As per our research report, the global vegan milk market size is estimated to be growing at a CAGR of 10.1% from 2023 to 2030. The pandemic came with a lot of challenges but the impact on the vegan milk industry was somewhat beneficial. Social media played a huge role in creating an impact on the pros of veganism. People became more aware of the nutritional, planet, and animal benefits. The pandemic took a toll on people’s health and thereby a shift was seen towards going for a healthier lifestyle by consuming alternatives. The wider range of flavors, formulations, and tastes had a big role in boosting the vegan milk market. Post-pandemic, the majority stuck to their choices and influenced others to incorporate veganism.
A greater population inclined towards animal welfare has boosted the growth of the vegan milk industry. Factory farms use artificial insemination to regularly fertilize female cows to produce milk continuously. This milk is sold for human consumption thereby depriving the infant milk for the calves. Farmers put synthetic growth hormones into the animals to improve production, which raises their chance of acquiring mastitis, a painful infection of the mammary. Some farmers illegally inject oxytocin, a potent prescription drug that encourages cows to produce more milk. Moreover, lactating cows have a higher estrogenic level. Even though the effect of this hormone on human health is unclear, certain studies suggest that this can increase the risk of prostate, breast, and uterine cancer. Additionally, the male cows are often slaughtered due to their incapacity to produce milk. This has created a lot of awareness to shift to plant-based products. Secondly, the nutritional benefits of vegan milk have attracted consumers towards leading a healthier lifestyle. A greater part of the population has started to make a change in their lifestyle habits through their consumption. Vegan milk provides a lot of perks like lesser fat, calories, and sugar, being environment friendly, and a healthy alternative. Almond milk is rich in Vitamin E, Calcium, Soy Milk is rich in proteins, Coconut Milk is rich in Copper and Selenium, etc. Additionally, people suffering from lactose intolerance, blotting, nausea, etc find vegan milk to be a suitable choice. The global acceptance of a higher percentage of the population has been the biggest market driver for more revenue generation of the vegan milk industry.
However, manufacturing companies must stay updated on techniques and technologies to assess the physical, chemical, and biological risks present in vegan milk. Secondly, being a plant-based product, it can contain chemicals, pesticides, mycotoxins, insecticides, etc. The companies need to have technologies and investments for technologies to evaluate these toxins for public health. Thirdly, the beverage labelling should be accurate and precise else the chances of cross-allergy contamination increase leading to severe health issues. The physiological characteristics of plant-based products are comparatively different from dairy products. Therefore, the processing industries need to make sure that they are molded in a way having the same color, odor, and taste as regular milk. Furthermore, certain backslashes can be received by the population who are unwilling to let go of the traditional practices owing to the human benefits can be a market restraint.
Based on type, soy milk is the largest growing in the global vegan milk market. This is because of the high protein content, vitamins B and D12, iron, lactose-free, taste, and health benefits like prevention of cancer, cholesterol-lowering properties, heart-improved health, etc. The fastest growing in this segment is almond milk due to its creamy texture, taste, vitamin D, lesser sugar, and growing popularity.
Based on formulation, flavored vegan milk is the largest growing segment in the global vegan milk market owing to a variety of flavors, tastes, and colors. However, unflavoured vegan milk is the fastest growing because of factors like being sugar-free and added health benefits.
Based on end-user, the food and beverage Industry is the largest growing in the global vegan milk market. There has been an increase in the number of restaurants specializing in vegan food products. Ice cream parlors have started to sell vegan ice creams, cakes, and desserts. The quality is not compromised which has led to a boost in consumer demand. The household sector is the fastest growing. People are using dairy alternatives to make beverages like coffee and tea. This segment is projected to show a substantial increase in the coming years.
Based on packaging, carton packaging is the largest growing segment in the global vegan milk market because of its recycling properties, easy transportation, lesser space, and handling. The bottling segment is the fastest growing segment owing to advantages like keeping the milk colder, fresher, and tastier.
Based on distribution channels, retail stores are the largest growing segment in the global vegan milk market. This is due to factors like discounts, wholesale prices, and query solving. The online segment is the fastest growing owing to factors like convenience, customer support, and being able to find a variety of products.
Based on the region, Asia-Pacific dominates the global vegan milk market. China, Japan, India, and South Korea are the leading countries. This demand is due to widespread awareness, liking, nutritional benefits, and promotional activities. North America is the fastest growing due to the increased adoption of public choices, the rapidly growing food and beverage industry, and the inclement towards a healthy diet. European countries like Germany and UK are also among the top leading countries.
Companies playing a leading role in the global vegan milk market profiled in this report are Alpro, Oatly, Silk, The Hain Celestial Group, Inc., Eden Foods Inc., Blue Diamond Growers, Inc., Daiya Foods Inc., Bayer AG, Nestle SA, and The Nature’s Bounty Company.
Oat Milk
Soy Milk
Almond Milk
Coconut Milk
Rice Milk
Hemp Milk
Peanut Milk
Sesame Milk
Others
Unflavoured
Flavoured
Food and Beverage Industry
Household
Foodservice Industry
Carton
Bottle
Others
Retail Stores
Online
Others
North America
Europe
Asia-Pacific
South America
Middle East and Africa
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