Plant-based Milk Market
Plant-based Milk Market (Type: Soy, Almond, Coconut, Rice, Oat, and Others; End Use: Food & Beverage Industry, Retail/Household, and Foodservice Industry; Flavor: Original/Unflavored and Flavored; and Distribution Channel: Business to Business and Business to Consumer) - Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Individuals with Cow Milk Issues Inclining toward Plant-Base Milk Products
Plant-based milk, a lactose-free alternative to cow milk, is expanding rapidly in the food & beverage industry. The world is full of people with cow milk allergies, lactose intolerance, calorie concern, vegan diet, and hypercholesterolemia. The growing need for milk-based proteins and nutrients is influencing the Asia Pacific plant-based milk market. Unlike milk from cows, plant-based milk is made by grinding a bean or nut and adding water, flavors, vitamins, and minerals. Nutrients are harmonious in all products, but the number of fat varies from no fat, low fat, and full fat. Some plant-based milk such as calcium-fortified soymilk can closely resemble cow’s milk but has comparatively lower nutrients.
There is a rising trend in the plant-based milk market in developing countries as a cost-effective alternative to cow’s milk or its insufficient supply. Mainly in the Asia Pacific region, plant-based milk is increasing in popularity due to the variety of flavors it offers, as consumers nowadays look for special functionality in these drinks, which form a part of their lifestyle. The presence of innovative food beverages from plant sources is proving effective as an alternative to cow's milk; however, many products are prone to face technical issues related to processing or preservation. Nevertheless, manufacturers are constantly upgrading their product quality and nutrient value, which is expected to drive the Asia Pacific plant-based milk market during the forecast period.
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Growing Health Concerns Driving Global Demand for Plant-Based Milk Products
In critical market conditions caused by COVID-19, many consumers are re-evaluating their consumption and drinking habits, as they look to increase their immunity and improve health. Moreover, with the relaxation to work from home environments, people are now conscious about nature and its impact on overall levels of well-being. There is increased anxiety about wellness, immunization, and sustainability, which is attracting various individuals toward the plant-based milk products. However, due to limitations for manufacturing and work staff imbalance due to stringent government regulations to save lives, the production rate has been slowed down and the supply chain has been hindered amidst the pandemic. Nevertheless, rapid production of COVID-19 vaccines and speeding distribution across the world are expected to start all the businesses shortly. In addition, with rising health awareness across nations, the Asia Pacific plant-based milk market is expected to grow during the forecast period.
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Popularity of Coconut Milk Dates Back to Ancient Ceremonial Offerings in South East Asia
In recent years, there is a vast improvement in research and development in all sections of the plant-based product development. The demand of consumers has grown due to health and environmental benefits of these products. Moreover, people moving to urban areas and increasing urbanization in rural areas of Asia Pacific are accelerating the demand for plant-based products. Manufacturers are now focusing on products that address different needs of people's lifestyle, including energy boosts, reduce aging, fights fatigue and stress, and other health signifying products. These improvements in the variety of plant-based products are contributing to the growth of the Asia Pacific plant-based milk market. Furthermore, for people avoiding sugar, plant-based milk is available in unsweetened forms with natural sugars from nuts and seeds. The growing concerns with the effects of sugar are expected to drive the global plant-based milk market during the forecast period.
The range of plant-based milk products varies from soy, almond, coconut, oat, cashew, rice, to many others. Recent years have witnessed the growing popularity of almond and oat-based milk due to their nutritional values and unique taste properties. Almond milk is particularly famous for its heart-improving benefits, as they are rich in fiber, calcium, magnesium, riboflavin, and unsaturated fatty acids. However, of all the plant-based milk products, coconut milk has been used traditionally from ancient times in India and Southeast Asia as an ingredient for nutrition and ceremonial offerings, and drinking to health. With the growing demand for soy and coconut milk in Asia Pacific nations, manufacturers tried using several nuts and plants for milk, which, in time, developed a taste in consumers improving their global demand.
China to Dominate Asia Pacific Plant-based Milk Market in Near Future
Milk flavors and sweet forms of milk are growing rapidly among children and the young population to achieve health targets without hating to drink them. Moreover, apart from major business leaders, local milk brands are also expanding product flavors and plant-based alternatives in the region. In China, with favorable economic factors and increasing population, leading producers are constantly improving the range, quality, ingredients, flavors, and packaging to gain a competitive advantage. Currently, Asia Pacific dominates the vegetarian segment with an increasing number of individuals switching to a vegetarian diet. Additionally, there is a significant amount of increase in lactose malabsorption in South Asian countries as compared to other regions. People opting for dairy alternatives that are free from lactose has been increasing with the number of milk alternatives available in the market. Thus, the Asia Pacific plant-based milk market is expected to witness heavy growth during the forecast period.
