Plant-based milk, a milk alternative, is dairy-free, protein-rich milk derived from plant-based sources, such as almonds, soy, coconut, oats, and rice. It is a sustainable and environmentally friendly milk alternative for the globally increasing vegan, lactose intolerant, and flexitarian populations. It addresses issues related to animal welfare, resource efficiency, and climate change.
Plant-based milk has attracted considerable interest worldwide due to significant growth in vegetarianism, veganism, and flexitarianism across the globe due to increasing awareness about health, environmental concerns, and compassion for animals. The vegetarian population is increasing its consumption of products containing ingredients or components derived from plant sources. Hence, plant-based products have started gaining interest among vegetarian or vegan consumers.
Growth in the lactose-intolerant population, increasing veganism, changing taste preferences, and an increasing number of consumers switching to nut-based lactose-free milk have propelled the growth of the plant-based milk market. Furthermore, consumers are increasingly preferring plant-based products, including almond milk, for their health and sustainability benefits. According to the Almond Board of California (U.S.), over 45% of the almond-based products launched in 2021 had labels with claims such as lactose-free, gluten-free, vegan, or plant-based.
Furthermore, with consumers’ growing preference for healthy beverages, soy milk is also gaining traction due to its perceived nutritional benefits. Soy milk is a good source of protein, vitamins, and minerals, and it is often fortified with calcium, vitamin D, and vitamin B12. Soy milk is used as an ingredient in various applications, such as beverages, baked goods, yogurt, ice creams, desserts, and cheese.
Changing Eating Habits & Consumers’ Drive Toward Sustainability Increasing the Adoption of Plant-Based Milk
In recent years, there has been significant growth in vegetarianism, veganism, and flexitarianism across the globe due to increasing awareness about health, environmental concerns, and compassion for animals. According to Vegan Statistics, more than 39% of people in the U.S. are adding more vegan food options to their diet. A 2018 Oxford University study – which is the most comprehensive analysis to date of the damage farming does to the planet – found that avoiding meat and dairy is the single biggest way to reduce the environmental impact of farming. The study also suggests that animal farming provides just 18% of calories but takes up 83% of the earth’s farmland. Some of the detailed statistics on the vegetarian and vegan populations across the globe are as follows:
- According to Plant Protein’s sources, 6% of U.S. consumers were vegan in 2021, a six-fold increase compared to 1% in 2014.
- According to the European Vegetarian Union, around 10% of the people in Europe were vegetarians, and 3% were vegan in 2021.
- According to a study by Veganz, a German vegan supermarket (August 2021), the number of vegans in Germany reached 2.6 million in 2021, a two-fold increase over 2016.
- According to the Vegan Society, almost 7.2 million British adults followed a meat-free diet in 2021, an increase of 40% over the previous year.
- According to the UN FAO, 31-40% of the population in India was considered vegetarian in 2020.
- According to Food Frontier, in 2021, 2% and 5% of the population in Australia were vegan and vegetarian, respectively.
- According to the International Vegetarian Union, about 1.5 million people in South Korea followed a plant-based diet, and 500,000 followed a vegan diet in 2020, an increase from 0.15 million vegetarians in 2008.
- In 2018, the Chinese government released new dietary guidelines that encouraged people to reduce their meat consumption by 50%.
Plant-based food has started gaining interest among consumers. According to The Vegan Society, in 2020, 40% of millennials, 21% of Baby Boomers & Generation X, and 2% of seniors identified themselves as vegan. The vegetarian population is increasing its consumption of products containing ingredients or components derived from plant sources. Hence, plant-based products have started gaining interest among vegetarian or vegan consumers. According to the Academy of Nutrition and Dietetics, appropriately planned vegetarian and vegan diets are healthy and nutritionally adequate and reduce the risk of certain health conditions, including ischemic heart disease, Type 2 diabetes, hypertension, certain types of cancer, and obesity. These diets are suitable for all life-cycle stages, including pregnancy, lactation, infancy, childhood, adolescence, and older adulthood, as well as for athletes.
Moreover, climate change concerns have shifted consumers’ focus to more sustainable food options. On average, plant-based milk production generates three to four times lower greenhouse gas emissions compared to animal milk production. Similarly, the production of plant-based milk needs much less land and water in comparison to animal milk production. These positive environmental effects and changing eating habits have boosted the adoption of plant-based milk products, driving the growth of this market.
Meticulous Research®, in its latest publication on the Plant-based Milk Market, states that the Plant-based Milk Market is expected to reach $52.54 billion by 2031 at a CAGR of 11.4% during the forecast period of 2024 to 2031. In terms of volume, this market is projected to reach 18.26 billion Liters by 2031, at a CAGR of 9.2% during the forecast period of 2024–2031.
Access Full Report Here @ https://www.meticulousresearch.com/product/plant-based-milk-market-5304
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