The global plant-based milk market is set to gain impetus from the increasing awareness of numerous health benefits of coconut milk and soy milk. The research further states that the persistent efforts of reputed companies to launch novel plant-based milk would affect growth positively.
The COVID-19 pandemic has resulted in the closure of restaurants and bars across the globe to prevent transmission. The daily footfall in restaurants reduced precipitously in 2020. It caused a ripple effect among associated industries, such as beer production, wine, liquor, farming, fishing, and food production. The United Nations, for instance, declared in June 2020 that the world is currently facing the worst food crisis owing to the pandemic. We are delivering accurate research reports to help you come out of this grave situation by investing in the right areas.
How Did We Develop This Report?
We have conducted extensive primary and secondary research to gather information about various aspects of this report. Our special interviews with end-user respondents and supply side respondents helped in gaining insights into the average pricing, per capita consumption trend, and average spending on products, growth rate, market size, and dynamics. We have also taken information from reputed industry journals, articles, and press releases of organizations operating in the field of plant-based milk.
Drivers & Restraints-
Increasing Adoption of Vegan Diet to Accelerate Growth
Plant-based milk is experiencing a high demand backed by the easy availability of raw materials, especially in emerging countries. Nowadays, people are inclining rapidly towards vegan food and beverages. The Plant-based Foods Association, for instance, mentioned in a report that during 2017 and 2018, the market for plant-based milk increased by 9%. In addition to that, the increasing prevalence of diabetes, obesity, and cardiovascular diseases would propel the demand for dairy substitutes. However, the negative health effects of this milk in infants may hinder the plant-based milk market growth in the near future.
North America to Lead Stoked by Rising Adoption of Healthy Diet
Geographically, North America is expected to dominate throughout the forthcoming years by procuring the largest plant-based milk market share. This growth is attributable to the rising vegan population in the region. Besides, the increasing shift of people towards healthy diets is another factor responsible for this growth.
On the other hand, Asia Pacific would exhibit rapidly in the upcoming years on account of the abundance availability of rice and soy in this region. Developing countries, such as China, India, and South Korea would mainly demand for plant-based milk.
Key Players Aim to Intensify Competition through New Product Launches
The global market houses a wide range of international and domestic companies. They are currently focusing on unveiling state-of-the-art plant-based milks infused with unique flavors and taste. This way, they can strengthen their positions and intensify competition in the global market.
Below are the two latest industry developments:
- January 2021: Sesamilk Foods, a Thailand-based company, announced its plan to enter Taiwan and China for broadening its presence and enhance its export business to from 30% to 80% in two years. It is aiming to target the Chinese New Year festival. The company is also planning to offer its milk products to those allergic to soy and dairy.
- December 2020: WhatIF Foods, a food and beverage company headquartered in Singapore, is set to unveil its Bambara groundnut plant-based milk in the first quarter of 2021. Indonesia and Malaysia will be the first targets. The company wants to increase sustainability and enhance its product portfolio.