The Latest Plant Based Milk Industry Statistics Explained
The global plant-based milk market was valued at $17.32 billion in 2020.
The statistic stating that the global plant-based milk market was valued at $17.32 billion in 2020 indicates the total monetary worth of the market for non-dairy milk alternatives derived from plants such as soy, almond, and oat milk. This value reflects the aggregate revenue generated from the production, sales, and consumption of plant-based milk products worldwide during the year 2020. The significant market valuation highlights the growing consumer interest and demand for plant-based milk options as a healthier and more sustainable alternative to traditional dairy products. This statistic serves as a key indicator of the expanding plant-based food industry and underscores the economic importance and potential growth opportunities within the plant-based milk market.
It is projected to reach $37.57 billion by 2028, growing at a CAGR of 9.3%.
This statistic indicates that the value of a particular market or industry is expected to increase from its current level to $37.57 billion by the year 2028. The growth rate is projected to be 9.3% per year, on average, over the forecast period. This implies a steady and substantial expansion of the market size, driven by various factors such as increasing demand, technological advancements, changing consumer preferences, or other market dynamics. The compound annual growth rate (CAGR) serves as a measure of the steady annual growth required to reach the projected value over the specified time frame, providing insights into the future trajectory of this market.
Almond milk dominated the market by holding around 53% of the total revenue in 2018.
This statistic indicates that in 2018, almond milk held a significant share of the market based on total revenue, capturing approximately 53% of the industry’s revenue. This dominance suggests that almond milk was the most popular or highest-selling product within the market, outperforming other competitors and categories. The data highlights the strong consumer demand for almond milk, potentially driven by factors such as health consciousness, dietary preferences, and environmental considerations. As such, almond milk emerged as a key player in the market landscape in 2018, indicating a preference among consumers for this plant-based milk alternative over other options.
Soy milk was the second most popular non-dairy alternative, accounting for about 35% of the sales in 2018.
The statistic indicates that soy milk held the second highest market share among non-dairy alternatives in 2018, capturing approximately 35% of total sales in this category. This suggests that soy milk was a significant player in the non-dairy market, with a considerable portion of consumers opting for soy milk as their preferred choice. The popularity of soy milk could be attributed to various factors such as its nutritional profile, taste, availability, and potential health benefits. This statistic highlights the strong position of soy milk within the non-dairy market, indicating its relevance and appeal to a substantial portion of consumers seeking dairy-free options.
The Asia Pacific region is expected to be the fastest-growing market in the plant-based milk industry by 2026.
The statistic indicates that the Asia Pacific region is projected to experience the highest rate of growth within the plant-based milk industry by the year 2026. This growth is likely driven by an increasing consumer shift towards plant-based products, driven by concerns over health, sustainability, and animal welfare. Factors such as rising disposable incomes, changing dietary preferences, and a growing awareness of the environmental impact of traditional dairy products are contributing to the strong growth forecast for plant-based milk in the Asia Pacific region. This trend highlights significant opportunities for companies operating in the plant-based milk industry to expand their market share and capitalize on the growing demand for alternative dairy products in this region.
North America accounted for more than 33% of the total share of the market in 2020.
The statistic indicates that North America had a significant market presence in 2020, representing more than one-third (33%) of the overall market share. This suggests that North America played a substantial role in the market dynamics, potentially influencing trends, competition, and industry developments. The data implies that companies operating in North America have a considerable impact on the market, both domestically and globally. Understanding this statistic can be crucial for businesses looking to expand into or compete within the North American market, as well as for stakeholders assessing the region’s economic influence and potential for growth.
Lactose intolerance is reported to be a key driver of plant-based milk sales.
The statistic that “lactose intolerance is reported to be a key driver of plant-based milk sales” indicates that the increasing prevalence of lactose intolerance, a condition in which individuals have difficulty digesting lactose found in dairy products, is significantly influencing the growth and popularity of plant-based milk alternatives. People with lactose intolerance often seek non-dairy milk options such as almond, soy, or oat milk to avoid digestive discomfort and meet their dietary needs. As a result, the demand for plant-based milk products has been driven by the growing awareness and diagnosis of lactose intolerance, leading to an expanding market for these alternatives in response to consumer preferences and health considerations.
More than 65% of dairy alternatives sold in the Asia Pacific are sweetened.
