Plant-based Milk Market: Opportunity Analysis and Industry Forecast upto 2031
Demand for plant-based food items and beverages has increased exponentially over the past few years. In 2021, the global sales of plant-based milk products recorded revenues of over US$ 13.2 billion, and it is expected to grow at a CAGR of over 9% during 2021-2031, estimates a new study published by ResearchMoz.
The study states the increasing interest in veganism among athletes as well as consumers is among the primary driving forces for the global market for plant-based milk products. Consumers are consciously avoiding animal-based products that contain additives and chemical-based preservatives. Thereby, demand for plant-based substitutes and dairy alternatives is continually on the rise, highlights the ResearchMoz report.
Consumers Switch to Plant-based Milk for Additional Health Benefits The world is seeing a constant rise in the prevalence of health conditions like gluten allergies and lactose intolerance. Individuals with such health disorders have already resorted to plant-based milk products. However, healthy consumers are also showing interest in making a shift from animal-based products and conventional dairy products to plant-based food items and beverages.
Taking this into consideration, manufacturers in the plant-based milk market are introducing products with enhanced nutritional profiles. It is becoming among their primary strategies to launch plant-based milk products with high protein content, less sugar and fat, and more amounts of other nutrients such as calcium, iron, potassium, and vitamins B and D, states the study.
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