India Plant-Based Milk Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 16.40% (2024-2032)

Increasing health consciousness among consumers in India represents one of the key factors supporting the growth of the market. The India plant-based milk market size reached INR 2.97 Billion in 2023. Looking forward, IMARC Group expects the market to reach INR 11.83 Billion by 2032, exhibiting a growth rate (CAGR) of 16.40% during 2024-2032.

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India Plant-Based Milk Industry Trends and Drivers:

Individuals are shifting from traditional dairy to plant-based alternatives in response to the rising awareness about health issues, such as lactose intolerance and the benefits of a plant-based diet. The growing prevalence of lactose intolerance in India is contributing to this trend, as many consumers are seeking lactose-free options to avoid digestive discomfort. Additionally, the growing trend of veganism and vegetarianism is creating a favorable environment for plant-based milk, as more people are adopting these lifestyles for ethical and environmental reasons. The market is also being influenced by the expanding range of plant-based milk products available to consumers. Innovations in flavors, formulations, and nutritional profiles are making these products more appealing and accessible. Companies are continuously introducing new varieties, such as almond, soy, oat, and coconut milk, to cater to diverse consumer preferences.

Urbanization and increased disposable incomes are further catalyzing the demand for plant-based milk. As more people are moving to urban areas and experience higher income levels, they are willing to spend more on premium and healthier food products, including plant-based milk. Additionally, the rising trend of health-conscious living is aligning with this shift, as urban consumers are prioritizing health and wellness in their dietary choices. The influence of social media and digital marketing is also contributing to the growth of the market in the country. Brands are leveraging digital platforms to raise awareness and educate consumers about the benefits of plant-based milk. Influencers and celebrities promoting plant-based diets are amplifying this trend, leading to increased visibility and acceptance of plant-based milk in mainstream media. The expansion of retail and distribution channels is making plant-based milk more accessible to consumers across the country. Supermarkets, convenience stores, and online retailers are increasing their offerings of plant-based milk products, allowing consumers to purchase them with greater ease, thereby contributing to the market growth in India.

India Plant-Based Milk Industry Segmentation:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest India plant-based milk market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.

The report has segmented the market into the following categories:

Product Insights:

• Soy Milk
• Almond Milk
• Coconut Milk
• Rice Milk
• Oat Milk
• Others

Formulation Insights:

• Unflavored
• Flavored

Category Insights:

• Organic
• Conventional

Form Insights:

• Liquid
• Powder

Distribution Channel Insights:

• Business-to-Business
• Business-to-Consumer 
  • Modern Groceries
  • Convenience Stores
  • Specialty Stores
  • Online Retail Stores
  • Others

Regional Insights:

• North India
• West and Central India
• South India
• East and Northeast India

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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