Plant-based Milk Market: Introduction
A recent study published by Transparency Market Research on the plant-based milk market includes Asia Pacific
industry analysis and opportunity assessment for 2021-2031.
The revenue generated from the plant-based milk market in Asia Pacific is
likely to value over 7.1 Bn in 2021, which is
estimated to expand at a CAGR of 10.7%, to cross US$ 19.8 Bn
by 2031. India and China impact the Asia Pacific region strongly.
Both countries are the two largest markets in the region, followed by Japan and
Indonesia. Rapid urbanization and high consumer expenditure growth in India and
China are driving the market in the Asia Pacific region.
Growing Consumer Shift toward plant-based Diets
The global meat and dairy sectors are currently undergoing an
unprecedented level of competition and disruption, mainly driven by the growth
of viable plant-based alternatives. Major plant-based products are evolving as
the perfect substitute to animal-based products, due to containing relevant nutritional
composition. The growing consumption of plant-based diets has also led to the
adoption of plant-based milk products. Additionally, increasing popularity of
soy milk, almond milk, and coconut milk is also fueling the demand for
plant-based milk.
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In developed countries, the consumption of animal products places a
heavy burden on the environment. This has resulted in the exponential rise in
consumption of plant-based diets. Moreover, consumers are also becoming more
concerned regarding the discontented impact of animal-based products on the
environment.
·
For
instance, leading international organizations such as the WHO (World Health
Organization), the FAO (Food and Agriculture Organization of the United
Nations), and the IPCC (Intergovernmental Panel on Climate Change) urge for a
global shift to plant-based diets
Rising Demand for Almond and Oat-based Beverages
Plant-based milk products have been produced using a diverse range of
ingredients such as soy, almond, coconut, oat, cashew, rice, and others. Among
these, almond- and oat-based milk products are becoming quite popular among
consumers, owing to the unique taste and essential health beneficial properties
of almonds and oats. Almond is known to be one of the prominent heart healthy
nuts, which is rich in fiber, calcium, magnesium, riboflavin, and unsaturated
fatty acids, and frequently appears in nutritional recommendations and
guidelines for Vitamin E (Alpha-Tocopherol). Almond milk is also presumed to be
a good solution for children. Whereas, the rising popularity of oats along with
availability of high content of dietary fiber, phytochemicals, and antioxidants
is also attracting consumers.
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·
For
instance, in June 2020, Pacific Foods of Oregon, Inc. has launched
the organic oat-based beverages with reduced sugar
Challenges for Plant-based Milk Market in Asia
Pacific
Lack of Acceptance Regarding the Plant-based Milk
among Consumers: Consumers around the world are looking for more nutrients in their diet,
but there is a lack of familiarity and understanding for plant-based milk among
consumers. Some consumers find it undesirable to consume due to the taste and
nutrient composition of plant-based milk. In some countries, where dairy
products are being consumed from centuries, it is hard for consumers to replace
it with plant-based milk. Moreover, consumers are also dependent on milk to
obtain essential nutrients, which lead consumers with negative perception
toward plant-based milk products as per nutritional composition. Furthermore,
the taste of plant-based milk is also different from that of cow milk, which is
also a considerable factor for consumers, who are fond of the taste of cow’s
milk. Hence, lack of familiarity of plant-based milk among consumers is restricting
the market to reach its full potential.
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