Plant-based milks are known to be the best alternatives to dairy milk or animal-based milk. The plant-based milk are produced from cereals, legumes, pulses, nuts and others. Types of milk like soy milk, almond milk, coconut milk, oat milk and others. These milks have less saturated fats and less calories than dairy milk and also provides some nutritional values of plants. They are a good option for dairy allergies or lactose intolerance.
Soy milk is made from whole soybeans and has a creamy and mild taste. This milk has similar nutrition to dairy milk. Next is the almond milk which is one most popular milk in very region across the world. The milk is light, sweet and has a nutty flavor with low calories and carbohydrates. The coconut milk was earlier commonly used in carries and other southern cuisines. This milk has creamy texture and tastes like coconut. It has been researched that this milk contains no proteins and carbohydrate, but the is high in MCTs (medium-chain triglycerides). MCT is a type of saturated fat. The oat milk is mild and has a sweet flavor. It has high protein and fiber contain in it and even high calories. Similarly, oat milk has beta-glucan which helps in lowering blood sugar levels and cholesterol. Rice milk is known to be the most hypoallergenic non-dairy milk. The milk contains high levels of inorganic arsenic, low fat and high carbohydrates.
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 the research report published by Actual Market Research titled “Saudi Arabia Plant-Based Milk Market Research Report, 2027”, states that the country is anticipated to grow with more than 11% CAGR by the forecasted period of 2027. As per this report there are variety of plant-based milks in the market, the popular ones are oat milk, almond milk and soy milk. But in this country apart from all other types of milks, the oat milk is expected to grow with highest CAGR by the end of the forecasted period.
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 toward healthy food eating habits. Consumers want to refrain from any animal-origin products due to the spread of diseases.
Considered in this report
• Geography: Saudi Arabia
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027
Aspects covered in this report
• Saudi Arabia 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: Saudi Arabia Plant-Based Milk Market Size By Value 2016 to 2027 (In USD Million)
Figure 2: Saudi Arabia Plant-Based Milk Market Share By Source (2016, 2021 & 2027)
Figure 3: Saudi Arabia 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 Saudi Arabia
List of Tables
Table 1: Saudi Arabia Plant-Based Milk Market Share By Formulation (2016 - 2021 & 2022 - 2027)
Table 2: Saudi Arabia Plant-Based Milk Market Size of Soy Milk (2016 to 2027F) (In USD Million)
Table 3: Saudi Arabia Plant-Based Milk Market Size of Almond Milk (2016 to 2027F) (In USD Million)
Table 4: Saudi Arabia Plant-Based Milk Market Size of Rice Milk (2016 to 2027F) (In USD Million)
Table 5: Saudi Arabia Plant-Based Milk Market Size of Coconut Milk (2016 to 2027F) (In USD Million)
Table 6: Saudi Arabia Plant-Based Milk Market Size of Oat Milk (2016 to 2027F) (In USD Million)
Table 7: Saudi Arabia Plant-Based Milk Market Size of Other Milk (2016 to 2027F) (In USD Million)
Table 8: Saudi Arabia Plant-Based Milk Market Size of Plain Milk (2016 to 2027F) (In USD Million)
Table 9: Saudi Arabia Plant-Based Milk Market Size of Flavoured Milk (2016 to 2027F) (In USD Million)
Table 10: Saudi Arabia Plant-Based Milk Market Size of Supermarket/ Hypermarket (2016 to 2027F) (In USD Million)
Table 11: Saudi Arabia Plant-Based Milk Market Size of Convenience stores (2016 to 2027F) (In USD Million)
Table 12: Saudi Arabia Plant-Based Milk Market Size of Online retailers (2016 to 2027F) (In USD Million)
Table 13: Saudi Arabia 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