Plant Based Milk Market - By Type , By Taste , By Source , By Flavor , By Packaging , By Distribution Channel , By Geography - Opportunity Analysis & Industry Forecast, 2025-2031.

Plant Based Milk Market Overview

The Plant Based Milk Market is projected to reach US$41.8 billion by 2031, growing at a CAGR of 12.4% during the forecast period 2025–2031. Plant-based dairy alternatives are gaining immense popularity due to the rising demand for vegan and lactose-free products. This growth is driven by increasing health consciousness, environmental sustainability concerns and innovations in flavor and packaging. Emerging technologies in plant based milk production such as fortified variants with added vitamins and minerals are enhancing its appeal to health-focused demographics. 

A major trend in the market is the demand for immunity boosting plant-based milk. The demand for plant-based with immunity-boosting properties is driven by health-conscious consumers, especially post-pandemic as consumers prioritize health and wellness. Another trend in the market is the rising awareness about plant-based milks being good for the planet. Celebrities and influencers who turned vegan emphasize that these products have health as well as environmental benefits. Producing plant-based milks is easier on the environment than producing cow’s milk, which requires large amounts of water and causes high levels of greenhouse gas emissions. According to the IFCN Dairy Research Network, globally, milk production accounts for about 2.2% of all greenhouse gas emissions with methane from cows being a major contributor.

Plant Based Milk Market - Report Coverage:

The “Plant Based Milk Market Report - Forecast (2025-2031)” by IndustryARC, covers an in-depth analysis of the following segments in the Plant Based Milk Market.

Key Takeaways

Europe Leads the Market

Europe dominates the plant-based milk market due to the region's significant shift towards plant-based diets. Rising environmental awareness coupled with concerns about animal welfare, has spurred demand for vegan alternatives like plant-based milk. The UK has become a pioneer of the plant-based movement. The UK is already considered the pioneering country for vegetarians, who now make up around 6% to 10% of the population. The region’s robust distribution channels, including supermarkets and specialty stores, ensure widespread availability. European consumers are also highly health-conscious, seeking dairy-free alternatives with nutritional benefits, making plant-based milk a popular choice. According to the Good Food Institute Europe report, a quarter of British consumers buy plant-based meat and milk more than once a year. Furthermore, stringent regulations promoting sustainable and organic products support the market's growth. 

Almond Milk is the Largest Segment

Almond milk is the largest in the plant based milk market due to its mild flavor, versatility and widespread availability. The shift toward plant-based diets especially in regions like Europe and North America is boosting almond milk's popularity. According to the Plant-Based Foods Association, almond milk is the most popular alternative milk offering on menus with 3.6% penetration and 41% growth since 2020. Almond milk provides essential nutrients like calcium, vitamin D and vitamin E which is beneficial for bone health and immunity while promoting skin health through its antioxidant properties. The increasing health awareness, the rising demand for plant-based products and its versatility in beverages, cereals and gravies. The growing vegan population, expanding distribution channels and continuous product innovation such as organic, flavored and sweetened options are further propelling its market growth. In March 2024, MALK Organics announced the launch of Shelf Stable Unsweetened Almond MALK, available exclusively at Whole Foods. 

Cartons are the Largest Segment in the Market

Cartons represent the largest segment in the plant-based milk market in terms of packaging due to their convenience, durability and eco-friendly appeal. Consumers favor cartons for their lightweight and resealable properties which enhance usability and storage. According to the European Consumer Packaging Perceptions Study 2024, conducted by Pro Carton, 87% of consumers in Europe prefer carton packaging when buying products. Cartons also provide superior protection against light and air, ensuring the product’s freshness and extending its shelf life. The growing emphasis on sustainability has further boosted the adoption of carton packaging, as they are widely recyclable and made from renewable materials. Cartons are versatile, accommodating both refrigerated and shelf-stable almond milk varieties, making them a preferred choice for retailers and consumers alike. With increasing consumer preference for environmentally responsible packaging, the dominance of cartons in the almond milk market is expected to continue.

Rising Demand for Sustainable Dairy Alternatives Boosts the Market

Rising consumer demand for sustainable and eco-friendly products is reshaping the food and beverage industry. As environmental awareness grows, plant-based alternatives are gaining popularity due to their lower environmental impact compared to dairy products. A 2023 Oatly poll of 1,178 U.S teens aged 14 and upwards on consumer milk preferences shows that among younger demographics plant-based alternatives are increasingly preferred. 54% of Gen Z and 49% of Millennials polled prefer plant-based milk to cow’s milk. Plant based milk appeals to eco-conscious consumers by offering a sustainable option that aligns with ethical and environmental values. The production of plant-based milk typically requires less water, land, and energy, further boosting its appeal. Additionally, brands are responding to this demand by launching eco-friendly packaging solutions to reduce waste, making such products even more attractive in the global push toward sustainability.

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Key Market Players

Global Almond Extract top 10 companies include:

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

Scope of the Report:

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