Market Overview:

The Plant Based Milk Market size is estimated to reach $41.8 Billion by 2031, growing at a CAGR of 12.4% during the forecast period 2025-2031, according to a report published by IndustryARC, titled, "Plant Based Milk Market - By Type (Almond Milk, Cashew Milk, Soy Milk, Oat Milk, Hazelnut Milk, Coconut Milk, Rice Milk, Macadamia Milk, Pistachio Milk and Others), By Taste (Sweetened and Unsweetened), By Source (Organic and Conventional), By Flavor (Original, Vanilla, Chocolate and Others), By Packaging (Bottles, Cartons and Others), By Distribution Channel (Online and Offline), By Geography - Opportunity Analysis & Industry Forecast, 2025-2031.

This growth is driven by the increasing consumer shift towards plant-based, lactose-free alternatives and the growing awareness of the health benefits of cashew milk, such as being cholesterol-free, low in calories, and rich in essential nutrients. Additionally, the expanding vegan population are fueling demand for dairy-free milks like plant-based milk.

Europe Leads the Market

Europe dominates the plant based milk market due to the growing adoption of plant-based diets and heightened awareness of lactose intolerance. The region has witnessed a significant rise in demand for dairy alternatives, fueled by health-conscious consumers and increasing environmental concerns. The availability of plant based milk across diverse retail channels, including supermarkets and health food stores, also contributes to its widespread popularity. Marketing campaigns emphasizing the nutritional benefits of plant based milk, such as its low-calorie and high-vitamin content, resonate strongly with European consumers. Furthermore, the region's robust infrastructure for product innovation and distribution ensures accessibility to various plant based milk varieties, from organic to fortified options. The German Nutrition Society has set new standards in 2024 with the recommendation that at least 75% of the diet should be plant-based. Countries like Germany, Sweden, Norway and Denmark have a growing vegan population leading to a high demand for plant based beverages.

Plant Based Milk Market: Key Takeaways

Health and Wellness Trends 

The global shift towards health-conscious lifestyles amplified the demand for plant-based products, including milk. Consumers increasingly seek dairy alternatives due to lactose intolerance, dietary restrictions and the perception that plant-based options are healthier. Plant based milks are naturally lactose-free, cholesterol-free, and lower in calories compared to traditional dairy milk, and is a preferred choice for those aiming to reduce saturated fat and calorie intake. It is also rich in vitamins, minerals and antioxidants, appealing to wellness-oriented individuals. Furthermore, the clean-label trend, focusing on natural and minimally processed products, boosts its popularity. 48% of consumers look for foods and drinks labeled plant-based, as per the Hartman Group’s Health & Wellness survey. With rising awareness of sustainable and ethical food choices, plant-based milk aligns with both health and environmental priorities, fueling its rapid adoption globally. According to a May 2024 report by the Plant Based Food Association (PBFA), plant-based milk sales increased 4.2% CAGR over two years to reach $2.9 billion in 2023.

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Innovations in Flavored Plant Based Milk

The cashew milk market is experiencing significant growth, driven by innovations in flavored varieties such as vanilla, chocolate, and caramel. These flavors appeal to a broader range of consumers, particularly those who seek indulgent yet nutritious plant-based beverages. Flavored cashew milk combines the health benefits of cashew milk with the taste preferences of consumers, providing an attractive option for those transitioning to dairy-free lifestyles or looking for healthier alternatives to traditional sugary beverages. With growing demand for both flavor and functionality, flavored cashew milk offers a versatile option, further enhancing its position in the dairy-free market. This trend of incorporating diverse and indulgent flavors while maintaining nutritional integrity is playing a key role in expanding the appeal of cashew milk to a wider audience. As consumer preferences evolve, more brands are entering the market with exciting new variations to cater to health-conscious and flavor-seeking individuals.

Scope of the Report: 

        Report Metric

                Details

Base Year Considered

2024

Forecast Period

2025–2031

CAGR

12.4%

Market Size in 2031

$41.8 billion

Segments Covered

By Type, By Taste, By Source, By Flavor, By Packaging, By Distribution Channel, and By Geography

 
 

Geographies Covered

North America (U.S, Canada and Mexico), Europe (Germany, France, UK, Spain, Italy, Netherlands, Denmark and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, New Zealand, Vietnam and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America) and Rest of the World (Middle East and Africa)
 

Key Market Players
  1. Danone S.A.
  2. Valio Oy
  3. Oatly Group AB
  4. Elmhurst 1925
  5.  Arla Foods Group
  6. Valsoia SpA
  7. MALK Organics
  8. Lactalis Canada
  9.  Ecotone
  10.  Califia Farms

Recent Developments 
•    In November 2024, Helsinki-based dairy alternative group Oddlygood acquired UK plant-based food and beverage brand Rude Health to expand its reach in the European plant-based market. 

•    In May 2024, Lactalis Canada, the Canadian subsidiary of France-based Lactalis Group, today announced the launch of its new plant-based brand Enjoy! –  a nutritious, delicious, unsweetened, high protein line of plant-based beverages consisting of Unsweetened Oat, Unsweetened Oat Vanilla, Unsweetened Almond, Unsweetened Almond Vanilla, Unsweetened Hazelnut and Unsweetened Hazelnut & Oat.

Plant Based Milk Market: Competitive Landscape

Key companies profiled in the Plant Based Milk Market are Danone S.A., Valio Oy, Oatly Group AB, Elmhurst 1925, Arla Foods Group, Valsoia SpA, MALK Organics, Lactalis Canada, Ecotone, Califia FarmsadOthers

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Soy Milk & Cream Market - Soy Milk & Cream Market size is forecast to reach $13.8 billion by 2026, growing at a CAGR of 6.8% during the forecast period 2021-2026 attributed to the increasing awareness regarding health and wellness. 

Potato Milk Market- The Global Potato Milk Market size is predicted to reach $0.5 billion by 2030, growing at a CAGR of 5.2% during the forecast period 2023-2030 due to its distinctive flavor profile and nutrition.

Tiger Nut Milk Market- The Tiger Nut Milk Market size is estimated to reach $500 million by 2030, growing at a CAGR of 7.7% during the forecast period 2023-2030 driven by the growing demand for plant-based milk 

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