Plant based milk, as the name suggests serves as an alternative to bovine milk and refers to non-dairy milk. People opt for plant based milk as a substitute, generally for lifestyle reasons or medical issues. Technically, plant based milk involves suspensions of dissolved and disintegrated plants in water, which appear like cow’s milk. Varieties of plant based milk include soy milk, almond milk, rice milk, coconut milk and others. All varieties listed above have the different amount of protein and other nutrient content present in the milk. These categories of plant based milk are also available in versions such as regular, low fat and fat-free. Increasing health conscious consumers coupled rising influence towards the plant based product is expected to support the Plant Based Milk market over the forecast period.
One major benefit offered by plant based milk is that it possesses less fat content as compared to dairy based milk. Some factors which drive the plant based milk market are that plant based milk taste and smell of plant based milk can be easily made preferable for consumers with the help of flavors, lactose content of plant based milk can also be controlled easily which attracts consumers who have lactose intolerance, which is a common problem that many consumers face. There is also a considerable rise in global vegan population that is taking place which results in high consumption of plant based milk and other products, which are derived with the help of this milk.
The dairy industry is also a major source of methane (greenhouse gas), which deteriorates the environment and so production of plant based milk is quite beneficial for raising a sustainable environment. Each type of milk including bovine milk has its own advantages and disadvantages, depending on the need. Plant based milk usage has increased in the current period and analysis of current scenario suggests that plant based milk will be the primary choice as compared to bovine milk. One restraint for plant based milk is that it negatively affects the growth of small children as compared to traditional cow's milk.
The plant based milk is segmented on the basis of end use, source, and distribution channel and packaging type. On the basis of end use, plant based milk is segmented as HoReCa, household, food industry. On the basis of source, plant based milk is segmented as: soy milk, almond milk, rice milk, coconut milk and others. Consumer’s choice among these types depends on the need with respect to the nutrient content or flavor of the type of plant based milk. On the basis of distribution channel plant based milk is segmented as: retail stores, specialty stores, and online retail. On the basis of packaging type plant based milk is segmented as: Pouches, bottles & Carton packaging. Bottles used for packaging may be made up of glass or plastic, depending on the manufacturer. Pouches can also be classified as flat pouches, LPG cartons, and others.
Market Regional Outlook:
The regional segment for the market of the plant based market is segmented into seven different regions: Western Europe, North America, Eastern Europe, Latin America, APEJ, Middle East & Africa and Japan. North America is undergoing a good market growth with respect to other regions because of the high demand of plant based milk in the US, due to consumer health awareness and thus the growth of other alternatives have is getting affected. Being an emerging market, Asia Pacific is anticipated to witness a high market growth during the forecast period because of a high rate of urbanization and consumer awareness about health.
There is a great variety of plant based milk being produced by manufacturers. Few of the players of plant based milk are Ripple Foods, DREAM, Califia Farms, Malk Organic, The New Barn.
SOURCE: Transparency Market Research