Today marks World Plant Milk Day, when plant-based alternatives to dairy milk are celebrated, and consumers are encouraged to explore and embrace plant-based options. Recent data highlights the significant regional differences in the consumption and revenue of plant-based milk alternatives. Asia has emerged as the clear global leader in this market, with substantial contributions from countries like China, Japan, and South Korea.
As the plant-based milk industry continues to expand, the global market is expected to reach $51.87 billion by 2032, according to The Brainy Insights. The market’s growth is likely to be driven by increasing awareness of the environmental impact of dairy production, rising rates of lactose intolerance, and the continuing popularity of vegan diets.
Regional leaders
According to Statista’s Market Insights, Asia led the global plant-based milk market in 2023, generating an estimated $13.4 billion in revenue. China dominated the region with $9.5 billion, followed by Japan at $1.8 billion, and South Korea and India each contributing around $0.4 billion.
North America, driven by the United States, generated $3.6 billion, significantly trailing Asia. Europe ranked third with $3.9 billion, with Germany, the UK, and Spain as key contributors.
South America and Africa reported lower revenues of $0.7 billion and $0.2 billion, respectively. Despite these figures, the global plant-based milk market is projected to exceed $35 billion in the next four years. Due to its population size, Asia is expected to maintain its lead, but Europe and North America are likely to experience more substantial growth in per capita revenue.
Preference for plant-based milk varieties
The popularity of specific plant-based milk varieties varies by region. In China, soy milk is the most consumed alternative, driven by a long tradition of soy use and availability. In contrast, almond milk dominates the US market, while oat milk is particularly favored in Sweden, where it is a staple product of the local brand Oatly.
A Statista Consumer Insights survey conducted in 52 countries found that India had the highest percentage of regular dairy-substitute consumers at 32%, followed by Thailand and the United Arab Emirates, each with 29%. The global average was 20%, with Japan and Serbia at the lower end with 11% each.
Despite the growing presence of plant-based milk alternatives, they still represent a smaller market share compared to traditional dairy products. In the US, for instance, sales of refrigerated dairy milk generated approximately $14.1 billion in 2023, while plant-based milk alternatives contributed only $2.5 billion, according to Circana’s 2024 Dairy and Plant-Based Trends & Expectations report.
Brand loyalty in the US
According to data from another Statista’s Consumer Insights survey, while plant-based milk consumers remain a minority among US adults, those who have recently tried these alternatives show a strong likelihood of becoming repeat consumers. The survey data indicate that brand loyalty within this segment is significant.
Silk, a leading plant milk brand in North America, emerged as the most popular choice among respondents, with over one-third reporting they had consumed it within the past year. Of those, 86 percent expressed an intention to continue drinking the brand’s products. However, this data was gathered before the recent listeria outbreak linked to Silk’s Canadian lines, which has, unfortunately, likely affected public perception of its plant-based milks.
Similarly, 30 percent of respondents tried Blue Diamond’s Almond Breeze, another prominent player in the US market, with 84 percent indicating a likelihood of future consumption. Interestingly, while Oatly enjoys widespread popularity in Europe, only 10 percent of US respondents tried the oat milk brand.
What drives consumer preferences?
The survey also explored the factors US consumers prioritize when selecting a plant milk brand. The most commonly cited aspects were high value, honesty, trustworthiness, authenticity, and reliability.
Further research on US consumer preferences for plant-based milk noted that “Animal welfare, dairy preference, environmental concerns, and plant-based milk enthusiasm are significant predictors for willingness to try plant-based milk alternatives. Dairy preferences, environmental concerns, and plant-based milk enthusiasm predict the word-of-mouth factors. Overall, plant-based milk enthusiasm is the strongest driver for both consumer behaviors.”