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Plant-based Milk to Remain Highly Sought-After Amid Rising Prevalence of Lactose Intolerance Worldwide
Fact.MR most recent report on the market for plant-based milk gives a 10-year prognosis through 2021 and beyond. The report provides insights into market dynamics including growth drivers, restraints, and opportunities. Besides this, it discusses about opportunities arising across segments like products, nature, end-use, and sales channel
NEW YORK , Aug. 16, 2022 /PRNewswire/ -- The global plant-based milk market revenue totalled US$ 11 billion in 2020. With rising trend of veganism and surge in lactose intolerance cases, the overall demand for plant-based milk products is anticipated to grow at a prolific CAGR of 11% between 2021 and 2031, totalling around US$ 32 billion by the end of 2031.
Over the years, plant-based milk products have gained immense traction across the world due to their various health benefits, easy availability, and surge in vegan population. Consumers, especially ones who are allergic to milk are showing a keen inclination towards utilizing plant-based milk products.
Hence, demand for these products, including plant-based milk, plant-based butter, and plant-based cheese, is expected to gain immense traction over the forthcoming decade. This will continue to provide a strong thrust to the growth in plant-based milk products during the forecast period.
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Similarly, evolving trends such as the demand for healthy and clean label products will propel sales of plant-based milk products over the next ten years. According to the Plant Based Foods Association, sales of new categories of plant-based milk product exceeded US$7 billion in 2020 and saw double-digit increases of 27%.
Demand is especially high for plant-based milk due to surge in cases of lactose intolerance and awareness about the high nutritional benefits of plant-based milk. Subsequently, adoption of effective marketing strategies to increase plant-based products awareness and their health benefits is expected to boost sales of plant-based milk products during the assessment period.
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In the latest study, Fact.MR offers a detailed study on global plant-based milk market for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of Plant-based milk through detailed segmentation as follows:
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Key Questions Covered in the Plant-based Milk Market Report
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