Plant Milk Market: Global Industry Analysis and Opportunity Assessment 2017-2024 GMI Estimate

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Plant Milk Market to exceed 21 bn by 2024
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Key Insights from Plant Milk Market

• Plant Milk Market size is estimated to exceed USD
  21 billion by 2024 according to a new research
  report by Global Market Insights. Growing vegan
  population resulting in high demand for dairy
  alternatives is driving plant milk market growth.
  Improved taste and flavor along with long shelf
  life is anticipated to fuel the business
  penetration. Initiatives for reduction of nitrous
  oxide and methane (greenhouse gas) produced by
  diary industry, deteriorating environment will
  stimulate plant milk market share from 2017 to
  2024.
• North America plant milk market accounted for
  over 25 share in 2016. Higher incidence of
  lactose intolerance in Hispanic and
  Asian-American populations in the U.S. is major
  driving force for the plant milk market growth.
  According to National Institute of Children's
  Health Human Development, in the U.S. around
  30-50 million people are lactose intolerant. Rise
  in the number of dairy alternative including soy,
  almond, coconut and rice will fuel the overall
  revenue generation.
• Rising threats pertaining to saturated fat
  levels, hormone content, antibiotics used in
  dairy cows has diverted consumers preference to
  dairy alternatives. Growing health concerns
  regarding diabetes and allergies has encouraged
  the consumers to adopt dairy alternative
  products. According to International Diabetes
  Federation and the U.S. Census Data, in the U.S.,
  37 million people have diabetes and 1.26 million
  people have a milk allergy.

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Continued...

• Mainstream stores accounted nearly 80 of the
  industry share in 2016. Growing disposable income
  and numerous value-added services offered by the
  modern retail outlets, substituting the
  conventional unorganized retailers is driving the
  product demand. Convenient locations, one-stop
  shopping, extended hours of operation, variety of
  merchandise, grab-and-go service and fast
  transactions are some of the key factors
  stimulating industry growth.
• Unsweetened formulation will witness gains
  exceeding 12.5 up to 2024. Increasing demand for
  dairy alternative product made from plain milk
  including desserts, yogurt and cheese drives the
  demand for unsweetened plant milk formulation.
  Convenience regarding addition of preferred
  quality and amount of sweetener owing to various
  health concerns by individuals will further
  propel the product demand. Carton packaging
  accounted for over 65 of plant milk market share
  in 2016. Increased innovation in production of
  varied range of carton packaging offering barrier
  from UV radiations, moisture and harmful gases
  odor will stimulate industry growth of plant milk
  market.
• Global industry share is highly fragmented owing
  to presence various local and international
  vendors. Some of the key players include Ripple
  Foods, Danone, Archer-Daniels-Midland, WhiteWave
  Foods, Califia Farms, Hain Celestial Group, Daiya
  Foods and Freedom Foods.

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U.S. Plant Milk Market, By Source, 2016 2024
(Million Litres)

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