Meticulous Research®—a leading global market research company, published a research report titled ‘Plant-based Milk Market Size, Share, Forecast, & Trends Analysis by Type (Almond Milk, Soy Milk, Coconut Milk, Oat Milk, Rice Milk), Formulation (Flavored), Distribution Channel (B2B, B2C [Modern Groceries, Convenience Store]) - Global Forecast to 2031’.
Projected Growth Rate and Market Outlook
According to this latest publication from Meticulous Research®, the plant-based milk market is projected to reach $52.54 billion by 2031, at a CAGR of 11.4% from 2024 to 2031. The growth of the plant-based milk market is driven by the high prevalence of lactose intolerance & allergies to cow milk, the growing focus on health & well-being, changing eating habits & consumers’ drive toward sustainability, and increasing investments & government support for plant-based industries. However, the high preference for animal-based milk products and the growing consumption of soy-free & gluten-free products restrain the growth of this market.
Historical Market Size and Growth
Historically, plant-based milk already demonstrated strong momentum. In the five years between 2019 and 2024, the market grew at an estimated CAGR of 7 to 8 percent. This increase coincided with improvements in taste, widening retail availability, and the shift towards plant-centric lifestyles. As a result, plant-based milk has cemented its reputation not only as an alternative but as a first-choice beverage for millions.
Major Factors Driving Growth
Several factors are propelling the plant-based milk market forward at both global and regional levels. One significant driver is health awareness: a growing segment of the population experiences lactose intolerance or seeks to reduce animal fat intake, making plant-based options increasingly attractive. In addition, many consumers are opting for plant-based milks for their lower calorie profiles and the presence of added nutrients such as calcium and vitamin D.
Sustainability is another key motivator. Compared to traditional dairy, the production of plant-based milks uses far less land and water, and generates fewer greenhouse gas emissions—a fact not lost on environmentally conscious buyers or on governments introducing stricter regulations.
Animal welfare concerns also play a notable part. Ongoing campaigns and greater transparency around food production have encouraged more people to select cruelty-free foods, helping plant-based milk move into the mainstream among not just vegans, but also flexitarians and health-minded individuals.
Product innovation has further fueled demand. Today’s plant-based milks come in an array of flavors, protein levels, and textures, closely mimicking dairy milk or offering new experiences. Fortification with additional nutrients is now common, making these beverages a reliable source of vitamins and minerals.
Lastly, improved distribution has resulted in wider reach. The growth of supermarkets, hypermarkets, and, notably, e-commerce channels have put plant-based milks within easy reach of urban and rural consumers alike.
Key Opportunities for Market Players
For both established manufacturers and new market entrants, the coming years offer immense opportunity. Innovations in high-protein formulations and “barista-style” milks engineered for coffee and professional applications are in high demand, particularly in Western markets. Base ingredients are diversifying as well; while soy, almond, and coconut still lead, oat milk is quickly gaining popularity, especially in the US and Europe.
Customization is another area ripe for growth. Brands that adapt formulations to suit local tastes and dietary requirements—for example, adding more protein in markets where dairy is seen as a primary protein source, or offering traditional flavors in Asia—stand to gain a competitive edge.
Sustainable packaging is also gaining importance. As consumers and governments increasingly demand eco-friendly products, investments in recyclable and biodegradable cartons and bottles are likely to pay off.
At the same time, the direct-to-consumer model through online platforms is proving particularly effective, enabling producers to reach younger, digitally native consumers and launch niche products more rapidly than with traditional retail channels.
Segments Creating Traction
Looking at product types, soy milk continues to hold global leadership, but almond, oat, coconut, and rice varieties are all capturing significant market share due to their distinct taste profiles and nutritional offerings. Oat milk, in particular, is experiencing a lively surge, thanks to its creamy consistency and ability to froth well in coffee.
Regarding formulations, while consumers still prefer unflavored options for everyday use, there is growing interest in flavored and fortified plant-based milks, especially those tailored for children, athletes, or specific health needs.
In terms of distribution, supermarkets and brick-and-mortar grocery stores dominate, but online sales are rapidly expanding, giving consumers access to a wider selection of brands and types. This dual-channel approach is helping to fuel the sector’s impressive growth.
Key Players
The plant-based milk market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the plant-based milk market are Hain Celestial Group, Inc. (U.S.), SunOpta Inc. (Canada), Sanitarium Health and Wellbeing Company (Australia), Axiom Foods, Inc. (U.S.), Earth's Own Food Company, Inc. (Canada), Sunrise Soya Foods (Canada), Campbell Soup Company (U.S.), Danone S.A. (France), Plamil Foods Ltd. (U.K.), Sahmyook Foods (South Korea), Nestlé S.A. (Switzerland), Natura Foods (Canada), Blue Diamond Growers (U.S.), and Oatly Group AB (Sweden).
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