Plant-based Milk Market to Reach $7.3 Billion Globally by 2032 at 10.3% CAGR: Allied Market Research
WILMINGTON, Del., Jan. 11, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Plant-based Milk Market by Milk Type (Almond, Soy, Rice, Oat, Coconut, Others), by Distribution Channel (Online, Supermarket, Convenience Stores), by End-User (Retail/Household, Foodservices Industry, Food and Beverage Industry): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global plant-based milk market generated $2.8 billion in 2022, and is anticipated to generate $7.3 billion by 2032, witnessing a CAGR of 10.3% from 2023 to 2032.
- Increasing interest in health and wellness during the pandemic drove a surge in demand for plant-based milk products.
- Lockdowns and disruptions in the supply chain caused delays in production and distribution, temporarily impacting the market growth.
- The rising popularity of online shopping and home deliveries during the pandemic boosted plant-based milk producers' adaptation to e-commerce, strengthening direct consumer reach.
- The North America region dominated the global plant-based milk market in 2022, holding a major share of 33.3%.