Rising consumer focus on nutritional values such as low calories and high proteins and vitamins offered by milk substitutes or dairy analogs is likely to have a positive impact on the market. Soymilk contains various minerals such as iron, calcium, phosphorous, zinc, sodium, potassium, and magnesium. The product is highly popular among heart patients as it reduces cholesterol levels. In addition, soy milk contains an equal amount of proteins as that in cow milk and is low in calories compared to the whole and skim milk. Therefore, the growing consumption of soy milk is probably going to reinforce overall industry demand. Vegetable Milk Market is projected to grow from USD 21.3 billion in 2019 to USD 36.7 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period.
Top Driver: rising consumer demand for plant-derived nutritional dairy goods
soy, rice, and almond milk were approximately 6% above those on conventional milk and milk products, which has took the attention of start-ups and food companies. The global industry is expected to grow at a significant rate owing to rising consumer demand for plant-derived nutritional dairy goods. Increasing consumer awareness regarding health, along with improving disposable income in countries such as Brazil, India, China, and Japan, is anticipated to spur consumption of soy milk, almond milk, coconut milk, and rice milk over the forecast period.Consumers have shown a growing preference for vegan diet due to increasing concern over animal rights and environmental protection. This is anticipated to drive the industry over the forecast period. In addition, government policies to improve the agricultural sector are likely to increase raw material availability and lower their prices, which will also have a positive impact on market growth.Fluctuation in staple supply is projected to be a key concern for market growth. Raw materials used in manufacturing milk substitutes are edible nuts and cereals, and the majority of their production volume is used for direct consumption. As a result, the availability of raw materials is likely to be a key factor influencing the industry.also, initiatives are undertaken by manufacturers to offer novel flavors, better quality, and attractive packaging are likely to have a positive impact on the industry over the forecast period. These products can be fortified with vitamin D, calcium, and DHA, which improve their nutritional values.
Soya milk accounted to Make Crucial Contribution to Growth of Vegetable Milk Market
Soy milk have most important share by-product in 2019, holding around 59.0% of the worldwide demand. Soy milk is rich in vitamins, potassium, and protein and has lower calorie content than cow’s milk, which is probable to have a positive impact on segment growth. However, the merchandise is facing strong competition from other non-dairy goods, especially almond milk. Increasing consumption of rice milk for manufacturing snacks and baking goods is projected to possess a positive impact on market growth. Rice milk is that the least allergic dairy substitute and has witnessed high demand from consumers with milk and nut allergies. Rice milk cheese and cream can be fortified with vitamin D and calcium, which is anticipated to further propel its consumption over the forecast period. Almond milk is highly preferred by people suffering from obesity and overweight. It is low in calories as compared to cow’s milk and is helpful in weight management. Unlike cow milk, the product suppresses the growth of breast and prostate cancer cells. As a result, the segment is likely to gain prominence as a daily dietary supplement over the forecast period.
On the basis of formulation, the dairy alternatives market can be segmented into plain and flavored. The plain formulation was the dominant segment in the past few years in terms of both volume and revenue. Increasing demand for plain variants of dairy alternatives such as soymilk, almond milk, rice milk, and others is anticipated to contribute to segment growth. Companies such as Hain Celestial Group, Inc. and WhiteWave Foods Company have come up with plain and unsweetened formulations of soymilk, almond milk, rice milk, and coconut milk to attract consumers above the age of 40. Increasing preference for these low-calorie products is projected to drive the industry over the forecast period. Increasing consumption of flavored and unsweetened milk substitutes with low-calorie content is expected to augment market growth over the forecast period. Factors such as increasing the popularity of plant-based nutritional goods, coupled with rising consumer demand for cholesterol-free products, are likely to spur the growth of flavored and unsweetened formulations.
In Vegetable Milk Market Asia Pacific accounted for the largest share
Asia Pacific accounted for the largest share in 2019. Increasing population and rising disposable incomes in emerging countries such as India and China are expected to augment product demand in the region.Soy, rice, and almond milk are significantly consumed as traditional beverages in Asia Pacific. The regional market is characterized by demand for lactose-free milk for youngsters , lactating mothers,and pregnant women. These dairy alternatives offer a wide range of application in lactose-free products for adults, thereby improving market prospects in Asia Pacific.
North America is the second-largest market for dairy alternatives and is anticipated to account for a significant share over the forecast period as a result of increasing demand for novel plant-derived goods. Rising cases of lactose intolerance in the region are expected to augment demand for non-dairy products such as soymilk and almond milk.
Players to Focus on Vegetable Milk Market
Some of the prominent participants operating during this market are The Whitewave Foods Company, Kite Hill, Oalty, Blue Diamond Growers, Earth’s Own company Inc., Sunopta, Pureharvest, Pacific Foods Of Oregon, Inc., Sanitarium, Hain Celestial And Others Product Launch:
Vitasoy International Holdings Limited: In August, Vitasoy International Holdings Limited (Hong Kong) launched high calcium plant milk in Australia. On international World Plant Milk Day company launched this product and shared health benefits of plant milk.
VALSOIA S.P.A; In November, VALSOIA S.P.A (Italy) launched two almond gelato formats. It is 100% dairy free product. This product name was Il Gelato auf basis von mandeln 4 ministicks and Il Gelato auf basis von mandeln 8 Sandwich.
Ripple Foods In May, Ripple Foods (U.S.) launched pea based vegan milk. It is made from non GMO pea protein and allergen free.
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