Plant-based Milk

Global Plant-based Milk Market to Reach US$29.0 Billion by 2030

The global market for Plant-based Milk estimated at US$20.3 Billion in the year 2024, is expected to reach US$29.0 Billion by 2030, growing at a CAGR of 6.1% over the analysis period 2024-2030. Almond Milk, one of the segments analyzed in the report, is expected to record a 4.8% CAGR and reach US$7.4 Billion by the end of the analysis period. Growth in the Oat Milk segment is estimated at 7.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$5.5 Billion While China is Forecast to Grow at 9.4% CAGR

The Plant-based Milk market in the U.S. is estimated at US$5.5 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.8 Billion by the year 2030 trailing a CAGR of 9.4% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.1% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.0% CAGR.

Global Plant-Based Milk Market – Key Trends & Drivers Summarized

The plant-based milk market is witnessing exponential growth, fueled by shifting consumer preferences, technological advancements in dairy alternatives, and the increasing prevalence of lactose intolerance and dairy allergies. As the demand for sustainable, nutritious, and ethical food choices rises, plant-based milk has emerged as a dominant segment in the dairy alternatives industry, competing with traditional cow’s milk in both retail and foodservice sectors. Leading brands and startups are investing heavily in innovative formulations, enhanced nutritional profiles, and diversified ingredient sources to cater to a broad consumer base, including vegans, flexitarians, and health-conscious buyers.

A significant trend shaping the market is the expansion of ingredient diversity in plant-based milk production. Initially dominated by soy, almond, and coconut milk, the industry has seen a surge in oat, rice, cashew, hemp, pea, flax, and macadamia-based milk alternatives. Each variety offers unique functional and sensory properties, enabling brands to differentiate their products based on texture, taste, and nutritional benefits. Oat milk, in particular, has gained massive popularity due to its creamy texture, barista-friendly qualities, and high fiber content, making it a preferred choice in coffee shops, bakeries, and dairy-free lattes.

Another key driver is the increasing fortification of plant-based milk with essential vitamins and minerals to match or exceed the nutritional value of dairy milk. Companies are enhancing formulations with calcium, vitamin D, vitamin B12, omega-3s, and protein blends to bridge the nutritional gap and attract health-conscious consumers. With protein content becoming a key differentiator, pea-based milk and blends combining multiple plant proteins are gaining traction, offering a more complete amino acid profile. The convergence of nutrition, taste, and sustainability is driving continuous product innovations, strengthening the position of plant-based milk in the global dairy market.

How Is Technology Shaping the Evolution of Plant-Based Milk?

Technological advancements in food science, ingredient processing, and formulation techniques are playing a critical role in the growth and diversification of plant-based milk products. Modern high-pressure processing (HPP), enzymatic extraction, and microfiltration techniques are improving texture, extending shelf life, and enhancing nutrient retention, allowing for clean-label, preservative-free options that appeal to natural and organic product consumers.

One of the most significant innovations in the industry is the development of fermentation-based and precision fermentation plant-based milk. Companies are using microbial fermentation to replicate dairy proteins, such as casein and whey, without the need for animal-derived ingredients. This new class of animal-free dairy alternatives offers better texture, improved frothing ability, and enhanced protein quality, making them direct competitors to traditional dairy in barista applications, cooking, and commercial food production.

Another major breakthrough is the incorporation of AI and machine learning in product formulation. AI-driven ingredient optimization enables brands to enhance mouthfeel, replicate dairy-like sensory experiences, and balance macronutrient content without compromising on taste and consumer expectations. Moreover, 3D food printing and emulsification technology are improving the stability and homogeneity of plant-based milk, ensuring that fat separation, viscosity, and foamability issues are minimized. These technological innovations are making plant-based milk more appealing to mainstream consumers, encouraging higher adoption rates among non-vegan and flexitarian buyers.

Furthermore, sustainable packaging solutions are transforming the plant-based milk industry, with companies investing in biodegradable, compostable, and recyclable packaging materials. Edible coatings, paper-based cartons, and plant-derived plastic alternatives are gaining traction, reducing the carbon footprint associated with dairy alternative production and distribution. This shift aligns with environmentally conscious consumer behaviors, further solidifying plant-based milk as a sustainable and future-forward category in the beverage market.

How Are Foodservice and Retail Trends Influencing the Market Growth?

