- The global plant-based milk market is projected to expand at promising pace on the back of shift in consumption patterns and increased inclination among major worldwide population toward organic, sustainable, and plant-based foods.
- On regional front, Asia Pacific plant-based milk market will demonstrate prodigious expansion avenues in the years ahead.
ALBANY, N.Y., Feb. 17, 2021 /PRNewswire/ -- Plant-based milk can be manufactured using almonds, soy, oats, coconut, rice, cashew nuts, and hemp. This product is gaining immense impetus across the globe owing to high nutritional contents in it. Moving forward, growing trend of veganism is likely to generate high demand for plant-based products, and thereby boosting the sales of the global plant-based milk market throughout the assessment period 2019-2029.
According to analysts at TMR, the global plant-based milk market will expand at CAGR of 8% during the assessment period 2019-2029. The market was accounted for ~ US$ 14 Bn in 2019.
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Plant-based Milk Market: Major Takeaways
- Industry Leaders Focus on Innovations
Key enterprises in the global plant-based milk market are growing focus toward innovating their products. For this purpose, they are increasing investments in research activities. Many players are offering their products in a wide range of flavors. These efforts are helping stakeholders in boosting their sales number.
- Growing Lactose Intolerant Population fuels Demand Opportunities
In recent few years, there is considerable growth in the number of people dealing with lactose intolerance issue. Thus, this consumer base is inclined toward use of substitutes to dairy products. As a result, the players in the global plant-based milk market are experiencing lucrative avenues from this consumer base from all across the globe.
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Plant-based Milk Market: Growth Boosters
- In recent few years, there is remarkable growth in people living with a wide range of health issues such as diabetes, obesity, and other cardiovascular diseases. Owing to this factor, major population from all across the globe is growing preference toward consuming plant-based food products. This scenario is likely to spur fabulous demand opportunities in the plant-based milk market in the forthcoming years.
- Considerable increase in number of lactose intolerant population in all worldwide locations has created promising opportunities for companies working in the food and beverages industry. To fulfill the need of this consumer base, many companies are pouring efforts toward research activities and offering them plant-based products including milk. This scenario depicts that the plant-based milk market will expand at decent pace in the years ahead.
- With increasing urban population, the market is expected to experience promising expansion avenues in the upcoming years. Moving forward, growing trend of consuming products with no or less artificial contents is expected to fuel market sales.
- In recent few years, there is noteworthy increase in instances of food safety issues owing to increased use of hormones and antibiotics in the dairy industry. Owing to this factor, consumers today are growing preference toward consuming safer products including plant-based milk.
- Major enterprises in the global plant-based milk market are using strategy of mergers and acquisitions. This move is helping them in maintaining their leading market position.
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Plant-based Milk Market: Well-Established Participants
Some of the key players profiled in this study on the plant-based milk market are:
- Pacific Foods of Oregon, Inc.
- Groupe Danone.
- Turtle Mountain LLC.
- The Hain Celestial Group Inc.
- Natura Foods, Sunopta Inc.
- Vitasoy International Holdings Limited.
- Earth's Own Food Company Inc.
- Freedom Foods Group Ltd.
- Mc Cormick & Co., Goya Foods.
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