Potato Milk Market Size was valued at 2X times in 2022. exhibiting a compound annual growth rate (CAGR) of 5.2% during the forecast period (2023 - 2032). The growing inclination of consumers towards plant-based milk coupled with the various health benefits associated with its consumption is expected to fuel its market growth during the forecast period.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The growing health benefits associated with the consumption of potato milk have increased its consumption across various regions which in turn would boost its market growth in the upcoming years. As a part of this, commercial potato milk products have high concentrations of vitamins such as vitamin A, vitamin B12, vitamin C, vitamin D, vitamin E, and vitamin K. In potato milk, calcium and iron are minerals that are present in moderate concentrations.
Besides this, the large pool of people suffering from lactose intolerance has increased the demand for potato milk as it is an excellent option for people with a range of dietary allergies and intolerances because it is devoid of lactose, soy, milk, gluten, and nuts. Most persons with lactose intolerance, approximately 70% to 100% of the population, are people of East Asian descent, according to the NIH. According to a recent study, the illness also affects between 75 and 90 percent of Native Americans, Black people, Asians, Mediterranean people, and Jews. Approximately 5% of people in Northern and Central Europe are lactose intolerant.
Furthermore, the large pool of people suffering from cardiovascular disease coupled with the increased benefits associated with the consumption of potato milk, the monounsaturated lipids in potato milk are largely heart healthy. Additionally, they have less saturated fats than cow's milk, which is thought to be less healthy for hearts because it contains more of them. For instance, according to the Centers for Disease Control and Prevention, the most prevalent kind of heart disease, coronary heart disease, will claim 375,476 lives in 2021. Approximately 5% of persons aged 20 and older have CAD. About 2 in 10 deaths from CAD in persons younger than 65 will occur in 2021.
The Potato Milk Market segmentation, based on consumer group, includes gen x, gen z, millennials, and baby boomers. The Gen Z segment held the majority share in 2022 and is expected to be the fastest-growing segment during the forecast period. This is mainly owing to the increased Gen Z inclination towards potato milk food which in turn is contributing to its segmental growth. According to a Barclays study, Generation Z is ingesting 550% more plant-based milk than prior generations. Generation X, those born between the mid-1960s and the mid-1970s, are contrasted with this. Born between 1996 and 2005, Generation Z is the post-millennial generation, and it appears that their choice for non-dairy over cow's milk may have something to do with their desire to be healthy. In addition to this finding, the study also discovered that, even in comparison to millennials, Generation Zen z are spending more time at the gym and less time in bars.
September 2023: The Swedish business Veg of Lund provides dairy-free options including milk beverages and smoothies. Additionally, it is creating meat substitutes. Products made by Veg of Lund are marketed under the name DUG. The company is swiftly launching its main product, the milk substitute DUG Potato drink, which was first offered in Sweden, and in several other nations.
The Potato Milk Market segmentation, based on application, includes hot drinks, smoothies, bakery, confectionery, and residential/retail. The hot drinks segment held the majority share in 2022 concerning the potato milk industry revenue. This is mainly owing to the increasing consumption of hot drinks such as tea and coffee across the globe. For instance, according to private consumer polling conducted by the National Coffee Association (NCA), coffee consumption in the United States has increased to a two-decade high as people brew up new post-COVID routines. More Americans than any other beverage, including tap water, now consume coffee every day (66%), the highest percentage since NCA started keeping track of data. Since January 2021, coffee consumption has increased by over 14%. Americans' coffee consumption outside the home has climbed by 8% since January 2021, according to the Dig Insights/NCA Spring 2022 National Coffee Data Trends (NCDT) report. Coffee consumption at home is still higher than it was before the outbreak. Currently, 84% of coffee users had coffee at home the day before, up from 80% in January 2020. Since the beginning of the pandemic, the consumption of espresso-based beverages, which are frequently prepared away from home, has increased by 30%, indicating both recovery from the COVID-19 pandemic and new growth.
The Potato Milk Market segmentation, based on distribution channels, includes stored-based and non-store-based. The store-based segment dominated the potato milk industry revenue during the forecast period owing to increased consumer preference to purchase through stores as well as the wide availability of the products, which in turn would contribute to its segmental growth. As a part of this, in February 2022, The Swedish potato milk company Dug increased its market share in the UK, with the addition of three dairy substitutes in Waitrose. Following an online debut with the retailer, its Barista, Original, and Unsweetened potato milk will roll out to 220 locations. The product also includes chicory fibre and pea protein, and according to the manufacturer, it is the first plant-based dairy substitute fortified with folic acid, with 15% of the daily necessary amount. Additionally included are calcium, vitamin D, riboflavin, and vitamin B12.
