TABLE OF CONTENTS
1 INTRODUCTION 75
1.1 OBJECTIVES OF THE STUDY 75
1.2 MARKET DEFINITION 75
1.3 OVERVIEW OF GLOBAL PLANT-BASED MILK MARKET 75
1.4 LIMITATIONS 78
1.5 MARKETS COVERED 78
2 MARKET SEGMENTATION 84
2.1 MARKETS COVERED 84
2.2 GEOGRAPHICAL SCOPE 85
2.3 YEARS CONSIDERED FOR THE STUDY 86
2.4 CURRENCY AND PRICING 86
2.5 DBMR TRIPOD DATA VALIDATION MODEL 87
2.6 MULTIVARIATE MODELLING 90
2.7 TREATMENT LIFELINE CURVE 90
2.8 PRIMARY INTERVIEWS WITH KEY OPINION LEADERS 91
2.9 DBMR MARKET POSITION GRID 92
2.10 SECONDARY SOURCES 93
2.11 ASSUMPTIONS 93
3 EXECUTIVE SUMMARY 94
4 PREMIUM INSIGHTS 98
4.1 SUPPLY CHAIN OF GLOBAL PLANT-BASED MILK MARKET 100
4.1.1 RAW MATERIAL PROCUREMENT 100
4.1.2 PROCESSING 101
4.1.3 MANUFACTURING 101
4.1.4 MARKETING AND DISTRIBUTION 101
4.1.5 END USERS 101
4.2 BRAND COMPARATIVE ANALYSIS 102
4.3 CONSUMER DISPOSABLE INCOME DYNAMICS/SPEND DYNAMICS 104
4.3.1 OVERVIEW 104
4.3.1.1 SOCIAL FACTORS 105
4.3.1.2 CULTURAL FACTORS 105
4.3.1.3 PSYCHOLOGICAL FACTORS 105
4.3.1.4 PERSONAL FACTORS 105
4.3.1.5 ECONOMIC FACTORS 105
4.3.2 PRODUCT TRAITS 105
4.3.2.1 MARKET ATTRIBUTES 105
4.3.2.2 CONSUMERS' DISPOSABLE INCOME/SPEND DYNAMICS 106
4.4 INDUSTRY TRENDS AND FUTURE PERSPECTIVE 107
4.4.1 RISING ADOPTION OF ADVANCED TECHNOLOGIES IN THE PLANT-BASED MILK INDUSTRY 107
4.4.2 CERTIFICATIONS AND LABELLING CLAIMS AMONG MANUFACTURERS 107
4.4.3 BUSINESS EXPANSIONS THROUGH DIFFERENT STRATEGIC DECISIONS 108
4.5 NEW PRODUCT LAUNCH STRATEGY 109
4.5.1 OVERVIEW 109
4.5.1.1 LINE EXTENSION 109
4.5.1.2 NEW PACKAGING 110
4.5.1.3 RELAUNCHED 110
4.5.1.4 NEW FORMULATION 111
4.6 CONSUMER LEVEL TRENDS AND MEETING CONSUMERS' REQUIREMENTS 112
4.6.1 GROWING CONSUMERS' INTEREST IN PLANT-BASED DIETS 112
4.6.2 LACTOSE INTOLERANCE 112
4.6.3 VARIETY OF FLAVORS 113
4.7 FACTORS INFLUENCING PURCHASE DECISION 115
4.7.1 LARGE PRODUCT RANGE 115
4.7.2 PRODUCT PRICING 115
4.7.3 AUTHENTICITY OF PRODUCT 116
4.8 SHOPPING BEHAVIOR AND DYNAMICS 117
4.8.1 RECOMMENDATIONS FROM FAMILY AND FRIENDS 117
4.8.2 RESEARCH 117
4.8.3 IMPULSIVE 117
4.8.4 ADVERTISEMENT 117
4.8.5 TELEVISION ADVERTISEMENT 118
4.8.5.1 ONLINE ADVERTISEMENT 118
4.8.5.2 IN-STORE ADVERTISEMENT 118
4.8.5.3 OUTDOOR ADVERTISEMENT 118
4.9 PRIVATE LABEL VS BRAND LABEL 119
4.10 PROMOTIONAL ACTIVITIES 120
5 REGULATIONS, CERTIFICATIONS, AND LABELING CLAIMS 121
6 MARKET OVERVIEW 124
6.1 DRIVERS 126
6.1.1 INCREASE IN VEGAN POPULATION AROUND THE GLOBE 126
6.1.2 INCREASE IN LACTOSE INTOLERANT POPULATION 127
6.1.3 RISE IN PROMOTIONAL ACTIVITIES AND SOCIAL MEDIA MARKETING 128
6.1.4 AVAILABILITY AND ACCESSIBILITY OF A WIDER RANGE OF PLANT-BASED MILK PRODUCTS 128
6.2 RESTRAINTS 129
6.2.1 HIGH PRICE OF PLANT-BASED MILK IN COMPARISON TO DAIRY-BASED MILK 129
6.2.2 TASTE AND TEXTURE ISSUES ASSOCIATED WITH PLANT-BASED MILK 130
6.2.3 FLUCTUATING RAW MATERIAL PRICES 130
6.3 OPPORTUNITIES 131
6.3.1 RISING AWARENESS REGARDING ENVIRONMENTAL CONCERNS IS FUELING THE MARKET GROWTH 131
6.3.2 GROWING NEW PRODUCT LAUNCHES AND NEW PARTNERSHIPS, ACQUISITION AMONG KEY PLAYERS 132
6.3.3 INCREASED DEMAND FOR FORTIFIED BEVERAGES IN THE MARKET 133
6.4 CHALLENGES 134
6.4.1 RISE IN NUT ALLERGIES AMONG CONSUMERS 134
6.4.2 STRINGENT GOVERNMENT REGULATIONS 134
6.4.3 RISE IN THE NUMBER OF PLANT-BASED MILK PRODUCERS IN THE MARKET 135
7 IMPACT OF COVID-19 136
7.1 CONSUMERS WITH CARDIOVASCULAR DISEASE AND OBESITY AT HIGH RISK OF COVID-19 136
7.2 INCREASED DEMAND FOR SPECIFIC FOOD PRODUCTS FOR VEGAN DIETS 137
7.3 IMPACT ON DEMAND 137
7.4 IMPACT ON SUPPLY 137
7.5 CONCLUSION 138
8 GLOBAL PLANT-BASED MILK MARKET, BY TYPE 139
8.1 OVERVIEW 140
8.2 OAT MILK 141
8.2.1 OAT MILK, BY FORMULATION 142
8.2.1.1 UNSWEETENED 142
8.2.1.2 SWEETENED 142
8.3 SOY MILK 142
8.3.1 SOY MILK, BY FORMULATION 143
8.3.1.1 UNSWEETENED 143
8.3.1.2 SWEETENED 143
8.4 ALMOND MILK 144
8.4.1 ALOMIN MILK, BY FORMULATION 145
8.4.1.1 UNSWEETENED 145
8.4.1.2 SWEETENED 145
8.5 COCONUT MILK 145
8.5.1 COCONUT MILK, BY FORMULATION 146
8.5.1.1 UNSWEETENED 146
8.5.1.2 SWEETENED 146
8.6 RICE MILK 146
8.6.1 RICE MILK, BY FORMULATION 147
8.6.1.1 UNSWEETENED 147
8.6.1.2 SWEETENED 147
8.7 CASHEW NUT MILK 148
8.7.1 CASHEW MILK, BY FORMULATION 148
8.7.1.1 UNSWEETENED 149
8.7.1.2 SWEETENED 149
8.8 WALNUT MILK 149
8.8.1 WALNUT MILK, BY FORMULATION 150
8.8.1.1 UNSWEETENED 150
8.8.1.2 SWEETENED 150
8.9 HAZELNUT MILK 150
8.9.1 HAZELNUT MILK, BY FORMULATION 151
8.9.1.1 UNSWEETENED 151
8.9.1.2 SWEETENED 151
8.10 FLAX MILK 151
8.10.1 FLAX MILK, BY FORMULATION 152
8.10.1.1 UNSWEETENED 152
8.10.1.2 SWEETENED 152
8.11 OTHERS 152
8.11.1 OTHERS, BY FORMULATION 153
8.11.1.1 UNSWEETENED 153
8.11.1.2 SWEETENED 153
9 GLOBAL PLANT-BASED MILK MARKET, BY PRODUCT TYPE 154
9.1 OVERVIEW 155
9.2 REFRIGERATED MILK 156
9.3 SHELF STABLE MILK 157
10 GLOBAL PLANT-BASED MILK MARKET, BY FORMULATION 158
10.1 OVERVIEW 159
10.2 UNSWEETENED 160
10.3 SWEETENED 161
11 GLOBAL PLANT-BASED MILK MARKET, BY CATEGORY 163
11.1 OVERVIEW 164
11.2 CONVENTIONAL 165
11.3 ORGANIC 166
12 GLOBAL PLANT-BASED MILK MARKET, BY FLAVOR 168
12.1 OVERVIEW 169
12.2 ORIGINAL/UNFLAVORED 170
12.2.1 ORIGINAL/UNFLAVORED, BY MILK TYPE 170
12.2.1.1 ALMOND MILK 171
12.2.1.2 OAT MILK 171
