Research report published by Proficient Market Research “Global Plant Milk Market – By Formulation: (Sweetened and Unsweetened.), By Source (Soy, Almond, Rice, Others) Market – Growth, Future Prospects, Post COVID-19 Scenario 2021 – 2028”, states that the global plant milk market is expected to grow at a CAGR of 14.5% during the forecast period from 2021 to 2028.
The global plant milk market is projected to grow with healthy rate over the forecast period. Major factors or trends that are expected to contribute in the growth of the market comprise increasing vegan food culture in developed as well as developing regions, rising awareness among the customers about health benefits of plant-based food, specified nutrition values, and easy availability of plant food products at global level. All these factors about plant-based foods have grabbed more attention towards plant milk in food & beverage industry.
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COVID 19 pandemic situations have adversely affected the growth of plant-based milk market. Strict lockdowns imposed by several governments to control the spread of infection stopped all the manufacturing process that directly impacted the production of plant-based milk and related products. Moreover, restrictions on personnel movements also hampered the production of plant-based milk.
Furthermore, plant-based milk is also used to enhance flavor and aroma in many other food products. However, less awareness about plant milk in low and middle-income countries may hamper further growth of the market in forecast period.
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Key players in the market include Danone S.A., Earth’s Own Food Company, Califia Farms, LLC, Oatly AB, Campbell Soup Company, Blue Diamond Growers, Elmhurst Milked Direct LLC, Organic Valley, Ripple Foods PBC., and Hain Celestial Group Inc. among others.
Trends and Future Outlook:
Growing vegan food culture
Large investments by key players in novel bases
Rise in lactose intolerance people to drive the demand for plant based milk
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Based on the formulation, the global plant milk market is bifurcated into the following
Unsweetened segment held the largest share by formulation
In 2020, Unsweetened segment held the largest share by formulation. The segment held around 68% of the total revenue share in the global market in 2020. High demand for basic form of plant milk is driving the growth of unsweetened segment.
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Based on the sources, the global plant milk market is bifurcated into the following
Soy segment held the largest share of the market
In 2020, Soy segment held the largest share of the market, due to its high nutritional content, low price, and easy availability. Also almond segment is expected to register rapid growth during the forecast period, owing to its growing popularity among health conscious people.
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Asia Pacific dominated the overall plant milk market
In 2020, Asia Pacific dominated the overall plant milk market. Changing food habitats, growing demand of plant-based food products, growing disposable income, and increasing vegan culture is contributing towards the growth of market in the region.
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