North America Plant-Based Milk Market
The North America Plant-Based Milk Market is anticipated to expand at a higher CAGR over the forecast period (2019-2026).
The factors driving the growth of North America Plant-Based Milk Market includes increasing lactose intolerant population, growing consumers inclination towards adopting healthy lifestyles and rising concept of veganism. According to the report published by Truly Experiences, more than 1,474 restaurants provide plant-based food in the United States and 63% growth in the vegan-based food was observed in 2020, which is expected to boost the Plant-Based Milk Market in the United States in the coming years. Moreover, the nutritional benefits offered by plant-based milk products, rise in the health problems such as heart diseases, diabetes and cancer, growing popularity of Almond and Soy milk and increasing focus on animal welfare, are some of the additional factors supplementing the market growth. As per the North America Plant-Based Milk Market Analysis, increasing investments by the leading players on research and development, high per capita incomes and improved living standards, are further contributing to the market’s growth.
However, the growth of North America Plant-Based Milk Market is hindered due to negative effects of plant-based milk products on infant and growing children.
The prominent players operating in the market are Organic Valley, Campbell Soup Company, Hain Celestial Group Inc., Blue Diamond Growers, Earth’s Own Food Company, Danone S.A., Ripple Foods, Califia Farms, Oatly AB and Elmhurst Milked Direct LLC, among others.
Product Type: Segment Analysis
Based on Product type, the Almond Milk segment captured the largest market share during the forecast period. The growing popularity of Almond Milk in Canada due to its nutritional values such as low calories and high calcium levels and increasing vegan population, are some of the factors responsible for the growth of the segment.
Formulations: Segment Analysis
Based on Formulation, the Flavoured segment is estimated to dominate the market over the forecast period attributed to growing popularity of flavored milk in Canada, according to Canadian Government, the sales of flavoured milk in Canada are anticipated to increase from USD 4.5 billion in 2018 to reach USD 4.8 billion by the end of2022.
Processing Method: Segment Analysis
Based on Processing Method, the Wet Process segment emerges out as the fastest growing segment during the forecast period because it improves the shelf life and helps in grinding legumes, nuts and seeds.
Category: Segment Analysis
According to the North America Plant-Based Milk Market Outlook, the Refrigerated segment is estimated to hold the largest market share over the forecast period attributed to growing consumers preference towards refrigerated milk.
Market Segmentation
North America Plant-Based Milk Market by Product
- Almond milk
- Soy milk
- Coconut milk
- Oat milk
- Cashew milk
- Others
North America Plant-Based Milk Market by Category
- Refrigerated
- Shelf stable
North America Plant-Based Milk Market by Formulation
- Regular
- Flavoured
North America Plant-Based Milk Market by Method
- Dry process
- Wet process
- Fortification
North America Plant-Based Milk Market by Packaging
- Pouches
- Can
- Bottle
- Tetra pack
- Gallon
North America Plant-Based Milk Market by Packaging
- Online Stores
- Offline Stores
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