Asia stands out as a pioneer in the plant-based milk market, leading the global charge in plant milk substitutes. Statista’s Market Insights data reveals that in 2024, Asia generated a substantial revenue of $14.3 billion in this sector. Notably, China emerged as a key player, contributing $9.9 billion to the total. Other significant markets in Asia included Japan ($2.1 billion), South Korea ($0.4 billion), and India ($0.4 billion).
In comparison, North America, spearheaded by the United States, secured a revenue of $3.9 billion, positioning it as the second-largest market regionally. Europe followed in third place, with an estimated revenue of $4.6 billion in 2024. Major European markets included Germany ($0.9 billion), the United Kingdom ($0.7 billion), and Spain ($0.6 billion). Conversely, South America and Africa lagged behind significantly with revenues of $0.8 billion and $0.2 billion, respectively.
Analysts predict a continuous expansion of the milk substitutes market, forecasting a global revenue surpassing $41 billion by 2030. While Asia is anticipated to maintain its revenue dominance due to its vast population, Europe and North America are poised for accelerated growth in average revenue per capita. This growth trajectory is attributed to the increasing popularity of milk alternatives in these regions.
Diverse consumer preferences influence the performance of substitute milks across different markets. For instance, soy drinks reign supreme in China, driven by a cultural tradition of soy consumption and the widespread availability of the plant. In Sweden, oat milk, notably championed by the brand Oatly, enjoys significant popularity. On the other hand, almond milk emerges as the top-selling plant milk in the United States.
As the plant-based milk market continues to evolve, it reflects changing consumer trends and preferences globally. The increasing awareness of health and environmental concerns, coupled with a growing demand for dairy alternatives, propels the market forward. With innovative products and expanding distribution networks, plant-based milk alternatives are reshaping the beverage industry landscape, offering consumers a wider array of choices that align with their dietary and ethical considerations.
📰 Related Articles
- Odys Global Leads Domain Market for SEO-Powered Investments
- HP Inc. Leads Global Printer Market with Innovation
- Global Soy Sauce Market to Reach 98 Billion USD by 2031
- Global Recycled Polyethylene Market Soars Toward USD 34 Billion
- Global Outdoor Furniture Market Set to Reach USD 57.2 Billion by 2034