Plant-based Milk Market: Growing Appetite for Dairy-free Alternatives & Influence of Veganism to Propel Business
Once presaged as an essential aspect of a balanced diet in several cultures, dairy usage in some categories has witnessed a decline over the past two decades, as consumers respond to the worries over hormone usage, allergens, and the perceived unhealthy profile of some dairy offerings. This has transformed the landscape for dairy producers, globally, as they work towards keeping pace with the evolving consumption attitudes and the distinctions in consumer attitudes from region to region, while cashing in on the potential opportunities in dairy product consumption. Dairy alternatives such as plant-based milk have a perceived health halo among consumers, capturing the attention of dairy product providers.
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Transparency Market Research (TMR) recently published a report on the plant-based milk market, in which, analysts showcase a positive viewpoint of the industry on account of changing consumption patterns and the growing preference for sustainable, organic, and plant-based foods. The study unveils the key elements driving market growth, while highlighting the developments made by market competitors.
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Tracing the Evolution of the Plant-based Milk Industry
Humans first imbibed the idea of the consuming milk of other mammals following the domestication of animals during the Neolithic Revolution. The rise in urban population, and expansion of railway networks in the mid-19th century, further revolutionized milk production and supply. Over the last three decades of the 19th century, milk demand in most parts of the world surged significantly. Although milk held a legacy of strong market hold over centuries, the preference for plant-based milk has also been there over centuries, although not regarded as a substitute for dairy milk. Recipes from Levant, back in the 13th century, describe the first-ever plant-based milk—almond milk, whereas, soy milk was another plant-based milk consumed in China during the 14th century. Medieval England also marked the use of almond milk in several dishes.
In the recent past, these products gained recognition under the plant-base category, ever since consumer perception transformed and the preference for dairy alternatives grew. The plant-based milk market is expected to record a revenue of ~ US$ 14 Bn in 2019, and is expected to grow at a CAGR of ~ 8% through the forecast period.
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Plant-based Milk Market: Impact of Undercurrents
Consumers Opting for Label-friendly Products
The clean label trend shows no signs of slowing down, with the consistent urge of consumers to reformulate products with no synthetics and artificial additives. As the demand for ‘clean label’ products continues to escalate, the consumption of plant-based milk is expected to grow.
Demand for Plant-based Nutrition Sources
As millennials and Generation Zers explore sustainable, healthy plant-based alternatives to conventional staples such as milk, providers hope to cash in on this trend. The demand for plant-based protein sources has escalated significantly, resulting in significant preference for plant-based milk. The interest in veganism is soaring, especially among millennials, wherein, a significantly larger consumer base is making healthier choices. This has offered growth opportunities for plant-based milk market competitors.
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