Vegan Milk Market size (2023 - 2030)

The global Vegan Milk Market is estimated to be worth USD 16.4 Billion in 2022 and is projected to reach a value of USD 35.41 Billion by 2030, growing at a CAGR of 10.1% during the forecast period 2023-2030.

Vegan milk is a plant beverage that resembles milk in color. Vegan milk is a non-dairy drink flavored and scented using a water-based plant extract. Plant pints of milk are used as dairy milk substitutes. These milk are extremely simple to produce. For instance, nut-based milk, such as cashew and almond milk, may be created easily by soaking nuts in water overnight and blending water and nuts the next day. Lately, there has been a shift towards plant-based products and veganism. People are inclined towards consuming vegan milk due to ethical reasons, the protection of livestock, and a more sustainable lifestyle. Many plant-based milks have nutritional properties similar to cow's milk, such as salt and potassium. However, according to the American Society of Nutrition, most milk replacements are lower in fat and calories. Most plant-based milks have 37% to 75% less fat than one cup of whole-fat cow's milk. Many non-dairy milks, such as almonds, rice, coconut, hemp, and cashew milk, have fewer calories than dairy milk. Furthermore, dairy milk is estimated to have 12 grams of carbohydrates. But, most plant-based milk tends to have 1 gram of carbohydrates in them. Additionally, dairy cows require grazing which can lead to deforestation thereby impacting the climate. Plants planted to provide milk substitutes require lesser land acres.

Global Vegan Milk Market Drivers:

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 estrogen 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

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.

Global Vegan Milk Market Challenges:

The manufacturing companies must stay updated on techniques and technologies to assess 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 labeling 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.

Global Vegan Milk Market Opportunities:

The processing industries have started to embrace the shift and make strategic decisions about processing ways and techniques. Collaborations, investments and acquisitions, demand, launch, innovations, etc have paved the way for development and progress. These developments will significantly drive the industry towards a positive increment in the coming years.

COVID-19 Impact on the Vegan Milk Market

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.

Global Vegan Milk Market Recent Developments:

• In the early summer of 2022, Chicago Vegan Foods launched gelatin-free vegan marshmallow cream under its Dandies. The new vegan marshmallow fluff was free from the top eight allergens and made with certified vegan sugar. Unlike other puffy marshmallow products under the Dandies brand, the newest addition was also carrageenan-free.

• In December 2021, PlantBaby, a direct-to-consumer nutrition company, launched Kiki Milk, the first organic plant-based milk made exclusively for kids developed by consulting pediatricians. The new product offered a clean-label plant-based milk option that was rich in protein and nutritionally complete.

• In November 2021, Cadbury launched a Vegan Dairy Milk alternative called Plant Bar which is made using almond paste.

VEGAN MILK MARKET REPORT COVERAGE:

Global Vegan Milk Market Segmentation: By Type

• Oat Milk

• Soy Milk

• Almond Milk

• Coconut Milk

• Rice Milk

• Hemp Milk

• Peanut Milk

• Sesame Milk

• Others

Based on segmentation by 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.

Global Vegan Milk Market Segmentation: By Formulation

• Unflavoured

• Flavoured

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.

Global Vegan Milk Market Segmentation: By End-Users

• Food and Beverage Industry

• Household

• Foodservice Industry

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.

Global Vegan Milk Market Segmentation: By Packaging

• Carton

• Bottle

• Others

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 bottle segment is the fastest growing segment owing to advantages like keeping the milk colder, fresher, and tastier.

Global Vegan Milk Market Segmentation: By Distribution Channel

• Retail Stores

• Online

• Others 

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.

Global Vegan Milk Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

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.

Global Vegan Milk Market Key Players:

1. Alpro

2. Oatly

3. Silk

4. The Hain Celestial Group, Inc. 

5. Eden Foods Inc.

6. Blue Diamond Growers, Inc.

7. Daiya Foods Inc.

8. Bayer AG

9. Nestle SA 

10. The Nature’s Bounty Company