Plant Based Milk Market size exceeded USD 12 Billion in 2019 and is estimated to achieve over 12% CAGR between 2020 and 2026.
Major Player in the market contains The WhiteWave Foods company, Groupe Danone, MYLkING, Earth’s Own Food Company Inc., Mc Cormick & Co., Goya Foods., Edward & sons, Pacific Foods of Oregon Inc., Natura foods, Sunopta Inc., Liwayway Holdings Company Limited.
Mar 2020, Oat Milk is another plant-based drink that is gaining popularity. It is known for its creamy flavor, making it perfect for coffee, cereal, oatmeal and smoothies. It is made by soaking oats, blending them together with water and straining the liquid. Oat milk is packed with various nutrients, such as vitamins D, A and B12, calcium and potassium.
Aug 2020, Silk, America’s No. 1 plant-based beverage brand, announced it has teamed up with two of the world’s most recognizable athletes—Michael Phelps, one of the most decorated athletes of all time, and Aly Raisman, world champion gymnast—as the new faces of its soymilk portfolio. Silk Soymilk offers a good source of complete protein with great taste, and it is the No. 1 brand of soymilk recommended by nutritionists.
Oct 2020, Groupe Danone, the company recently shifted its focus to concentrate on plant-based products. In doing so, Danone has now decided to invest EUR 10 million in a new machine that makes plant-based Actimel drinkable yogurt from oat and almond milk. It is the company’s fourth major investment in the Rotselaar factory in five years.
June 2020, Sproud, a Swedish pea-based milk provider, launched its product across North America.
In January 2020, Nestle, one of the largest food & beverage companies, debuted in the plant-based milk market by launching the ‘Nesquik’ brand, which offers oat milk.
Oct 2020, Goya Foods is investing $80 million into its manufacturing and distribution facility in Brookshire, Texas, according to an announcement from the company. The food manufacturer will use the money to purchase new food processing equipment and double the production capacity of the facility to meet increased demand for its products.
Global Plant Based Milk Market Size by Product Type (Almond, Oat, Hemp, & Others), By Application (Ice-Cream, Beverages, Cheese, & Milk), & By Formulation (Plain & Flavored). By region it includes North America, Europe, Asia-Pacific and Row. Among all regions, Asia-Pacific region has huge market share in plant based milk market. China and India having fastest growth in production rate. Consumer demands are increasing in this region. Further, North America has also accounted for a considerable share in the global plant-based milk market, owing to the increased prevalence of lactose intolerance and the vegan population.
North America plant base milk market size should surpass USD 6 billion by 2026, owing to increasing consumer awareness related to benefits of consumption of plant base milk. High nutritional values and vegan diet trend is one of the most popular among consumers which is further driving the market demand for plant base milk. Also rise in lactose intolerance and related disorders among consumers, will further boost the demand for plant milk from the U.S and Canada.
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