India Plant Based Milk Market Overview, 2029

India, a nation long known for its dairy products, is witnessing a change in customer preferences as they look into soy, almond, coconut, and oat milk substitutes for cow's milk. These substitutes appeal to people looking for sustainable and ethical food options as well as those with a variety of dietary requirements, such as vegetarianism and lactose intolerance. There has been a slow but steady shift in the Indian market for plant-based milk over the years. Plant-based milk choices were first scarce and mostly imported, serving a specific market of health-conscious customers. Growing public awareness of the advantages of plant-based diets for health and the environment prompted major dairy corporations as well as local entrepreneurs to launch a range of plant-based milk products.
Global food trends and urbanisation have contributed to the market's growth. Urbanisation and the impact of international food trends drove growth in the industry, resulting in a greater range and availability of plant-based milk in stores and online. To make plant-based milk more palatable to the general public, major companies have begun to engage in R&D to improve the flavour, texture, and nutritional profile of the product. The main motivators are health and wellness, as customers are looking for more goods that provide nutritious value without the negative effects of dairy, such high cholesterol and lactose intolerance. Environmental considerations are also very important because, in general, plant-based milk production uses less resources and produces less greenhouse gas emissions than dairy farming.

According to the research report "India Plant Based Milk Market Overview, 2027" published by Bonafide Research, it is expected that the Plant Based Milk Market will grow rapidly over the forecast period. Numerous important elements are driving the considerable rise of the Indian market for plant-based milk. There are many of opportunities in the Indian market for plant-based milk in several categories. India has the capacity to increase its capacity for producing alternative milk sources including soy, almond, and coconut because to its extensive agricultural base and variety of plant resources. In addition, deliberate expenditures on research and development are stimulating creativity in product formulas, flavour profiles, and nutrient additions, meeting changing customer demands. The market is expected to grow significantly as consumer acceptance and distribution channels spread, especially in urban areas and through e-commerce platforms. This presents profitable opportunities for both domestic and foreign players hoping to take advantage of India's rapidly developing plant-based milk industry.
Based on its origins, plant-based milk is available in a variety of forms, each with unique flavors, textures, and nutritional profiles to suit a range of dietary requirements and customer preferences. Soy milk is one of the oldest and most widely used plant-based milk substitutes in the world. It comes from soybeans and is well-known for having a high protein content and creamy texture, which makes it a top choice for people seeking a dairy-free protein source. Almond milk has a little sweet taste and a nutty, light flavour. It is created from powdered almonds and water. To improve its nutritional value, almond milk is frequently fortified with calcium, vitamin D, and vitamin E. The chopped flesh of fully grown coconuts is used to make coconut milk. It tastes lightly like coconut and has a thick, creamy texture. Compared to other plant-based milks, coconut milk has more calories and fat, but it also has a distinct flavour that complements both savoury and sweet foods. Water is combined with milled white or brown rice to make rice milk. Its flavour is moderate and somewhat sweet, which makes it a good choice for people who are lactose intolerant or allergic to nuts. Soaking oats in water, mixing, and filtering the solids are the steps involved in making oat milk. It tastes like cow's milk—it's somewhat sweet and has a creamy texture. Other plant-based sources that can be used to make plant-based milk include hemp, flaxseed, quinoa, and pea protein. All of these substitutes satisfy varying dietary needs and customer preferences while providing unique tastes and nutritional advantages.

Formulations in the plant-based milk industry may be broadly divided into two categories: plain and flavoured varieties. Plain plant-based milks have a taste that is similar to that of regular dairy milk and are usually unflavored and unsweetened. Ingredients including soy, almond, oat, coconut, rice, or hemp are frequently used to make them. Customers searching for a flexible milk substitute that can be used for baking, cooking, and as a dairy substitute in drinks are drawn to simple formulas. Sweeteners (such cane sugar, agave syrup, or stevia) and artificial or natural flavours (including matcha, chocolate, strawberry, or vanilla) are added to enhance the flavour of plant-based milks. These formulations are intended for consumers who want to add diversity to their drinks and cereal or who are searching for ready-to-drink solutions that approximate flavoured dairy milk. Plant-based milks with flavours are frequently sold as stand-alone drinks that may be consumed cold or heated, as well as in smoothies and desserts. The market for plant-based milk offers both plain and flavoured formulations to accommodate a range of customer preferences, including dietary constraints, health-consciousness, and flavour preferences. As the demand for plant-based dairy substitutes rises, the market is expected to continue rising due to developments in ingredients and formulations.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Plant-based Milk market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation



By Source
• Soy
• Almond
• Coconut
• Rice
• Oat Milk
• Other Sources (Cashews, Hazelnuts, Others)

By Formulation
• Plain
• Flavored

The approach of the report:

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

Intended audience

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