The expansion of plant-based milk in foodservice and retail channels is a pivotal factor driving its widespread acceptance and market penetration. As coffee chains, restaurants, and quick-service food establishments (QSRs) embrace dairy-free options, plant-based milk has become a mainstream offering in menus worldwide. The rise of vegan coffee culture, lactose-free dessert trends, and sustainable food movements has led major players such as Starbucks, Dunkin’, and McDonald’s to introduce plant-based milk alternatives in their beverage and food menus, fueling demand for barista-quality and creamy-textured formulations.

The retail sector is also witnessing an influx of plant-based milk products, with supermarkets and e-commerce platforms expanding their dairy-free aisle sections. The growing demand for ready-to-drink (RTD) plant-based milk, flavored variations, and hybrid dairy-alternative products is transforming the competitive landscape. Retailers are partnering with private-label plant-based milk brands, offering cost-effective alternatives to leading players like Oatly, Alpro, Silk, and Califia Farms. The surge in direct-to-consumer (DTC) online sales and subscription-based models has further amplified accessibility, allowing consumers to customize their purchases, explore niche varieties, and receive doorstep deliveries of their preferred plant-based milk options.

Additionally, regional and cultural influences are shaping product offerings, with brands localizing formulations to cater to specific taste preferences and dietary requirements. In Asia-Pacific, rice and soy milk remain dominant due to cultural familiarity, while in North America and Europe, oat, almond, and pea-based milk continue to thrive in both retail and foodservice sectors. The Middle Eastern and African markets are witnessing a rise in camel milk alternatives, nut-based formulations, and millet-based dairy-free beverages, reflecting regional dietary traditions and emerging plant-based health movements.

What Factors Are Driving the Growth of the Plant-Based Milk Market?

The growth in the plant-based milk market is driven by several factors, including technological advancements in ingredient processing, rising foodservice adoption, increasing demand for high-protein dairy alternatives, and evolving consumer purchasing behaviors. The continuous improvement in formulation techniques, such as precision fermentation and protein fortification, is allowing plant-based milk to achieve parity with traditional dairy in taste, texture, and nutrition.

The rise of personalized nutrition and functional food trends is also accelerating market expansion, with brands introducing plant-based milk fortified with probiotics, omega-3s, adaptogens, and collagen alternatives. Consumers are looking for multi-functional beverages that offer more than just a dairy replacement, pushing brands to innovate with immune-boosting, gut-friendly, and stress-relieving plant-based milk products.

Another critical factor is the evolving regulatory landscape, where governments and food safety organizations are standardizing plant-based milk labeling, approving clean-label claims, and promoting sustainable food systems. Policies supporting alternative protein research, carbon footprint reduction in dairy farming, and plant-based product incentives are fostering industry growth and enabling wider adoption of non-dairy milk options.

Moreover, rising investments in plant-based startups, food-tech companies, and alternative protein industries are fueling R&D efforts, allowing brands to expand their product portfolios and enter new markets. Venture capital firms and multinational food corporations are increasingly acquiring or collaborating with emerging plant-based milk brands, accelerating market consolidation and innovation-driven competition.

As the global demand for sustainable, nutritious, and ethically sourced food continues to rise, the plant-based milk industry is expected to expand into new consumer segments, geographic regions, and product innovations. Companies that leverage advanced food technology, sustainability initiatives, and premium ingredient formulations will dominate the next phase of growth in the plant-based milk sector, shaping the future of dairy alternatives worldwide.

SCOPE OF STUDY:

The report analyzes the Plant-based Milk market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Product (Almond Milk, Oat Milk, Soy Milk, Coconut Milk, Rice Milk, Pea Milk, Others); Nature (Organic, Conventional); Flavor (Flavored Milk, Non-Flavored Milk); Distribution Channel (Supermarkets / Hypermarkets, Specialty Stores, Online, Others)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 32 Featured) -

• Alpro (Danone)
• Blue Diamond Growers
• Califia Farms, LLC
• Daiya Foods Inc.
• Danone S.A.
• Earth`s Own Food Company Inc.
• Eden Foods, Inc.
• Elmhurst Milked Direct, LLC
• Forager Project
• Freedom Foods Group Limited
• Good Karma Foods
• MALK Organics
• Oatly AB
• Pacific Foods of Oregon, LLC
• Plenish
• Ripple Foods, PBC
• Sanitarium Health and Wellbeing Company
• So Delicious Dairy Free (Danone)
• SunOpta Inc.
• The Hain Celestial Group, Inc.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

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APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

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INDIA
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