The global plant-based milk market is currently going through an unprecedented level of competition and division, mainly driven by the increasing number of manufacturers switching to produce plant-based milk products and their growing demand. Moreover, increasing number of people with a vegetarian diet and rising consumption of plant-based diets have also led to the adaption of plant-based milk products. The growing popularity of soy milk, almond milk, and coconut milk are also contributing to the global market growth. Moreover, rising demand for almond and oat-based beverages and growing health consciousness in the Asia Pacific are contributing to the development of the Asia Pacific plant-based milk market, which is expected to surpass US$ 19.8 Bn by 2031, at a CAGR of 10.7% during the forecast period.
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The plant-based milk market in the Asia Pacific is principally driven by the desire for nutritious and healthful beverages, which is provoking customers to turn to nutrient-rich milk products. Plant-based products can be a relief for people with lactose issues. In addition, rising workload, urbanization, and increasing pace of modern life are influencing consumers to buy ready-to-drink (RTD) beverages. Moreover, the growing eagerness to try various flavors and tastes among consumers is also boosting the market growth during the forecast period. However, many of these plant-based milk drinks lack nutritional balance when compared to cow’s milk. Nevertheless, producers are focusing on providing bovine milk nutrients with the development and advancements of products shortly, which are expected to propel the Asia Pacific plant-based milk market during the forecast period.
Asia Pacific Plant-based Milk Market: Overview
- The plant-based milk market value in India is estimated to value over ~US$ 900 Mn in 2021, finds Transparency Market Research (TMR) in a recent study. According to the report, the market is expected to surpass US$ 2.7 Bn by 2031, at CAGR of 11.8% in India.
- The revenue from the China plant-based milk market is estimated to be over US$ 3.8 Bn in 2021, and is expected to cross US$ 10.7 Bn by the end of 2031
- Health concerns around obesity, heart health, and seeking health lifestyle are some of the key aspects shaping the popularity of food and beverage products or redefining food culture with growing interest in natural and healthy food products. This factor is expected to propel the plant-based milk market in the Asia Pacific.
- Several consumers suffer from lactose intolerance and milk allergies. For instance, lactose intolerance is estimated to affect 30% of the global population, which varies from country to country. Dairy-based beverages contain allergen, which causes adverse effects and allergies. With increasing number of people with lactose intolerance, consumers are seeking allergen-free milk that is expected to propel the plant-based milk market.
- In developing countries such as India and China, consumers are more inclined toward buying value-added products, preferably with natural ingredients, organic, plant-based, and other alternatives owing to the rising disposable income
Asia Pacific Plant-based Milk Market: Frontrunners
- In terms of type, soy milk is estimated to account for the highest market value share in 2021, owing to high protein content and popularity among consumers
- The online retail sale of plant-based milk products is expected to show higher growth at a CAGR of 13.1% during the forecast period. Rising health-consciousness, along with growing consumer shift toward plant-based diets is positively impacting market growth.
- The spread of COVID-19 has hampered supply chain management and manufacturing operations, which has resulted in a slowdown of plant-based milk production and created a supply-demand gap. However, with the pandemic situation, consumers are inclining toward natural alternatives.
Asia Pacific Plant-based Milk Market: Dynamics
- Growing consumption of lactose-free milk:Lactose intolerance has become one of the major concerns in the food & beverage industry, which has led to the rise in the consumption of lactose-free milk across the world. The lack of digestion of lactose by consumers has led them to use plant-based milk products. Plant milk is free from lactase and does not lead to any allergic reaction. Manufacturers are also focusing on offering lactose-free plant-based milk products. More such launched products include almond-based, oat-based, and coconut-based milk products.
- In February 2019, Hiland Dairy launched the new chocolate lactose-free milk product. The product is available in half gallon size. It contains essential vitamins and minerals. The company has launched the product as per the growing demand for flavorful and lactose-free dairy products.
- Consumers adopting plant-based products: Regardless of what consumer’s think of taste and nutrition of plant-based milk products, they are leaning toward plant-based eating habits. As consumers are increasingly familiarizing meat alternative products, the trend is also being similarly followed for dairy products. The substantial rise in awareness regarding the health and environmental benefits of plant-based food products has also flourished the demand for various plant-based milk products. The significant impact of consumers’ desirable demand for plant-based milk has led to an unexpected rise in the launch of plant-based milk products from the past few years.
