Plant-based Milk Market To Reach Us$ 47.2 Billion By 2033 | Fmi

By Author: Maria Jose
Total Articles: 21
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By 2023, the market for plant-based milk is anticipated to be worth US$19.8 billion. From 2023 to 2033, it is most expected to accelerate with a CAGR of 9.9%. Sales of plant-based milk are expected to make up a sizable portion of the demand in the global food market. The market for plant-based milk is anticipated to grow to $47.2 billion by 2033.

Concerns about the humane treatment of animals have also had a significant influence in the gradual shift toward vegan diets. The market for plant-based milk is predicted to expand as a result of these factors.
Due to growing health and wellness concerns brought on by the increased prevalence of obesity, diabetes, and cardiovascular diseases, consumers have evolved to appreciate and favour plant-based drink including juices and other plant-based beverages.

Plant-based goods contribute to healthy eating habits by providing higher nutritional content, vitamins, minerals, and healthy fats. Veganism is gradually becoming more popular. Some of the countries have been identified to represent the trend from the fore at global forums.

For instance:
In 2016, ...
... Singapore earned the spot of second-most vegan friendly Asian city by PETA Asia. Singapore was also titled the top 6th vegan city in the world by Happy Cow.

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Hong Kong was listed in the top 10 vegan friendly countries by Peta Asia in 2020. According to a vegan business platform, Eco Warrior Princess, roughly 25% -70% of Hong Kong residents consume vegan meals.
Thailand witnessed the launch of several vegan restaurants and food outlets recently such as Veganerie, Vistro, May Veggie Home, and Swees among others.

Sales via online retail are expected to grow at 10.8% CAGR through 2031.

“Consumers across the globe are becoming increasingly health-conscious. Increasing focus on health and wellness have been drawing them towards plant-based milk in comparison to regular diary. This also is encouraging the market players to put greater emphasis on product launches,” said a lead analyst at FMI.

Sustainability of Plant-based Milk Production to Increase its Appeal
Plant-based milk is popular among customers because of benefits it provides in terms of sustainability, nutrition, and convenience. Consumers now demand food & beverages that are good for both their bodies and environment.

There are various concerns with conventional dairy products, including inhumane livestock rearing & addition of pesticides and chemicals to dairy milk, among others. Because of its vegan origins and branding as a health product, demand for plant based milk such as oat milk is likely to increase.

Who is winning?
Manufacturers of plant-based milk are trying to attract customers by packaging their products in cartons which are creatively and beautifully crafted. It helps plant-based milk producers differentiate their beverage from the rest and draws more customers as buyers choose to purchase a more visually appealing product compared to a typical product.

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