According to a new report published by Allied Market Research, titled, Plant-based milk market is experiencing a significant growth and is expected to exhibit growth in the coming years owing to the consumers’ worries related to allergens, hormone usage, and the perceived unfit profile for some of the dairy products offerings. People now prefer plant-based milk because it possess comparatively lower amount of sugar, fat, and calories. In addition, it is good for health as it has higher proportion of calcium, vitamins, and protein present in it.
COVID-19 Scenario Analysis:
The closure of factories due to COVID-19 led to the decline in the packaging of the plant-based milk products in the industries. This not only affected the scale of production but also the growth of these industries.
The online platforms, shops and retail stores were shut due to lockdown observed worldwide. This also affected the trade of these products which in turn hampered the sales of plant-based milk in various countries around the world.
The sale of the food additives is expected to grow after worldwide release of the lockdown situation due to COVID-19.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Surge in consumer preferences toward lactose free food & beverage alternatives as well as rise in awareness among people regarding gastrointestinal diseases are expected to drive the growth of the of plant-based milk market during the forecast period.
Rise in health concern among people, change in lifestyle, increase in the young experimental population and diversification of flavors available in plant-based milk products are the major reasons contributing toward the growth of the market.
However, preference of dairy products for infants and comparatively higher prices of plant-based milk is expected to hamper the growth of the plant-based milk market.
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The global plant-based milk market trends are as follows:
Demand for Coconut Plant Milk
Market of coconut based milk is expected to grow during the forecast period owing to the associated nutritional value and health benefits. It is known to improve the body immunity and helps in preventing various diseases. Growth in demand for lauric acid present in coconut is helpful in maintaining cholesterol level and blood pressure. This boosts the market growth.
Potential Market
Asia-Pacific is expected to be fastest growing market owing to the increase in disposable income of the population and rise in awareness among people related to healthy food alternatives. Moreover, the region also possesses the raw material in the adequate quantity and labor is also available at cheaper costs.
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Key Benefits of the Report:
This study presents the analytical depiction of the global plant-based milk industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global plant-based milk market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the global plant-based milk market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global plant-based milk market analysis based on competitive intensity and how the competition will take shape in the coming years.
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Key Players: Pacific Foods of Oregon, Inc., Natura Foods, Sunopta Inc., The Hain Celestial Group Inc., Mc Cormick & Co., Goya Foods, Vitasoy International Holdings Limited, The Hershey Company, Turtle Mountain LLC, Edward & Sons, Chef’s Choice Food Manufacturer Company Limited, Earth’s Own Food Company Inc.
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