Plant
based milk, as the name suggests serves as an alternative to bovine
milk and refers to non-dairy milk. People opt for plant based milk as
a substitute, generally for lifestyle reasons or medical issues.
Technically, plant based milk involves suspensions of dissolved and
disintegrated plants in water, which appear like cow’s milk.
Varieties of plant based milk include soy milk, almond milk, rice
milk, coconut milk and others. All varieties listed above have the
different amount of protein and other nutrient content present in the
milk. These categories of plant based milk are also available in
versions such as regular, low fat and fat-free. Increasing health
conscious consumers coupled rising influence towards the plant based
product is expected to support the Plant Based Milk market over the
forecast period.
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One
major benefit offered by plant based milk is that it possesses less
fat content as compared to dairy based milk. Some factors which drive
the plant based milk market are that plant based milk taste and smell
of plant based milk can be easily made preferable for consumers with
the help of flavors, lactose content of plant based milk can also be
controlled easily which attracts consumers who have lactose
intolerance, which is a common problem that many consumers face.
There is also a considerable rise in global vegan population that is
taking place which results in high consumption of plant based milk
and other products, which are derived with the help of this milk. The
dairy industry is also a major source of methane (greenhouse gas),
which deteriorates the environment and so production of plant based
milk is quite beneficial for raising a sustainable environment. Each
type of milk including bovine milk has its own advantages and
disadvantages, depending on the need. Plant based milk usage has
increased in the current period and analysis of current scenario
suggests that plant based milk will be the primary choice as compared
to bovine milk. One restraint for plant based milk is that it
negatively affects the growth of small children as compared to
traditional cow's milk.
The
regional segment for the market of the plant
based milk market is segmented into seven
different regions: Western Europe, North America, Eastern Europe,
Latin America, APEJ, Middle East & Africa and Japan. North
America is undergoing a good market growth with respect to other
regions because of the high demand of plant based milk in the US, due
to consumer health awareness and thus the growth of other
alternatives have is getting affected. Being an emerging market, Asia
Pacific is anticipated to witness a high market growth during the
forecast period because of a high rate of urbanization and consumer
awareness about health.
There
is a great variety of plant based milk being produced by
manufacturers. Few of the players of plant based milk are Ripple
Foods, DREAM, Califia Farms, Malk Organic, The New Barn.
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