Milk plays an important role in our lives, because of its health-promoting properties. Today other than cow’s milk their many other kinds of milk produced from nuts, pulses, cereals and others. Almond milk, soy milk, coconut milk, oat milk and others are known to be plant-based milk. This milk are also good for people who are lactose intolerant. The rice milk is also believed to be another substitute for cow milk. The milk is made by boiling white or brown rice, by soaking them in water for several hours and blending them and after that extracting the milk from the rice mixture. It has been researched that rice milk is lighter than dairy milk, but it may not have similar nutrition as cow’s milk.
According to the report published by Actual Market Research titled “Mexico Plant-Based Milk Market Research Report, 2027”, the market is expected to grow with more than 8% CAGR by the forecasted period. Mexico is growing with the highest CAGR in North America plant based milk market. As we know that milk plays a very important role in our lives, as it provides more amount calcium, vitamins, proteins and carbohydrates to our body. There are different types of plant-based milk available in the market today, like almond milk, rice milk, soy milk oat milk and others. Within these oat milk is expected to grow with the highest CAGR by the end of the forecasted year 2027.
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.
Consumers' busy and chaotic lifestyles, particularly in industrialised countries, leave them with little time to go to supermarkets or stores to buy the products they need on a daily basis. The role of online retailers is to expand the sales of food and beverage products. Distribution through online platforms is becoming a profitable strategy for companies, as online retailers have made it easy for companies to reach consumers. Furthermore, increased smartphone penetration further supports this aspect. Although food and beverage offerings are penetrating retail stores, companies continue to emphasise permeating online retail platforms to cash in on the opportunities held by online retailers. However, online shopping gives consumers the convenience of being able to buy anything from an online shopping platform without having to leave their homes. Considering this, sales via e-commerce are expected to increase at an impressive rate in the coming 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: Mexico
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027
Aspects covered in this report
• Mexico 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.
List of Figures
Figure 1: Mexico Plant-Based Milk Market Size By Value 2016 to 2027 (In USD Million)
Figure 2: Mexico Plant-Based Milk Market Share By Source (2016, 2021 & 2027)
Figure 3: Mexico Plant-Based Milk Market Share By Sales Channel (2016, 2021 & 2027)
Figure 4: Market Attractiveness Index, By Source
Figure 5: Market Attractiveness Index, By Formulation
Figure 6: Market Attractiveness Index, By Sales Channel
Figure-7: Porter's Five Forces Meter of Plant-Based Milk Industry in Mexico
List of Tables
Table 1: Mexico Plant-Based Milk Market Share By Formulation (2016 - 2021 & 2022 - 2027)
Table 2: Mexico Plant-Based Milk Market Size of Soy Milk (2016 to 2027F) (In USD Million)
Table 3: Mexico Plant-Based Milk Market Size of Almond Milk (2016 to 2027F) (In USD Million)
Table 4: Mexico Plant-Based Milk Market Size of Rice Milk (2016 to 2027F) (In USD Million)
Table 5: Mexico Plant-Based Milk Market Size of Coconut Milk (2016 to 2027F) (In USD Million)
Table 6: Mexico Plant-Based Milk Market Size of Oat Milk (2016 to 2027F) (In USD Million)
Table 7: Mexico Plant-Based Milk Market Size of Other Milk (2016 to 2027F) (In USD Million)
Table 8: Mexico Plant-Based Milk Market Size of Plain Milk (2016 to 2027F) (In USD Million)
Table 9: Mexico Plant-Based Milk Market Size of Flavoured Milk (2016 to 2027F) (In USD Million)
Table 10: Mexico Plant-Based Milk Market Size of Supermarket/ Hypermarket (2016 to 2027F) (In USD Million)
Table 11: Mexico Plant-Based Milk Market Size of Convenience stores (2016 to 2027F) (In USD Million)
Table 12: Mexico Plant-Based Milk Market Size of Online retailers (2016 to 2027F) (In USD Million)
Table 13: Mexico Plant-Based Milk Market Size of Others (2016 to 2027F) (In USD Million)
Table 14: Key Facts of Company 1
Table 15: Key Facts of Company 2
Table 16: Key Facts of Company 3
Table 17: Key Facts of Company 4
Table 18: Key Facts of Company 5
Table 19: Key Facts of Company 6
Table 20: Key Facts of Company 7
Table 21: Key Facts of Company 8