Well…there are lot of concerns being raised on animal milk. We all know that the problem of obesity is growing across the globe. This is certainly impacting our food habits and we are looking for alternative products that will help us stay fit. Another very important reason why the market for milk alternatives is picking up is rising lactose intolerance. In the present scenario, lactose intolerance is a problem everywhere. The United States alone has over 50 million individuals who are lactose intolerant and it is not just the United States but, the problem is rising everywhere. In South Korea, over 90% of the population is lactose intolerant. So, what is the way out…what is the alternative???
Plant based milk… the healthiest milk alternative
Yes…with declining sale of animal milk and animal milk products, the future belongs to dairy substitute products. There are several alternatives emerging fast and replacing animal milk. A very common example is soy milk which is very available everywhere now. Soy milk has already gained acceptance and is known for its health benefits like. This the most popular product that is safe to consume on a daily basis in place of animal milk. However, it seems that consumers are not fully satisfied with soy milk. This is also because there are many people who are soy intolerant and also do not like the taste of soy milk and other soy based products. So what are the other options that consumers are switching to?? Well…there are several other very interesting options.
Oat milk consumption is surging everywhere
Demand for oat milk has grown at a rapid pace in past three to four years. In fact, in early 2021, there was a shortage of oat milk in the United States. Which means, the demand was far more than the supply and companies like Oatly are busy increasing their production capacity to match with this steeply rising demand. It is estimated that oat milk production will increase by over 20% year-on-year across the globe for the next five to six years. As per Staticker, a data and research firm, in 2020, the Oat Milk market size was around $250 million and is expected to exceed $500 million by the year 2024. This signifies how potential this industry is.
Almond milk is a healthy choice as well
Almond milk industry is relatively much bigger in comparison to oat milk industry. Individuals are already aware of health benefits of almond and almond milk is consumed in place of animal milk, in Asian as well as American and European countries.
Almond milk production is increasing at around (10 – 12) % year-on-year growth. As per Staticker, a data and research firm, in 2020, the almond milk market size was $6 billion and is expected to continue growing at an year-on-year rate of 10% in the next five to six years.
But Wait….make sure that the soy milk that you are consuming is not artificially sweetened and does not have many artificial flavors added to it.
With plant-based (vegan) milk industry growing at such a lucrative pace, there are lot of business opportunities in this sector. However, if you are looking to start a plant-based milk production business, it is crucial to identify the right business segment and plan your strategies in the right direction.
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