Plant milk, also well-known as plant-based milk alternatives, is commonly an extract of legumes, cereals, nuts, and/or seeds, diluted in water. They are very alike to animal milk in terms of texture, appearance, and use. Relying on the raw materials and fortification, they fluctuate in their nutritional composition and taste, but none of them comprise any lactose or cholesterol.
According to the report analysis, ‘Plant Milk Market: Current Analysis and Forecast (2021-2027)’ states that a surge in the end user’s disposable, growing lactose intolerance, allergy from animal milk allergy among consumers are some of the prominent aspects due to which the requirement for plant milk is on the rise. Furthermore, some individuals choose to eliminate animal products from their diets for ethical or health reasons. For example, plant-based food diet followers eliminate all products that come from animals, entailing the cow’s milk. The growing demand for low sugar options in the milk category due to the speedy prevalence of diabetes around the globe is one of the foremost factors underwriting to the growth.
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Based on the source, the market is fragmented into Almond, Soy, Coconut, Rice, and Others. The soy plant Milk segment captured the foremost market share and registered the market in 2020. The market of this sector would reach USD XX Mn by 2027. The augmenting awareness about the health benefits of soy milk among customer is leading to the augmenting requirement for this segment, As per American Heart Association, eating foods encompassing soy protein to substitute foods high in animal fats have benefits to cardiovascular health.
Based on the distribution channel, the market is divided into Supermarkets and Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, and several others. The supermarkets and hypermarkets segment captured XX% market share and captured USD XX Mn market during 2020. However, the online store segment would observe a robust CAGR throughout the forthcoming years.
Based on the nature, the market is classified into Organic and Conventional. The conventional segment captured the key market share and dominated the market. However, with the growing disposable income and surging awareness, the requirement for organic milk is observing an uptick.
For a better understanding of the market implementation of the Plant Milk Market, the market is analyzed based on its international presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), and Rest of World. North America constitutes a key market for the Plant Milk Market industry and created revenue of USD XX Million in 2020 due to the emerging demand for Plant Milks owing to shifting towards vegan products.
The growth of the flexitarian lifestyle has opened up a lot of potentials for novel plant milk product development. Altering consumer lifestyles have a noteworthy impact on the functional food and beverage business, but the ageing of the populace, as well as augmented chronic-degenerative diseases and growing healthcare spending, are also imperative drivers.
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