Global Plant based milk Market: Overview
Because of health risks, ethical considerations, and sustainability challenges, consumers are becoming more and more interested in reducing their reliance on animal-based beverage and food items. Due to growing public awareness of veganism and the appropriate nutritional makeup, plant-based products are increasingly the ideal replacements for diets based on animal products. Over the past few years, plant-based milk substitutes have gained popularity, and a variety of plant-based milk products are now widely accessible on the market. These plant-based milk products, which have many uses in the food and beverage industries, are made to look and feel like cow milk.
Plant-based eating habits typically favour foods that are sourced primarily from plants. Along with fruits and vegetables, this also contains seeds, oils, whole grains, plant-based dairy substitutes, legumes, and a variety of other foods. Sales of plant-based dairy products have increased along with rising plant-based food consumption. Demand for plant-based dairy substitutes is also being fueled by the rising popularity of almond milk, soy milk, and other plant-based milks.
Today’s consumers are more accepting of ready-to-drink beverages than ever before, which is also fueled by the rising demand for RTDs made from plants. Plant-based RTDs are becoming more and more popular as consumers realise they can get the right balance of flavour and nutrition. Due to the absence of dairy in plant-based ready-to-drink beverages, lactose-intolerant consumers favour them. Due to their low fat content and low cholesterol content, these ready-to-drink beverages aid consumers in weight loss and improved weight management. These are the product that consumers choose since they are high in protein, minerals, and vitamins.
There are various subcategories under the ready-to-drink category, including milk, yoghurt, smoothies, coffee, teas, and many more. These RTDs also include a number of trendy label claims, such as natural, clean, vegan, low-fat, non-dairy, and lactose free, which aid makers in luring consumers who are worried about their health.
To reach more consumers, many leading producers of ready-to-drink beverages made from plants are concentrating on product development. Companies that are innovative can create new flavours to attract more customers.
Plant-based milk is produced using a variety of components, including soy, rice, coconut, oats, and almonds. Since the demand for plant-based milk is growing internationally, brands of plant-based milk are also adopting cutting-edge ingredients to provide their customers with fresh, cutting-edge products.
In addition, because of the many advantages of plant-based milk, there is a growing market for nutritious and healthy plant-based goods, which has prompted competitors in the plant-based milk industry to diversify their product offerings.
Although demand for plant-based milk is increasing quickly, many consumers’ lack of knowledge and familiarity with these products is somewhat limiting market growth. Customers’ reliance on milk to obtain key nutrients causes them to have a poor opinion of plant-based milk alternatives. Additionally, a significant consideration for is that the flavour of plant-based milk differs from that of cow milk.
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Global Plant based milk Market: Major Players
Mc Cormick & Co., Goya Foods.
The Hain Celestial Group Inc.
Chef’s Choice Food Manufacturer Company Limited.
Natura Foods, Sunopta Inc.
Freedom Foods Group Ltd.
Pacific Foods of Oregon, Inc.
Liwayway Holdings Company Limited.
Edward & Sons.
Earth’s Own Food Company Inc.
The Hershey Company.
Turtle Mountain LLC.
Silk (WhiteWave Foods)
The Bridge s.r.l. Kaslink Foods Oy Ltd.
Blue Diamond Growers, Inc.
Vitasoy International Holdings Limited.
Global Plant based milk Market: Types
Global Plant based milk Market: Applications
Impact of COVID-19 Crisis:
The global pandemic slowed down industrial and economic activity, which led to a large decline in demand for plant-based milk, primarily as a result of lockdowns, travel restrictions, and store closures. The situation was also made worse by trade and export restrictions. Oats, coconut, rice, and other components are used to make plant-based milk. Different countries around the world cultivate these plants during distinct seasons. The spread of COVID-19 had a significant impact on top raw material producing nations including China, India, and those in Europe. As a result of the decreased yield of crops used to make raw materials, manufacturers of plant-based milk experienced a raw material scarcity.
However, changes in consumer lifestyles, a rise in the demand for plant-based milk as things got better, and more use of plant-based milk in the foodservice sector are all expected to significantly boost market growth.