Plant milk is sourced from plant beverages with a color resembling that of milk. Plant-based milk is a kind of non-dairy beverage which is made from water-based plant extract for flavoring and aroma. Plant-based milk is consumed as an alternative to dairy milk, and it often provide a creamy mouthfeel. Plant-based milk has lower saturated fat and is low in calories as compared to cow’s milk and it also provides some nutritional benefits to the whole plants themselves. It is a good option for people who have milk allergies or lactose intolerance.
According to a market report published by Bizwit Research & Consulting, LLP, Global Plant milk market is valued approximately USD 13432.4 Million in 2020 and is anticipated to grow with a healthy growth rate of nearly 11.41% over the forecast period 2021-2027.
Rising demand for alternative sources of animal-derived milk and protein, nutritional benefits offered by plant-based dairy alternatives, and an increase in cases of lactose intolerance and milk allergies are some of the factors that are expected to significantly contribute towards the growth of the global market during the forecast period. In addition, increasing product development and growing awareness towards vegan diets are expected to inject growth opportunities into the market. However, fluctuating raw material prices are expected to hamper the growth of the global market during the forecast years.
As lactose is the principal carbohydrate found in milk products there are people which are lactose intolerant and have milk allergies such as rashes, redness of the skin, hives, swelling, runny or stuffy nose wheezing, and anaphylaxis. Plant-based milk products are lactose-free which will not cause milk allergies and are healthy to be consumed for people with lactose intolerance. According to the National Institute of Health of the United Kingdom, lactose intolerance shows up most often in people of East Asia Heritage affecting 70 to 100% of the population. Also, lactose intolerance affects about 75 to 90% of native Americans, Mediterranean, Asians, and Jewish people. Thus, people with people suffering from lactose intolerance will lead to an increased demand for the plant-based milk market.
Global Plant milk Market Size study By Source (Almond, Oat, Soy, Coconut, Rice), By Packaging (Carton Packaging, Bottles, Pouches), By Formulation (Unsweetened, Sweetened), By Sales Channel (Mainstream Stores, Specialty Stores and Online Stores), and Regional Forecasts 2021-2027
The total market revenue is calculated on the basis of revenue generated through the sales of plant-based milk products majorly liquid. However, sales generated from plant-based milk-derived products such as yogurt, cheese, butter, etc. are excluded from the report. Major companies covered under the report include Earth’s Own Food Company, Blue Diamond Growers, Danone S.A, Oatly AB, Califia Farms, planet oat, Campbell Soup Company, Elmhurst Milked Direct LLC, SunOpta, Ripple Foods.
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Bizwit Research & Consulting LLP