According to the business intelligence report titled ‘Global Plant Milk Market Size study By Source (Almond, Soy, Coconut, Rice) By Formulation (Unsweetened, Sweetened), By Sales Channel (Mainstream Stores, Specialty Stores and Online Stores), By Packaging (Carton Packaging, Bottles, Pouches) and Regional Forecasts 2021-2027’, available with Market Study Report, global plant milk market was assessed at USD 13.32 billion in 2020 and is speculated to be worth USD 27.65 billion by 2027, expanding at 11% CAGR between 2021-2027.
 

Health benefits of milk consumption, in tandem with growing awareness about advantages of adopting vegan diets are key factors spurring global plant milk market share. For the unaware, plant milk is often used as an alternative to dairy milk as it is vegan in nature.
 

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Increasing incidences of milk allergies & lactose intolerance will also aid industry growth in the upcoming years. As per Oatly Group AB, a Swedish oat milk producing company, 33% of the households in U.K. have made a shift from dairy milk to plant milk.
 

While implementation of innovative marketing strategies, and launch of new flavors by industry leaders will facilitate revenue inflow, high cost of plant milk is poised to act as a challenge for the businesses operating in this domain. 
 

Based on source, worldwide plant milk industry is divided into almond, rice, coconut, and soy. Speaking of formulation, the market sphere is bifurcated into sweetened, and unsweetened. As per sales channel, the business domain is fragmented into mainstream stores, online stores, and specialty stores. Moving on to packaging, the industry is segmented into carton packaging, pouches, and bottles.
 

From regional frame of reference, Asia Pacific captured a significant industry share in the recent past due to high production of rice, coconut, and soy in economies like Indonesia, China, and India.
 

Key players influencing global plant milk market dynamics are Earth’s Own Food Company Inc., Danone S.A., Ripple Foods, Blue Diamond Growers, Organic Valley, Oatly Group AB, Califia Farms, Hain Celestial Group Inc., Campbell Soup Company, and Elmhurst Milked Direct LLC.