Market & Trends

Plant-Based Milk Market to Be Worth $51.87Bn by 2032, Dominated by North America

According to a report by The Brainy Insights, the global plant-based milk market will be worth $51.87 billion by 2032, up from $20 billion in 2022. Key drivers will include the growing popularity of vegan diets, high rates of lactose intolerance, and sustainability concerns associated with dairy production.

North America currently dominates the market, with a 38% share; it is expected to retain the largest market share over the forecast period. The promotion of plant-based diets on social media, along with health concerns and high rates of dairy allergies, will help to boost sales in the region.

Furthermore, there is a huge range of milk alternatives available in North America, catering to a variety of tastes. The products are widely available in grocery stores, making them accessible to most consumers.

Almond milk dominated the market in the report’s base year, 2022, with a market share of 35% and revenues of $7 billion. By distribution channel, supermarkets had the largest share at 60%, with revenues of $12 billion.

Different types of plant-based milk
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Opportunities and restraints

The continued launch of new varieties of milk alternatives, along with growing public awareness of the products, will provide more opportunities for market expansion. Research indicates that sales of conventional dairy products are stagnating or declining in many regions, while plant-based alternatives continue to become more popular.

However, some consumers perceive plant-based milks to be more processed than dairy, due to added ingredients such as thickeners and stabilizers present in some brands. Additionally, some milk alternatives contain allergens such as soy or nuts, or have a lower protein content than cow’s milk. These factors could restrain the market.

Some companies are working to address these concerns; for example, Kiddiwinks has developed an oat and chickpea-based milk alternative for children that offers a 1:1 nutritional replacement for cow’s milk with none of the top nine allergens. Meanwhile, Califia Farms has just launched Complete, a plant-based milk that matches the nutritional profile of dairy but contains 50% less sugar.

“The level of total nutrition found in Califia Farms Complete is a powerful and unique way for consumers to achieve their nutritional needs,” said Rajneesh Hora, chief science officer at Califia Farms. “We spent a lot of time perfecting this formula to combine noteworthy amounts of vitamins, minerals, and protein while delivering on the delicious, creamy consistency that’s become a hallmark of Califia’s plant-based products.”

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