According to a report by ResearchandMarkets, the global plant-based milk market will be worth $47.55 billion by 2030, growing at a CAGR of 11.7%.
The high prevalence of lactose intolerance and milk allergies will be a key market driver, along with increased health awareness. Environmental concerns and increased support from governments and investors will also benefit the industry.
However, fluctuating raw material prices and consumer preferences for animal-based dairy products could restrain the market. Allergies to soy, nuts, and grains could also pose a challenge.
By type, oat milk is expected to register the highest growth rate over the forecast period, as it is soy-free, low in fat, and can be made gluten-free. Its neutral taste and rising consumer awareness of the health benefits of oats are also likely to play a role.
“Delicious, varied, & versatile”
Going forward, emerging economies in the Asia-Pacific and Latin America are expected to generate new growth opportunities for the plant-based milk market. The Asia-Pacific has an increasing vegan and flexitarian population, and Western-style diets are growing in popularity in the region.
The B2C segment is expected to have the largest market share, as stores — particularly supermarkets and hypermarkets — allocate more shelf space to milk alternatives. Flavored plant-based milks will see a higher CAGR than unflavored products, largely driven by the increasing demand for ready-to-drink beverages.
The report is supported by recent figures which indicate that European alt milk sales grew by a huge 49% between 2020 and 2022, with particularly strong growth in Germany. Other dairy alternatives, such as plant-based yogurt and butter, are also poised for significant market growth.
“Plant milk is not only climate-friendly, but also delicious, varied and versatile – and thus popular with people of all dietary styles,” said Dirk Liebenberg, Senior Project Manager Food Industry & Retail at ProVeg Germany.