Figure 2: Potato Milk Market, by Distribution Channel, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World. Europe is expected to hold the largest share of the Potato Milk Market during the forecast period, owing to the presence of major players across the region providing potato milk. For instance, Veg of Lund a Swedish company under its brand DUG was founded on the findings of Professor Eva Tornberg's research at Lund University. It's where it created its proprietary emulsion technique. Currently, stores in Sweden, Ireland, and the UK sell plant-based beverages. Veg of Lund is the owner of the DUG brand. DUG Original is a consistently delicious plant-based beverage that consumers can enjoy with their morning coffee or tea, cereal, or by glass. Additionally, it is excellent for baking and cooking. DUG Original won't separate no matter how an individual uses it due to its distinct potato and rapeseed emulsion. DUG Original is loaded with vitamins, minerals, fibre, protein, and carbohydrates because potatoes are used in their production. It is therefore a perfect substitute for other milk products. Further, the market of potato milk in the UK held the largest market share, and the Germany potato milk market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied are The U.S., Mexico, Canada, UK, Germany, Italy, France, Spain, China, Japan, India, Australia & New Zealand, and Brazil.
Figure 3: POTATO MILK MARKET SHARE BY REGION 2030 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Asia-Pacific Potato Milk market accounts for the second-largest market share in 2022. This is mainly owing to the presence of a vegan population across the Asia-Pacific. In India, the demand for vegan food has been steadily growing. People have started to embrace veganism in their daily lives as well as come to respect the idea over the past several years. The world's lowest meat consumption rate is seen in India, where 44% of the 1.3 billion people are Hindus, according to UN FAO research. In India, there will be over 500 million vegetarians by the year 2020, and just 1% of them will be strict vegans. Therefore, there are about five million vegans in India overall. Further, the India potato milk held the largest market share, and the China market of potato milk was the fastest-growing market in the Asia-Pacific region.
The North Potato Milk Market is expected to grow at a CAGR of 3.2% from 2023 to 2030. This is mainly owing to the wide purchase of consumers of plant-based milk owing to the various health benefits associated with its consumption, which in turn would create huge opportunities for the pmarket of potato milk in the upcoming years. For instance, according to Good Food Institute, a significant segment of the milk market in the United States, representing 15% of total dollar sales of milk, is plant-based milk. Plant-based milk showed considerable dollar sales growth in 2022, while unit sales marginally decreased, indicating higher average pricing per unit, consistent with retail trends. In addition, spending on plant-based milk is more likely to be increased in households with young children and households with higher incomes. These demographic data apply to 2021 and 2022 equally. Moreover, the US Potato Milk market held the largest market share, and the Canada potato milk industry was the fastest-growing market in the Europe region.
Major market participants are spending a lot of money on R&D to increase the range of their products, which will drive the Potato Milk market's future expansion. Market participants are also launching new goods, concluding contracts, purchasing companies, raising funds, and collaborating with other organizations to increase their global reach. To grow and survive in a more cutthroat and competitive market climate, Potato Milk business competitors must provide affordable products.
One of the primary business strategies adopted by manufacturers in the global Potato Milk industry to benefit clients and expand the market of potato milk sector is to manufacture locally to reduce operating costs. In recent years, Potato Milk has provided enormous benefits to its consumers.
Potato Milk Industry Developments
July 2023: Haofood Shanghai Food Technology Co., Ltd. and Veg of Lund has been signed a letter of intent ("LOI"). During the first quarter of 2024, the businesses will collaborate with the aim of marketing, selling, and distributing Veg of Lund products in China and a few other countries in the region under the DUG brand.
| Report Attribute/Metric | Details |
| Market Size 2022 | 2X times |
| Market Size 2023 | 3X Times |
| Compound Annual Growth Rate (CAGR) | 5.2% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018-2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Consumer Group, Application, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S., Canada, Mexico, Germany, France, the UK, Italy, Spain, the Rest of Europe, China, Japan, India, Australia & New Zealand, the Rest of Asia Pacific, South America, the Middle East, and Africa. |
| Key Companies Profiled | Veg of Lund, Company 2, Company 3, Company 4, Company 5, Company 6, Company 7, Company 8, Company 9, and Company 10. |
| Key Market Opportunities | Growing Expansion Policies Adopted by Key Players |
| Key Market Dynamics | The Growing Vegan Population The Growing Health Benefits Associated with the Consumption of Potato Milk |
Frequently Asked Questions (FAQ) :
The Potato Milk market was valued at 2X times in 2022 and is expected to grow at a CAGR of 5.2% during 2023-2032.
Europe Potato Milk Market valued at 5X times in 2032.
The growth rate of the Potato Milk Market is 5.2% during the forecast period 2023-2032.
Europe held the largest market share in the Potato Milk Market in 2022.
The key players in the Potato Milk Market are Veg of Lund, Company 2, Company 3, Company 4, Company 5, Company 6, Company 7, Company 8, Company 9, and Company 10.
The gen z segment held the highest market share in the Potato Milk Market in 2022.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.Â
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