Demand for plant-based food items and beverages has increased exponentially over the past few years. In 2021, the global sales of plant-based milk products recorded revenues of over US$ 13.2 billion, and it is expected to grow at a CAGR of over 9% during 2021-2031, estimates a new study published by ResearchMoz.
The study states the increasing interest in veganism among athletes as well as consumers is among the primary driving forces for the global market for plant-based milk products. Consumers are consciously avoiding animal-based products that contain additives and chemical-based preservatives. Thereby, demand for plant-based substitutes and dairy alternatives is continually on the rise, highlights the ResearchMoz report.
Consumers Switch to Plant-based Milk for Additional Health Benefits
The world is seeing a constant rise in the prevalence of health conditions like gluten allergies and lactose intolerance. Individuals with such health disorders have already resorted to plant-based milk products. However, healthy consumers are also showing interest in making a shift from animal-based products and conventional dairy products to plant-based food items and beverages.
Taking this into consideration, manufacturers in the plant-based milk market are introducing products with enhanced nutritional profiles. It is becoming among their primary strategies to launch plant-based milk products with high protein content, less sugar and fat, and more amounts of other nutrients such as calcium, iron, potassium, and vitamins B and D, states the study.
Premium, Organic Plant-based Milk Shows High Sales Potential
The ResearchMoz study thoroughly analyzes macro-and microeconomic factors as well as business elements to launch lucrative strategy points for stakeholders in the plant-based milk market. The study states that the consumer demand for premium, organic products in speciality stores is significantly high. The high purchasing power of consumers and their willingness to pay extra for health-benefiting products is mainly attributed to this trend in the plant-based milk market.
ResearchMoz also projects that the sales of organic, premium plant-based milk products are expected to increase at a CAGR of more than 10% during the assessment period of the study. Manufacturers in the plant-based milk market must capitalize on this trend by marketing the additional health benefits to the right consumer base and consciously distinguish themselves from conventional, private labels.
ResearchMoz studies the competitive landscape of the global plant-based milk market to analyze company profiles, financial information, strategic developments, and other competitive data. This study covers leading market players including Döhler GmbH, Groupe Danone, Oatly AB, Califia Farms, Hain Celestial Group Inc., Elden Foods Inc., Alpina Foods, Blue Diamond Growers Inc., Natura Foods, Kaslink Foods Oy Ltd., Organic Valley, Living Harvest Foods Inc., Earth’s Own Food Company Inc., Campbell Soup Company, Liwayway Holdings Company Limited, Goya Foods, Mc Cormick & Co., Nutriops SL, Elmhurst Milked Direct LLC, Pacific Foods of Oregon, Inc., Freedom Foods Group Ltd, and others.
Primary growth strategies of market players highlight their focus on making constant improvements in taste, texture, and nutritional profile of their products to gain a competitive advantage in the plant-based milk market. Many companies are also investing heavily in their research & development initiatives to launch healthier and more nutritional products, presents the study in its section on the competitive landscape.
“Plant-based milk market is rapidly moving towards making technology-based integrations more prevalent. Leading companies are catering to consumers’ need for high nutrition vegan products through a surplus of investment in R&D. Companies should also aim to launch more innovative flavours to attract significant consumer segments and gain a competitive edge in the plant-based milk market,” says a lead analyst at ResearchMoz.
The recent study on the plant-based milk market takes into consideration economic, sociological, geopolitical, and geographic factors that can contribute to or hamper the market growth. It analyzes primary and secondary market research data to provide accurate qualitative information and quantitative estimates on how the plant-based milk market will grow in terms of value and volume during the assessment period.
Here are some key points about the plant-based milk market to note from the study:
- The global market is expected to witness a healthy CAGR of over 9% from 2021-to 2031. The market is projected to grow from US$ 13.2 billion to US$ 30.8 billion through the forecast period.
- The demand for organic products in the premium section is expected to remain the highlight of the future trends that the market is likely to witness in the coming decade.
- Sales of plant-based milk products is seen to be highest in western regions – North America and Europe. United States accounts for more than 80% revenue share of the North American market for plant-based milk products.
- Leading market players are mainly focusing on improving the taste, texture, and nutritional value of their products by enhancing the contents of protein, calcium, and other vitamins.