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Plant milk market hit USD 21 billion by 2024, growing health consciousness among the masses to fuel the product demand

Author : Rahul Sankrityayan | Published Date : 2019-04-03 

In recent times, the popularity of non-dairy milk among health-conscious people has been on a rise, which is likely to influence plant milk market growth significantly. Apparently, plant-based milks comprise much lesser sugar as compared to livestock milk, and in addition, are endowed with extra fiber, extra protein, and an additional amount of omega 3 fatty acids. Cow’s milk, the most common livestock milk consumed, contains a large amount of lactose, which though healthy, may lead to major digestive issues. In consequence, regular cow milk consumers have lately been giving preference to lactose-free milk, which will considerably boost plant milk industry share. The most vital factor associated with the increased popularity of plant-based milk is its production process, that is free of animal cruelty. Moreover, plants are less expensive to grow – plants such as hemp, flex, cashew, almond, and soy used to produce milk require less manpower, less maintenance, water, and space. Besides all those benefits, non-dairy milks provide hormones and antibiotic-free products, which has been helping health-conscious people maintain their diet preferences. The changing consumer lifestyles owing to the growing health concerns among people about diabetes and obesity are thus slated to enhance plant milk market.

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The ample availability of raw material required for making non-dairy milk is likely to stimulate plant milk market trends over the years ahead. The benefits of soy, rice, and almond based milk affecting plant milk industry share are described below:

Soy milk: It is one of the most preferred milks for toddlers, given that they usually are incapable of digesting milk sugar. Soy milk is also an excellent source of fiber, protein, minerals, fatty acid, and vitamins, on the grounds of which it is being widely consumed. This in consequence, would have a considerable impact on soy-based plant milk market size, slated to generate more than USD 8 billion by the end of 2024.

Almond milk: Almond milk is rich in omega 3 fatty acids, minerals, and vitamin E, has low sodium content, and 50% more calcium content than dairy milk. The low-calorie content may help obese people to reduce the cholesterol – thus the growing popularity of almond milk among heart-healthy people is slated to propel plant milk market share over the years ahead.

Considering the future scope of non-dairy milk, the renowned giants in plant milk industry are adopting growth strategies such as JVs and M&As. For instance, in 2016, the France-based company, Danone, acquired the U.S. based soy milk producer WhiteWave Foods for USD 10 billion. With this acquisition, Danone has been able to enhance its growth profile and reinforce flexibility across North America. In addition, it has improved its product portfolio through the strategic acquisitions of WhiteWave driven brands such as Wallaby Organic, Horizon Organic, and Silk, while consolidating its stance in North America plant milk industry. As per statistics, in 2016, North America covered around 25% of the global plant milk market share. Apart from North America, this acquisition has also implicated Europe plant milk industry share, pertaining to the post-merger approval of the European Commission for the acquisition of U.S. based foods giant, WhiteWave.

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Currently, plant-based milks are emerging as viable alternatives for livestock milk across developing countries. In order to overcome the insufficient supply of animal milk, many of the players in plant milk market are investing heavily in food product developments. As technology intervention and the ongoing research efforts will ultimately help improve the quality of plant-based milk, its demand would observe a commendable rise globally, which would eventually impact plant milk market size, slated to cross USD 21 billion by 2024.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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