The plant-based milks are extracted from nuts or beans, by grinding through centrifuges machines. The centrifuges machines are used to separate the milk from the product slurry. While preparing the milk, the raw material is mixed with a certain amount of water and ground to slurry. Then the proteins and ingredients are extracted at a certain temperature and then the starch is been converted into sugar. The final step of the process is separating the milk from the extracted plant fibers using industrial centrifuges.
Plant-based milk is growing in popularity as consumers are switching to vegan diets that are sustainably produced. Flexitarian diets are on the rise where consumers occasionally drink dairy milk. Those in generation X or the younger demographics tend to drink more alternate milk than the general population. The popularity of alternative milks has also expanded the dairy space to include consumers with dietary restrictions such as lactose intolerance, with health concerns also among the top motivators for people who reach for non-dairy milks. Major coffee chains may be assisting in this adoption by making alternative milks more popular among consumers, who choose to substitute them in drink orders, albeit at a slightly higher price. Consuming plant-based milk reduces cattle's impacts on the environment, reduces the release of methane gases and carbon footprints. Plant-based milk is an established market in western countries as compared to developing countries. Preference for vegan diets has influenced consumers to choose substitutes for cow's milk. Plant-based milk alternatives are an emerging trend that can serve as an economical alternative for developing countries and in places where animal milk supply is inadequate.
According to report published by Actual Market Research titled “Australia Plant-Based Milk Market Research Report, 2027", the market is expected to grow with a CAGR of more than 7.5% by end of the forecasted period of 2027. As we know that plant-based milk trending everywhere across the world today and with this one of the most popular plant-based milk is almond milk. Therefore, almond milk is dominating the plant-based milk market and oat milk is expected to grow with the highest CAGR.
Almond milk is a plant-based dairy product that is rich in vitamin E and omega-3 fatty acids. An increasing number of health-conscious consumers, coupled with a rising inclination towards plant-based products, is anticipated to drive the market for almond milk over the forecast period. Rising cases of lactose intolerance and hypercholesterolemia are projected to fuel the market demand further. The product is devoid of cholesterol and lactose, thus making it a popular choice, especially among vegan consumers. Almond milk has varied applications in beverages, frozen desserts, and personal care products and is used as a major ingredient for manufacturing chocolates, cream liquor, and bakery products. Together with protein, the product is a rich source of zinc that helps to prevent hair greying and thus keeps the skin free from blemishes. Several cosmetic manufacturers use the formulation to produce face creams and hair care products, thereby driving the demand for almond milk in the industry.
Plant-based milk manufacturers are seeking to sell more exclusive flavours since they draw more customers. There is an increasing focus on launching diverse flavours to cater to the diverse requirements of consumers. Companies serving the plant-based milk market are focusing on flavoured formulations to entice consumers, particularly the younger generation. Although there is notable consumption of regular plant-based milk formulations by consumers, companies aim to differentiate themselves from their competitors by focusing on flavoured formulations. Companies that produce non-dairy milk are anticipating that demand will continue to rise based on their earnings figures over the last few years.
The COVID-19 pandemic has negatively impacted the world economy at large. Major economies were hit hard, resulting in a significant decline in GDP to a significant extent. The demand and supply chain disruption led to a noticeable decline in the plant-based milk market in 2020. With the tourism industry coming to a halt altogether, the plant-based milk market, being inversely related, suffered. However, the pandemic is now being seen as an advantage for plant-based food products, as consumers move towards healthy food eating habits. Consumers want to refrain from any animal-origin products due to the spread of diseases.
Considered in this report
• Geography: Australia
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027
Aspects covered in this report
• Australia plant-based milk market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation
Types of milk in the report
• Soy milk
• Almond milk
• Coconut milk
• Rice milk
• Oat milk
• Other milk (Cashew, hazelnut, other)
Type of milk by formulation:
• Plain milk
• Flavoured milk
By Sales Channel:
• Convenience Stores
• Others (Airports, gas stations, Cafes, Health shops)
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to plant-based milk industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.