the competition in the market. This trend includes targeted advertising campaigns across various media channels, sponsorship of health and sustainability events, and collaborations with influencers and nutritionists to endorse their products. By making marketing activities more effective, companies aim to expand their market area, attract new consumers, and strengthen brand loyalty in an increasingly healthy and environmentally conscious consumer base.
 

Plant Milk Market Analysis

Based on source, the market is segmented into soy, almond, oat, rice, coconut, and others. The soy segment was valued at USD 7.3 billion in 2023 and will grow at 11.7% CAGR during 2024-2032, due to its high protein content and nutritional value. It is one of the most common and widely consumed varieties of plant milk, often preferred for its creamy texture and versatility in various culinary applications.
 

Soy milk is particularly popular with consumers looking for a high-protein alternative to dairy milk, making it suitable for vegans and vegetarians. In addition, soy milk is enriched with essential nutrients such as calcium, vitamin D, and vitamin B12, which are crucial for maintaining bone health and general well-being. The affordability and widespread availability of soy milk further promote its strong market position and attract both health-conscious consumers and those with dietary restrictions.
 

Based on distribution channel, the plant milks market is categorized into mainstream stores, specialty stores, and others. Mainstream stores segment accounted for USD 12.6 billion in 2023 and will grow at 11.5% CAGR through 2032, as these stores play a critical role in the distribution of plant milk, significantly influencing its market penetration and consumer accessibility.  
 

Supermarkets and supermarkets have expanded their plant-based milk offerings and dedicated more shelf space to different brands and plant-based milks. This increased visibility in mainstream retail channels has made plant-based milk more accessible to a wider audience, including those who may not actively seek out health food stores. The ease of buying plant-based milk at the regular grocery store is encouraging more consumers to try these products. In addition, brick-and-mortar stores often run promotional campaigns and offer discounts on plant-based milk, increasing sales and consumer interest.
 

The specialty stores is another emerging segment, as they cater to a niche but growing consumer base seeking health-conscious and premium products. These stores typically offer a wide variety of plant-based milk options, including unique and artisanal brands that may not be available in mainstream retail outlets. Specialty stores often emphasize organic, non-GMO, and sustainably sourced products, attracting eco-conscious and health-focused shoppers.
 

The personalized shopping experience and knowledgeable staff at these stores help educate consumers about the benefits of plant-based milk, fostering brand loyalty and repeat purchases. Additionally, specialty stores frequently host tasting events and product demonstrations, further engaging customers and driving sales.
 

North America plant milk market size dominated around of USD 4.1 billion USD in 2023 and will grow at 11.3% CAGR during the forecast period, driven by high consumer awareness and a strong preference for plant-based diets. The United States has witnessed significant growth in plant milk consumption, fueled by the increasing adoption of vegan and flexitarian lifestyles.
 

The presence of major plant milk manufacturers and the availability of a wide range of products have contributed to the market's expansion in this region. Furthermore, North American consumers are highly receptive to new and innovative products, encouraging continuous product development and launches. Health-consciousness and environmental concerns are major drivers, with many consumers opting for plant milk as a sustainable and healthful alternative to dairy milk. The region's robust distribution networks, including both physical stores and online platforms, ensure widespread availability and convenience for consumers.
 

In the North America region, the United States plays a pivotal role, propelled by increasing consumer awareness and adoption of plant-based diets. The plant milk market is buoyed by a strong presence of major plant milk manufacturers and a diverse range of products, including almond, soy, oat, and coconut milk.
 

The U.S. market benefits from robust distribution networks, encompassing both brick-and-mortar stores and e-commerce platforms, ensuring widespread product availability and convenience. Consumer preferences in the U.S. are increasingly influenced by health considerations, lactose intolerance, and environmental sustainability, driving the demand for plant-based milk. Additionally, innovative marketing strategies and product innovations continue to attract a broader consumer base, reinforcing the U.S. as a key driver of growth in the market.
 

Plant Milk Market Share

Prominent players such as Califia Farms, Nestle, and Plenish play integral role in driving growth and innovation within the plant milk market. Their key growth strategies include extensive R&D to renew and diversify product portfolios with a focus on improving taste, nutritional value, and sustainability. They are also expanding their distribution channels by partnering with brick-and-mortar retailers and improving their online presence to reach a wider consumer base.
 

Some companies invest in marketing campaigns to raise awareness of the health and environmental benefits of plant-based milk. In addition, they are exploring mergers and acquisitions to strengthen their market position, enter new geographies, and exploit synergies. Collaborating with other food and beverage brands to create co-branded products and undertaking sustainability initiatives to attract environmentally conscious consumers are also key strategies that will drive the growth of the plant-based milk market.
 

Plant Milk Market Companies

Major players operating in the plant milk industry include:

• Blue Diamond Growers
• Califia Farms
• Danone
• Elmhurst 1925
• Mooala
• Nestlé
• Oatly AB
• Pacific Foods
• Plenish
• Ripple Foods
• SunOpta Inc.
• The Hain Celestial Group
• WhiteWave Foods
   

Plant Milk Industry News

• In February 2024, Nestlé confirmed the withdrawal of its yellow pea-based milk alternative, Wunda, from the market. The Swiss multinational company informed the Dutch publication Food+Agri that Wunda is no longer available in the Netherlands and has also been removed from international distribution channels. 
   
• In March 2022, Plenish, one of the fastest-growing plant-based drinks brands in the UK, launched a comprehensive brand refresh alongside new premium packaging for its range of plant-based milk, juices, and shots.
   

The plant milk market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Tons) from 2021 to 2032, for the following segments:

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Market, By Source:

• Soy
• Almond
• Oat
• Rice
• Coconut
• Others

Market, By End-user:

• Mainstream Stores
• Specialty Stores
• Others (online, natural food stores)

Market, By Formulation:

• Unsweetened
• Sweetened

Market, By Packaging:

• Carton Packaging
• Bottles
• Pouches

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA