Europe Plant Based Milk Market Outlook, 2029

People who eliminate completely animal origin product and it’s by product are called Vegans. Whereas, some people call themselves flexitarian which means they eat both animal product and vegan products occasionally. In Europe around 3.2% of population is vegan representing a double growth in 2020. Further, interpreting the study shows that a total of 30.9% of population is no longer a full meat eater. Austria, Germany, Portugal have the highest number of flexitarian as compared to other countries. Germany is labelled as the sixth famous country for vegans while, Berlin and Hamburg making it to the fifth vegan friendly cities. France is not known as the most vegan friendly country but it is a trend on the rise and studies suggest the percentage of people who are vegans or vegetarians in France is as high as 5%. The veganism movement has grown rapidly over the last years. Spain had the 10th highest percentage of vegans in the world in 2017, when 0.1% of populace declared themselves as vegan.

According to the research report “Europe Plant Based Milk Market Outlook, 2029" published by Bonafide Research, the plant based milk market is expanding speedily to cross over revenue of USD 6.6 Billion by the end of forecast period. Germany, United Kingdom, Italy and Spain has over 45% market share in Europe plant based milk market. European continent consumes more coffee than any other in the world. Given its, property to increase alertness and powerful antioxidants, coffee is widely consumed in Europe. The recent wave of eliminating cow’s milk from diet in lieu of turning vegan has boost the plant based milk consumers in replacing it with soy milk. As soy milk gives a nutty flavour, foamy texture and an enhanced taste when combined with a good quality coffee, it is most consumed in Europe. It lets the prominent flavour of coffee be alive in it without the need of dairy milk. Barista’s across Europe, use soy milk as their preferred choice as the base for making any type of coffee. However close rival to soy milk is almond milk which is gaining popularity among Europeans, as it is considered more rich in nutrients. Almond milk is the fastest growing plant based milk and is expected to have more users in the future years as well. Oat milk grows at a much higher CAGR than other milks, owing to its incredible popularity and demand. Oat milk is a better option for people with lactose intolerance, milk allergies, and gluten free and easy to digest. Oat milk is an excellent source of vitamins, minerals and fibre. However, it has more calories than almond, soy or cow’s milk but more vitamin B content. It helps to lower cholesterol levels, otherwise which increases the risk of heart diseases. Oat milk is further fortified with calcium and vitamin D which is good for bones.

The report analyses influential trends that are currently determining the growth of the market. It further, interprets important dynamics, such as the drivers, restraints, and opportunities for key market players and also the new entrants with the manufacturing of the plant based milk market. The analyses also state the upholding of the future status of the plant based milk market over the forecast period. A detailed overview of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the plant based milk market, along with their product portfolios, enhances the reliability of this extensive research study.

Oat milk has paved its way to become one of the fastest growing markets during the forecast period with a power to cross over 12% market share globally. The other types of milk like Cashew milk, Hazelnut milk are also gaining traction in the market, as consumers are always on a spur to taste new variants. The flavoured plant based milk market is expected to grow enormously, as manufacturers are bringing new flavours on the shelf like Berry, Hazelnut, Coffee, Mocha and Coconut. While, Chocolate, Vanilla and Strawberry are well established and have succeeded in capturing majority of the market share. Online sales of plant based milks is rapidly expanding as they offer discount schemes and free home delivery options. Today’s busy consumers want to enjoy the easy accessible shopping through their luxury home space. Many one-stop shops have put themselves on the web to ease the purchasing process for the consumers. Leading supermarket chains have their own online shopping apps which further paves the market to succeed.

The pandemic has brought many challenges to the plant-based milk market. It had a positive impact on the market with accelerating demands for plant milks. Consumers wanted to replace any product of animal origin with plant-based options. The companies faced challenges with manpower and raw material disturbances. Since the ease of the situation, the companies have started focussing on adding new flavours to milk to lure in more consumers.



Considered in this report
• Geography: Europe
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Europe plant based milk market with its value and forecast along with its segments
• Country-wise plant based milk market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report
• Germany
• United Kingdom
• France
• Italy
• Spain
• Russia

Types of milk in the report
• Soy milk
• Almond milk
• Coconut milk
• Rice milk
• Oat milk
• Other milk (Cashew, hazelnut, other)

Type of milk by formulation:
• Plain milk
• Flavoured milk

Type of milk by flavour:
• Chocolate
• Vanilla
• Strawberry
• Berry
• Hazelnut
• Others (Coffee, coconut, mocha)

By Sales Channel:
• Supermarkets/Hypermarkets
• Convenience Stores
• Online
• Others (Airports, gas station, Cafes, Health shops)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to plant based milk industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.