12.2.1.3 SOY MILK 171
12.2.1.4 COCONUT MILK 171
12.2.1.5 RICE MILK 171
12.2.1.6 CASHEW NUT MILK 171
12.2.1.7 FLAX MILK 172
12.2.1.8 WALNUT MILK 172
12.2.1.9 HAZELNUT MILK 172
12.2.1.10 OTHERS 172
12.3 VANILLA 172
12.3.1 VANILLA, BY MILK TYPE 172
12.3.1.1 ALMOND MILK 173
12.3.1.2 OAT MILK 173
12.3.1.3 SOY MILK 173
12.3.1.4 COCONUT MILK 173
12.3.1.5 RICE MILK 173
12.3.1.6 CASHEW NUT MILK 173
12.3.1.7 FLAX MILK 173
12.3.1.8 WALNUT MILK 174
12.3.1.9 HAZELNUT MILK 174
12.3.1.10 OTHERS 174
12.4 CHOCOLATE 174
12.4.1 CHOCOLATE, BY MILK TYPE 174
12.4.1.1 ALMOND MILK 175
12.4.1.2 OAT MILK 175
12.4.1.3 SOY MILK 175
12.4.1.4 COCONUT MILK 175
12.4.1.5 RICE MILK 175
12.4.1.6 CASHEW NUT MILK 175
12.4.1.7 FLAX MILK 175
12.4.1.8 WALNUT MILK 176
12.4.1.9 HAZELNUT MILK 176
12.4.1.10 OTHERS 176
12.5 COFFEE 176
12.5.1 COFFEE, BY MILK TYPE 176
12.5.1.1 ALMOND MILK 177
12.5.1.2 OAT MILK 177
12.5.1.3 SOY MILK 177
12.5.1.4 COCONUT MILK 177
12.5.1.5 RICE MILK 177
12.5.1.6 CASHEW NUT MILK 177
12.5.1.7 FLAX MILK 177
12.5.1.8 WALNUT MILK 178
12.5.1.9 HAZELNUT MILK 178
12.5.1.10 OTHERS 178
12.6 COCONUT BLEND 178
12.6.1 COCONUT BLEND, BY MILK TYPE 178
12.6.1.1 ALMOND MILK 179
12.6.1.2 OAT MILK 179
12.6.1.3 SOY MILK 179
12.6.1.4 COCONUT MILK 179
12.6.1.5 RICE MILK 179
12.6.1.6 CASHEW NUT MILK 179
12.6.1.7 FLAX MILK 180
12.6.1.8 WALNUT MILK 180
12.6.1.9 HAZELNUT MILK 180
12.6.1.10 OTHERS 180
12.7 CARAMEL 180
12.7.1 CARAMEL, BY MILK TYPE 180
12.7.1.1 ALMOND MILK 181
12.7.1.2 OAT MILK 181
12.7.1.3 SOY MILK 181
12.7.1.4 COCONUT MILK 181
12.7.1.5 RICE MILK 181
12.7.1.6 CASHEW NUT MILK 181
12.7.1.7 FLAX MILK 181
12.7.1.8 WALNUT MILK 182
12.7.1.9 HAZELNUT MILK 182
12.7.1.10 OTHERS 182
12.8 HONEY 182
12.8.1 HONEY, BY MILK TYPE 182
12.8.1.1 ALMOND MILK 183
12.8.1.2 OAT MILK 183
12.8.1.3 SOY MILK 183
12.8.1.4 COCONUT MILK 183
12.8.1.5 RICE MILK 183
12.8.1.6 CASHEW NUT MILK 183
12.8.1.7 FLAX MILK 183
12.8.1.8 WALNUT MILK 183
12.8.1.9 HAZELNUT MILK 183
12.8.1.10 OTHERS 183
12.9 HAZELNUT BLEND 183
12.9.1 HAZELNUT BLEND, BY MILK TYPE 184
12.9.1.1 ALMOND MILK 184
12.9.1.2 OAT MILK 184
12.9.1.3 SOY MILK 185
12.9.1.4 COCONUT MILK 185
12.9.1.5 RICE MILK 185
12.9.1.6 CASHEW NUT MILK 185
12.9.1.7 FLAX MILK 185
12.9.1.8 WALNUT MILK 185
12.9.1.9 HAZELNUT MILK 185
12.9.1.10 OTHERS 185
12.10 MAPLE 185
12.10.1 MAMPLE, BY MILK TYPE 186
12.10.1.1 ALMOND MILK 186
12.10.1.2 OAT MILK 186
12.10.1.3 SOY MILK 186
12.10.1.4 COCONUT MILK 186
12.10.1.5 RICE MILK 186
12.10.1.6 CASHEW NUT MILK 186
12.10.1.7 FLAX MILK 187
12.10.1.8 WALNUT MILK 187

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