- For instance, in June 2020, Sproud, a Swedish pea-based milk provider has launched its product across North America
- Dairy-free ready-to-drink beverages gaining traction: Ready-to-drink beverages are among the widely popular beverage products across the world, as consumers are getting the necessary combination of taste and nutrition. Since the adoption of the vegan diet is rising around the globe, manufacturers are increasingly offering dairy-free, ready-to-drink beverages to consumers. Availability of diverse flavors, unique taste, and essential nutrients have also created the favorable consumption portfolio of plant-based ready-to drink among consumers. Some of the products such as plant-based RTD coffee, tea, and others, which include flavors of vanilla, chocolate, barista, and orange, are becoming widely popular among consumers.
- For instance, in October 2017, Starbucks announced the expected launch of plant-based ready-to-drink products. The company is mainly offering almond milk-based products such as bottled Frappuccino, a chilled coffee drink with almond milk.
Asia Pacific Plant-based Milk Market: Strategies
- Plant-based milk are mostly manufactured from soy, almond, oat, coconut, and rice. Since the plant-based milk market is witnessing a rise; other innovative ingredients are also being used by manufacturers. High demand for health and nutritional products has led the players of plant-based milk to increase the product portfolio by launching different types of plant-based milk. Other nuts, including cashew, hazelnut, walnut, and macadamia nuts are used to produce plant-based milk. Whereas, different cereal and seed-based milk are also being launched in the market, including spelt, corn, hemp seeds, flax seeds, sesame seeds, sunflower seeds, and others.
- For instance, Ripple Foods, a California-based company, specializes in the manufacturing and marketing of peas-based milk products
Asia Pacific Plant-based Milk Market: Players
- Some of the prominent market players operating in Asia Pacific plant-based milk market are
- Groupe Danone
- The Hain Celestial Group Inc.
- Vitasoy International Holdings Limited
- SunOpta Inc.
- Pacific Foods of Oregon, Inc.
- Goya Foods
- Blue Diamond Growers, Inc.
- Califia Farms
- Natura Foods
- among others
Asia Pacific Plant-based Milk Market – Scope of the Report
Transparency Market Research (TMR) has recently published a market study on the plant-based milk market. It provides a detailed assessment of key market dynamics, including drivers, trends, opportunities & restraints, and detailed information about the plant-based milk market structure. The market study presents exclusive information about how the plant-based milk market will grow during the forecast period of 2021-2031.
Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) are elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the plant-based milk market during the forecast period.
The study is intended to offer a holistic market overview to stakeholders in the plant-based milk market, including manufacturers, suppliers, distributors, cultivators, brands and investors, and to help them develop winning growth strategies. Stakeholders in the plant-based milk market, which include investors, industry experts, researchers, and journalists, and business researchers can leverage the information and data presented in TMR’s study.
The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting expansion of the market. It also offers actionable insights into the future trends in the plant-based milk market. Furthermore, small businesses and new entrants in the plant-based milk market can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in TMR’s Report on Asia Pacific Plant-based Milk Market
- Which country will continue to remain the most profitable regional market for plant-based milk market players?
- Which factors will induce a change in the demand for plant-based milk during the assessment period?
- How will the changing trends impact the plant-based milk market?
- How can market players capitalize on the low-hanging opportunities in the plant-based milk market in developed countries?
- Which companies are leading the plant-based milk market?
- What are the winning strategies of stakeholders in the plant-based milk market to catapult their position at the forefront?
Asia Pacific Plant-based Milk Market – Research Methodology
In TMR’s study, a unique research methodology is used to conduct an extensive research on the growth of the plant-based milk market and identify future growth parameters. This research methodology is a combination of primary and secondary research, to help analysts ensure the accuracy and reliability of the conclusions.
Secondary sources referred to by analysts for compiling the plant-based milk market study include statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary source.
Information acquired from primary and secondary sources is compiled in a comprehensive manner. This also acts as a validation from companies in the plant-based milk market, which makes TMR’s projections more accurate and reliable.
Asia Pacific Plant-based Milk Market – Segmentation
TMR’s study on the plant-based milk market offers information divided into important segments — type, end use, flavor, distribution channel, and country. This report offers a comprehensive data and information about the important market dynamics and growth parameters associated with these categories.