Plant-based Milk Market: Growing Appetite for Dairy-free Alternatives & Influence of Veganism to Propel Business

Once presaged as an essential aspect of a balanced diet in several cultures, dairy usage in some categories has witnessed a decline over the past two decades, as consumers respond to the worries over hormone usage, allergens, and the perceived unhealthy profile of some dairy offerings. This has transformed the landscape for dairy producers, globally, as they work towards keeping pace with the evolving consumption attitudes and the distinctions in consumer attitudes from region to region, while cashing in on the potential opportunities in dairy product consumption.Dairy alternativessuch as plant-based milk have a perceived health halo among consumers, capturing the attention of dairy product providers.

Transparency Market Research (TMR) recently published a report on the plant-based milk market, in which, analysts showcase a positive viewpoint of the industry on account of changing consumption patterns and the growing preference for sustainable, organic, andplant-based foods. The study unveils the key elements driving market growth, while highlighting the developments made by market competitors.

Humans first imbibed the idea of the consuming milk of other mammals following the domestication of animals during the Neolithic Revolution. The rise in urban population, and expansion of railway networks in the mid-19th century, further revolutionized milk production and supply. Over the last three decades of the 19th century, milk demand in most parts of the world surged significantly. Although milk held a legacy of strong market hold over centuries, the preference for plant-based milk has also been there over centuries, although not regarded as a substitute for dairy milk. Recipes from Levant, back in the 13thcentury, describe the first-ever plant-based milkalmond milk, whereas, soy milk was another plant-based milk consumed in China during the 14th century. Medieval England also marked the use of almond milk in several dishes.

In the recent past, these products gained recognition under the plant-base category, ever since consumer perception transformed and the preference for dairy alternatives grew. The plant-based milk market is expected to record a revenue of ~US$ 14 Bnin 2019, and is expected to grow at a CAGR of ~8%through the forecast period.

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Consumers Opting for Label-friendly Products

The clean label trend shows no signs of slowing down, with the consistent urge of consumers to reformulate products with no synthetics and artificial additives. As the demand for clean label products continues to escalate, the consumption of plant-based milk is expected to grow.

Demand for Plant-based Nutrition Sources

As millennials and Generation Zers explore sustainable, healthy plant-based alternatives to conventional staples such as milk, providers hope to cash in on this trend. The demand for plant-based protein sources has escalated significantly, resulting in significant preference for plant-based milk. The interest in veganism is soaring, especially among millennials, wherein, a significantly larger consumer base is making healthier choices. This has offered growth opportunities for plant-based milk market competitors.

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Growing Levels of Lactose Intolerance

The growing levels of lactose intolerance have propelled consumers to opt for dairy-free alternatives. Several recommendations by governments and health organizations are directed towards the effective management of lactose intolerance, one of which is preferring lactose-free milk and dairy products, thereby accelerating the growth of the plant-based milk market.

Although plant-based milk is gaining immense popularity among health-conscious consumers, the relatively lower level of protein present in these dairy alternatives is likely to impact the overall consumption of the product. Another challenge faced by plant-based milk providers is the tedious process of legal and regulatory inspection, as industry associations prevent manufacturers from using labels that could misguide consumers regarding the nutritional value of the product.

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Plant-based Milk Market: Key Strategies for Growth

Focus on Offering Flavored Formulations

Companies serving the plant-based milk market are centering their focus on flavored formulations to entice consumers, particularly the younger generation. Although there is notable consumption of regular plant-based milk formulations by consumers, companies aim to differentiate themselves from their competitors by focusing on flavored formulations. For example, Danone provides a range of flavored plant-based milk products, for which the company combines industry expertise and research capabilities to innovate flavors.

Strengthen Distribution through Online Retail Channels

The role of e-Commerce in proliferating the sales of food and beverage products continues to be in the focus of manufacturers. Distribution through online platforms is becoming a profitable strategy for companies, as e-Commerce has made it easy for companies to reach consumers. Furthermore, increased smartphone penetration further supports this aspect. Although food and beverage offerings are penetrating retail stores, companies continue to emphasize on permeating online retail platforms to cash in on the opportunities held by e-Commerce.

Expand Oat Milk Portfolio

Oat milk is a consumer-friendly and planet-friendly plant-based milk product, having a smaller carbon footprint as compared to dairy milk. Moreover, as consumer thirst for oat milk continues to surge, some dairy farmers producing non-dairy milks are proliferating the production of oat milk. As the TMR study demonstrates oat milk as a high-growth market, expansion of the oat milk portfolio remains a profitable strategy.

Scrutinizing the Competitive Scenario

In 2019, Danones Silk brand unveiled an oat-based beverage product Oat Yeah which is milk alternative. The launch of this product was attributed to falling soy milk sales.

In 2019, Blue Diamond, a grower-owned cooperative firm and the worlds leading almond marketer and processor, expanded its extensive Almond Breeze product line with the addition of a dairy-free product favored by Latin Americans Almond Breeze Almondmilk Horchata.

Considering the present scenario, the plant-based milk market remains consolidated in nature. However, it is expected to become fragmented during the forecast period. Large companies are diversifying their existing portfolios and upgrading their production facilities to ensure that they are fully-equipped to cater to the growing consumer demand for plant-based milk. Plant-based product providers are regularly offering consumers more innovative products, including unique ingredients and flavors. Innovation in plant-based milk helps meet the evolving consumer demand for healthier beverages, without compromising on the taste, texture, flavor, and nutritional qualities of the product.

Analysts Perspective of the Plant-based Milk Market

Consumers reconsideration regarding the consumption of animal proteins and dairy, on health, environmental, and ethical grounds, has led to the cutting out of dairy. As a result, the plant-based milk industry is witnessing a boom. Owing to this, TMRs analysts have a positive perspective of the market. Although APAC (Excl. China) is expected to be remain the leading plant-based milk market, Latin America is projected to showcase high-growth. Owing to this, market entrants planning geographical expansion could consider the lucrative Latin American market for plant-based milk. Moreover, as consumers are becoming more inclined towards products that are simple and those that contain less or no artificial ingredients, plant-based milk of organic nature is likely to be a promising avenue for businesses.

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