The statistic ‘More than 65% of dairy alternatives sold in the Asia Pacific are sweetened’ indicates that a significant majority of non-dairy milk products, such as soy milk or almond milk, available in the Asia Pacific region contain added sugars. This suggests that consumer preferences in this market lean towards sweetened dairy alternatives, possibly for taste enhancement or flavor variety. The high percentage of sweetened products also reflects manufacturers’ efforts to cater to regional tastes and possibly capitalize on the growing demand for non-dairy milk options in the Asia Pacific region. In terms of health implications, it is important for consumers to be aware of the added sugar content in these products and to choose options that align with their dietary preferences and needs.
The addition of flavors accounted for more than 52% of dairy alternative sales globally in 2020.
The statistic indicating that the addition of flavors accounted for more than 52% of dairy alternative sales globally in 2020 suggests that the taste preferences and variety offered by flavored dairy alternatives played a significant role in driving consumer purchasing behavior within this market segment. This statistic highlights the importance of product innovation and differentiation in the competitive dairy alternative industry, where consumers are increasingly seeking diverse and appealing flavor options to suit their preferences. The high percentage attributed to flavored products underscores the strong influence of taste and sensory experience in shaping consumer choices and driving overall sales in the dairy alternative market worldwide.
Among all plant-based milk, oat milk has seen the fastest growth in the U.S., with a sales increase of nearly 300% in 2020.
This statistic indicates that oat milk has experienced the most substantial growth rate among all plant-based milk options in the United States. Specifically, the sales of oat milk increased by almost 300% in 2020, highlighting a significant surge in consumer preference for this particular alternative dairy product. This rapid growth suggests that oat milk is gaining popularity rapidly, likely due to factors such as its perceived health benefits, taste, and sustainability compared to other plant-based milk options. The surge in sales reflects a shift in consumer preferences towards oat milk as a preferred choice in the expanding plant-based milk market, indicating a notable trend towards healthier and environmentally friendly milk alternatives among American consumers.
The European market is expected to grow at a compound annual growth rate (CAGR) of approximately 7.2% until 2025.
The statistic indicates that the European market is projected to experience a steady growth rate of around 7.2% on an annual basis until the year 2025. This compound annual growth rate (CAGR) suggests a cumulative growth over the specified period, highlighting growth opportunities and potential expansion in the European market. The forecasted growth rate signifies optimism in the economic prospects of the region, indicating potential for increased business activities, investments, and market development. This projection can help businesses, policymakers, and investors make informed decisions and strategic plans to leverage the anticipated growth in the European market over the coming years.
About 230 new plant-based milk products were launched in the U.S. in 2018.
The statistic suggests that in 2018, there was a significant increase in the number of new plant-based milk products being introduced into the market in the United States, with approximately 230 new products launched. This indicates a growing trend towards plant-based alternatives to traditional dairy products, driven by factors such as health considerations, environmental concerns, and changing consumer preferences. The increase in plant-based milk products reflects a shift in the food industry towards more sustainable and diverse options to cater to the evolving needs and preferences of consumers. The rise in product offerings also indicates a competitive market landscape and a response to the increasing demand for plant-based alternatives.
The number of consumers shifting to vegan diets (for a variety of reasons, including health, the environment, and animal welfare) has multiplied over the last decade, which is expected to fuel plant-based milk market growth.
The statistic highlights a significant shift in consumer behavior towards vegan diets, with a growing number of individuals choosing plant-based alternatives over traditional animal products. This trend is driven by various factors such as health concerns, environmental sustainability, and animal welfare considerations. The increase in the adoption of vegan diets over the past decade has led to a surge in demand for plant-based milk products, contributing to the growth of the plant-based milk market. As more consumers prioritize ethical and health-conscious food choices, the plant-based milk industry is poised to experience further expansion and innovation to meet the evolving preferences of a more environmentally and health-conscious consumer base.
The UK plant-based milk industry is expected to reach over £509 million by 2026.
The statistic indicates that the market size of plant-based milk in the UK is projected to exceed £509 million by the year 2026. This forecast suggests a significant growth trajectory in the plant-based milk industry, highlighting the increasing popularity and demand for alternative dairy products among consumers in the UK. Factors driving this growth may include changing consumer preferences towards plant-based diets for health and environmental reasons, as well as the introduction of a wide variety of plant-based milk options in the market. The statistic serves as a valuable insight for investors, businesses, and policymakers looking to capitalize on the expanding market for plant-based milk products in the UK.
References
0. – https://www.www.mintel.com
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4. – https://www.www.fortunebusinessinsights.com
5. – https://www.www.grandviewresearch.com
