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Milk Alternatives Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 - 2034
Market Report I 2024-12-17 I 235 Pages I Global Market Insights
The Global Milk Alternatives Market, valued at USD 29.5 billion in 2024, is on a promising growth trajectory with a projected CAGR of 10.6% from 2025 to 2034. Milk alternatives, plant-based beverages designed to replace traditional dairy milk, are gaining popularity among consumers who are lactose intolerant, follow specific dietary needs, or prioritize vegan and sustainable choices. These innovative products provide a diverse range of options, catering to the rising demand for plant-based, healthier, and environmentally friendly food solutions.
This market is experiencing rapid expansion due to heightened consumer awareness of health and wellness, increasing environmental concerns, and the growing adoption of vegan lifestyles. As more people seek cleaner and more sustainable dietary options, plant-based milk has become a preferred choice. Opportunities abound in enhancing the quality of these alternatives, particularly through improved taste and nutritional value. The expanding availability of milk alternatives across retail channels, coupled with government initiatives supporting sustainability, is further fueling market growth.
The soy milk segment is poised to remain a significant force in the market, with an estimated value of USD 8.7 billion in 2024 and a robust CAGR of 10% through the forecast period. Renowned for its high protein content and nutritional profile comparable to traditional dairy milk, soy milk is a staple for health-conscious individuals and vegans alike. Its versatility in beverages, cooking, and food production adds to its appeal, making it a go-to option in plant-based diets. While newer alternatives like almond and oat milk continue to gain traction, soy milk's strong foothold, particularly in regions with a long history of soy consumption, ensures sustained demand.
The milk alternatives market from the carton packaging segment is anticipated to reach USD 17.4 billion in 2024 and grow at a CAGR of 10% through 2034. Carton packaging is favored for its sustainability, convenience, and ability to preserve product freshness. Made from recyclable materials, cartons align with the values of eco-conscious consumers and businesses striving to minimize their environmental footprint.
In the United States, the milk alternatives market generated USD 10.3 billion in 2024 and is expected to achieve a projected CAGR of 10.2% through 2034. A surge in demand for lactose-free, plant-based, and vegan-friendly options is being driven by increasing consumer awareness of the nutritional and environmental benefits of milk alternatives. The widespread availability of diverse products, including various flavors and fortified options, has solidified their popularity in supermarkets, health food stores, and cafes nationwide.
Report Content
Chapter 1Methodology & Scope
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2Executive Summary
2.1 Industry synopsis, 2021-2034
Chapter 3Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Health and wellness trends
3.6.1.2 Rising concern about the environmental impact of traditional dairy farming
3.6.1.3 Shift in dietary preferences
3.6.2 Industry pitfalls & challenges
3.6.2.1 Supply chain constraints
3.6.2.2 Regulatory and labeling issues
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 PESTEL analysis
Chapter 4Competitive Landscape, 2024
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5Market Estimates & Forecast, By Source, 2021-2034 (USD Billion) (Kilo Tons)
5.1 Key trends
5.2 Soy
5.3 Almond
5.4 Coconut
5.5 Oats
5.6 Rice
5.7 Others
Chapter 6Market Estimates & Forecast, By Packaging, 2021-2034 (USD Billion) (Kilo Tons)
6.1 Key trends
6.2 Cartons
6.3 Glass bottles
6.4 Others
Chapter 7Market Estimates & Forecast, By Distribution Channel, 2021-2034 (USD Billion) (Kilo Tons)
7.1 Key trends
7.2 Online
7.2.1 E-commerce
7.2.2 Brand websites
7.3 Offline
7.3.1 Supermarkets/Hypermarkets
7.3.2 Specialty stores
7.3.3 Others
Chapter 8Market Estimates & Forecast, By Region, 2021-2034 (USD Billion) (Kilo Tons)
8.1 Key trends
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.3 Europe
8.3.1 UK
8.3.2 Germany
8.3.3 France
8.3.4 Italy
8.3.5 Spain
8.3.6 Russia
8.4 Asia Pacific
8.4.1 China
8.4.2 India
8.4.3 Japan
8.4.4 South Korea
8.4.5 Australia
8.5 Latin America
8.5.1 Brazil
8.5.2 Mexico
8.6 MEA
8.6.1 South Africa
8.6.2 Saudi Arabia
8.6.3 UAE
Chapter 9Company Profiles
9.1 Califia Farms
9.2 Danone
9.3 Freedom Foods
9.4 MALK Organics
9.5 New Barn, Inc.
9.6 Pacific Foods
9.7 So Delicious
9.8 Tofutti Brands Inc.
9.9 Valsoia SpA
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