Plant-based Milk Market by Segmentation Based on Product, Application and Region 1upfun.com
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.