Dairy Alternative Plant Milk Beverages Market Size to grow by USD 12750.6 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Dairy Alternative Plant Milk Beverages Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The global market for soft drinks and non-alcoholic beverages encompasses sectors such as carbonated beverages, juices and juice concentrates, bottled water, functional beverages, sports drinks, and alternative plant-based milk beverages. According to Technavio's market analysis, the market size is determined by the consolidated revenues of soft drinks and non-alcoholic beverages manufacturers, excluding sales from dispensing equipment. Key growth drivers include the proliferation of new product innovations and launches in the market, particularly in the plant-based milk beverage segment, which includes offerings such as soy-based, dairy-alternative, prebiotic and probiotic drinks. - The Dairy Alternative Plant Milk Beverages Market is experiencing significant growth, fueled by the Robust demand for plant-based milk. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Robust demand for plant-based milk
  • Increased online penetration of plant-based products
  • Increasing allergies to plant-based sources
  • High cost associated with plant-based milk production
• Growth Projections

The market size is estimated to grow by USD 12750.6 million, at a CAGR of 8.8% during the forecast period. The millennial demographic is driving growth in the dairy alternative plant-based milk beverages market due to ethical concerns regarding animal cruelty. In response to this consumer trend, market players are introducing new vegan, dairy-free product lines. For instance, Danone invested USD22M in October 2022 towards health and wellness initiatives, which encompassed the reformulation of approximately 70% of its plant-based drinks portfolio. This continuous product innovation will significantly contribute to the expansion of the global dairy alternative plant-based milk beverages market during the forecast period.

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• Regional Insights

The Dairy Alternative Plant Milk Beverages market represents a significant growth opportunity for businesses in the food and beverage industry. Consumers are increasingly seeking plant-based alternatives to traditional dairy products due to dietary preferences, ethical concerns, and health benefits. Key players in this market include soy, almond, oat, rice, and coconut milk beverage producers. Market expansion is driven by rising demand for lactose-free and vegan options, as well as advancements in production technology. Companies must focus on product innovation, sustainability, and competitive pricing to capture market share.

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