US Plant-Based Milk Market Research Report, 2027

US Plant-Based Milk Market Research Report, 2027

Actual Market Research 27-08-2022 55 Pages Region : Global Category : Food & Beverages Beverages

The plant-based milk is extracted from soy, almonds, coconuts, oats, and rice. These are known to be the best alternatives for animal-based milk in the present market. The plant-based milk is rich in vitamins, minerals, carbohydrates and proteins, which reason many people add plant-based milk and its products in their regular diets. The milk has wide applications in the food & beverage industry and is also used for flavoring different products too.

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 report titled "United States (US) Plant-Based Milk Market Research Report, 2027", the market is expected to grow with the CAGR of more than 7.5% by end of the forecasted period of 2026. Almond milk is dominating the market with the major market share as it is highly consumed in US. Oat milk is expected to grow with the highest CAGR by end of the forecasted period. US plant-based milk market is dominating the North America plant-based milk market.

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 expanding 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 on 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 product due to the spread of diseases.

Considered in this report

• Geography: United States (US)
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report

• United States (US) 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:

• Supermarkets/Hypermarkets
• Convenience Stores
• Online
• 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.

Intended audience

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.

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