The Plant-based Milk Market is projected to reach $47.55 billion by 2030, at a CAGR of 11.7% from 2023 to 2030. The growth of the plant-based milk market is driven by the high prevalence of lactose intolerance & allergies to cow milk, the growing focus on health & well-being, changing eating habits & consumers’ drive toward sustainability, and increasing investments & government support for plant-based industries. However, the high preference for animal-based milk products and the growing consumption of soy-free & gluten-free products restrain the growth of this market.
Here are the top 10 companies operating in the Plant-based Milk Market
Founded in 1919 and headquartered in Paris, France, Danone S.A. is engaged in developing, manufacturing, and selling food products and beverages. The company operates through three business segments: Essential Dairy and Plant-Based Products, Specialized Nutrition, and Waters. The company’s brand portfolio includes both international brands (Activia, Actimel, Alpro, Danette, Danonino, Danio, evian, Volvic, Nutrilon/Aptamil, and Nutricia) and local brands (Aqua, Blédina, Cow & Gate, Bonafont, Horizon Organic, Mizone, Oikos, Prostokvashino, Silk, and Vega). The company offers plant-based milk products through its Essential Dairy and Plant-based Products segment.
With its subsidiaries and strong distribution network in 40 countries with its 530 research & innovation specialists, the company has a geographical presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of 2022, the company had a headcount of over 94,761 employees worldwide.
Blue Diamond Growers (U.S.)
Founded in 1910 and headquartered in California, U.S., Blue Diamond Growers is an agricultural cooperative and a global consumer packaged goods (CPG) company. The company specializes in California almond processing and marketing. The company has different divisions such as global consumer products, global ingredients division, and nut & gift shop. Under the global consumer products division, the company offers plant-based milk products through the Almond Breeze brand.
The company has over 2.5 million square feet of almond processor production plants located in Sacramento, Salida, and Turlock. Also, the company has a 6,500-square-foot facility in Sacramento dedicated to the cooperative’s almond research and development activities.
With its subsidiaries and strong distribution network in 90 countries, the company has a geographical presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of 2022, the company had a headcount of over 18,000 employees worldwide.
Founded in 1869 and headquartered in NJ, U.S., Campbell is a food and beverage manufacturer. The company operates in two business segments: Meals & Beverages and Snacks. The meals & beverages segment provides plant-based milk through their brand Pacific Foods. The company provides plant-based milk from coconut, almond, cashew, hemp, oats, and soy.
The company has a geographical presence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of July 2022, the company had a headcount of 14,700 employees.
Hain Celestial Group (U.S.)
Founded in 1993 and headquartered in Lake Success, New York, U.S., The Hain Celestial Group is engaged in the manufacturing, marketing, distributing, and selling of food, personal care, and meat & dairy alternative products. The company operates through five business segments: Snacks; Meat & Dairy Alternatives; Tea; Foods; and Personal Care. The company offers soy, oats, coconut, cashew, rice, almond, spelt, millet, and buckwheat milk in the plant-based milk market. The company offers plant-based milk through meat & dairy alternatives under the brand names Joya and Natumi. The company sells its products through specialty and natural food distributors, supermarkets, natural food stores, mass-market and e-commerce retailers, and food service channels and clubs.
The company has several manufacturing facilities in Europe and North America and has a geographical presence in more than 70 countries. As of December 2023, the company had a headcount of 2,837 employees worldwide.
Founded in 1994 and headquartered in Malmö, Sweden, Oatly is engaged in the manufacturing of alternative dairy products from oats. The company develops, produces, and sells oat-based dairy substitute products, primarily under its brand, Oatly. The company operates through six segments, namely, on to go, chilled oat drink, cooking, ice cream, oat drink, and oatgurt. Under these segments, the company offers plant-based milk products.
With its subsidiaries and strong distribution network in more than 20 countries, with production facilities in Landskrona, Sweden, Millville, New Jersey, Vlissingen, the Netherlands, Ogden, Utah, Ma’anshan, China and Singapore, the company has a geographical presence across North America, Europe, Asia, and Middle East & Africa. As of December 2022, the company had a headcount of over 18,000 employees worldwide.
Meticulous Research in its latest publication on Plant-based Milk Market has predicted the growth of 11.7% during the forecast year 2023-2030.
Founded in 1866 and headquartered in Vevey, Switzerland, Nestlé is engaged in the manufacturing and supplying of food & beverage and nutritional products. The company operates through seven business segments: Powdered and Liquid Beverages, PetCare, Nutrition and Health Science, Prepared dishes and cooking aids, Milk products and Ice cream, Confectionery, and Water. The company offers plant-based meat, dairy alternatives, seafood alternatives, egg replacers, and plant-based confectionery in the plant-based food market. Along with offering dairy alternatives, the company is also adding plant-based options across its brands, such as Nesquik chocolate drinks, Nescafe coffee, and KitKat chocolate.
With its subsidiaries and strong distribution network in 188 countries with more than 2,000 brands, the company has a geographical presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of 2022, the company had a headcount of over 275,000 employees worldwide.
SunOpta Inc. (Canada)
Founded in 1973 and headquartered in Ontario, Canada, SunOpta is engaged in sourcing, processing, and packaging of organic, natural, and non-GMO food products. It manufactures and markets plant-based foods and beverages, fruit-based foods and beverages, and organic ingredients. The company operates through seven business segments: Broth and Stock; Plant-based Beverages; Plant-based Ingredients; Tea; IQF Fruit; Fruit-based Ingredients; and Fruit-based Snacks. The company offers plant-based milk through its plant-based beverages and plant-based ingredients segment.
The company has a geographic presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of December 2022, the company had a headcount of 1,453 employees.
Founded in 1974 and headquartered in Cheonan, South Korea, Sahmyook Foods is engaged in producing and marketing vegetarian and vegan products. The company’s product portfolio is segmented into soy milk, meat substitutes, noodles, and drinks. The company’s Cheonan plant is equipped with a state-of-the-art automated production system and systematic production management.
The company has a geographical presence in North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. As of 2021, the company had a headcount of more than 410 employees.
Earth’s Own Food Company, Inc. (Canada)
Founded in 1996 and headquartered in Vancouver, Canada, Earth’s Own Food Company is engaged in the manufacturing and selling of nutritional food & beverage products. The company offers its products through non-dairy beverages, soy beverages, non-dairy puddings, and organic rice beverages. Earth’s Own Food Company is also a producer & distributor of brands, such as So Good, So Nice, and Almond Fresh within Canada. As of 2023, the company had a headcount of around 100 employees.
Note: Earth’s Own Food Company, Inc. is a privately held company, and no financial information is available in the public domain. Hence, financial details are not added in this section.
Founded in 1898 and headquartered in Melbourne, Australia, Sanitarium Health and Wellbeing Company is engaged in producing and marketing plant-based breakfast cereals and vegetarian products. The company offers its products through various brands: Weet-Bix, Up & Go, So Good, Spreads, Vegi Delights, and PB Nutrition. The company offers milk alternatives through its So Good and Up & Go brands.
Popular Mention: Plamil Foods Ltd. (U.K.), Natura Foods (Canada), Axiom Foods, Inc. (U.S.), Sunrise Soya Foods (Canada).
Authoritative Research on the Plant-based Milk Market – Global Opportunity Analysis and Industry Forecast (2023-2030)
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