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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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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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.
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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Analysts’ Viewpoint
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 – 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.
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1. Executive Summary
1.1. Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. TMR Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
5. Asia Pacific Plant-based Milk Market Demand Analysis 2016–2020 and Forecast, 2021–2031
5.1. Historical Market Volume (Tons) Analysis, 2016–2020
5.2. Current and Future Market Volume (Tons) Projections, 2021–2031
6. Asia Pacific Plant-based Milk Market - Pricing Analysis
6.1. Regional Pricing Analysis
6.2. Average Pricing Analysis Benchmark
7. Asia Pacific Plant-based Milk Market Demand Analysis 2016–2020 and Forecast, 2021–2031
7.1. Historical Market Value (US$ Mn) Analysis, 2016–2020
7.2. Current and Future Market Value (US$ Mn) Projections, 2021–2031
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ opportunity Analysis
8. Market Background
8.1. Macro-Economic Factors
8.1.1. Global GDP Growth Outlook
8.1.2. Global Industry Value Added
8.1.3. Global Urbanization Growth Outlook
8.1.4. Global Food Security Index Outlook
8.1.5. Global Rank – Ease of Doing Business
8.1.6. Global Rank – Trading Across Borders
8.2. Impact of COVID-19 on Food & Beverage Industry
8.2.1. Manufacturer/Processors
8.2.2. Supply Chain and Logistics
8.2.3. Wholesalers/Traders
8.2.4. Retailers
8.3. COVID-19 Risk Assessment/Impact
8.4. Global Beverage Industry Outlook
8.5. Dairy Alternatives Market Outlook
8.6. Global Consumer Product Outlook
8.7. Vegan- An overview
8.8. Production Overview by type
8.9. Industry Value and Supply Chain Analysis
8.10. Key Certifications/Claims
8.11. Key Regulations
8.12. Market Dynamics
8.12.1. Drivers
8.12.2. Restraints
8.12.3. Opportunity Analysis
8.13. Forecast Factors - Relevance & Impact
9. Asia Pacific Plant-based Milk Market Analysis 2016–2020 and Forecast 2021–2031, By Type
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ Mn) and Volume Analysis By Type, 2016–2020
9.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Type, 2021–2031
9.3.1. Native Starch
9.3.2. Modified Starch
9.3.3. Clean Label
9.4. Market Attractiveness Analysis By Type
10. Asia Pacific Plant-based Milk Market Analysis 2016–2020 and Forecast 2021–2031, By End-use
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ Mn) and Volume Analysis By End-use, 2016–2020
10.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By End-use, 2021–2031
10.3.1. Food & Beverage Industry
10.3.1.1. Bakery & Confectionary
10.3.1.2. Dairy & Desserts
10.3.1.3. Infant Formula
10.3.2. Retail/Household
10.3.3. Foodservice Industry
10.4. Market Attractiveness Analysis By End-use
11. Asia Pacific Plant-based Milk Market Analysis 2016–2020 and Forecast 2021–2031, By Flavor
11.1. Introduction / Key Findings
11.2. Historical Market Size (US$ Mn) and Volume Analysis By End-use, 2016–2020
11.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Flavor, 2021–2031
11.3.1. Unflavored/Original
11.3.2. Flavored
11.3.2.1. Chocolate
11.3.2.2. Vanilla
11.3.2.3. Berries
11.3.2.4. Coffee
11.3.2.5. Hazelnut
11.3.2.6. Others
11.4. Market Attractiveness Analysis By Flavor
12. Asia Pacific Plant-based Milk Market Analysis 2016–2020 and Forecast 2021–2031, By Distribution Channel
12.1. Introduction / Key Findings
12.2. Historical Market Size (US$ Mn) and Volume Analysis By End-use, 2016–2020
12.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Distribution Channel, 2021–2031
12.3.1.1. Business to Business
12.3.1.2. Business to Consumer
12.3.1.2.1. Hypermarkets/Supermarkets
12.3.1.2.2. Convenience Stores
12.3.1.2.3. Specialty Stores
12.3.1.2.4. Online Retail
12.4. Market Attractiveness Analysis By Distribution Channel
13. Asia Pacific Plant-based Milk Market Analysis 2016–2020 and Forecast 2021–2031, by Country
13.1. Introduction
13.2. Historical Market Size (US$ Mn) and Volume Analysis By Country, 2016–2020
13.3. Current Market Size (US$ Mn) and Volume Analysis and Forecast By Country, 2021–2031
13.3.1. China
13.3.2. India
13.3.3. Japan
13.3.4. ASEAN
13.3.5. Australia & New Zealand
13.3.6. Rest of Asia Pacific
13.4. Market Attractiveness Analysis By Country
14. Market Structure Analysis
14.1. Market Analysis by Tier of Companies
14.2. Market Concentration
14.3. Market Presence Analysis
15. Competition Analysis
15.1. Competition Dashboard
15.2. Competition Deep Dive
15.2.1. Groupe Danone
15.2.1.1. Overview
15.2.1.2. Product Portfolio
15.2.1.3. Sales Footprint
15.2.1.4. Key Developments
15.2.1.5. Strategy Overview
15.2.1.6. Financial Overview
15.2.2. The Hain Celestial Group Inc
15.2.2.1. Overview
15.2.2.2. Product Portfolio
15.2.2.3. Sales Footprint
15.2.2.4. Key Developments
15.2.2.5. Strategy Overview
15.2.2.6. Financial Overview
15.2.3. Vitasoy International Holdings Limited
15.2.3.1. Overview
15.2.3.2. Product Portfolio
15.2.3.3. Sales Footprint
15.2.3.4. Key Developments
15.2.3.5. Strategy Overview
15.2.3.6. Financial Overview
15.2.4. McCormick & Co.
15.2.4.1. Overview
15.2.4.2. Product Portfolio
15.2.4.3. Sales Footprint
15.2.4.4. Key Developments
15.2.4.5. Strategy Overview
15.2.4.6. Financial Overview
15.2.5. Sunopta Inc
15.2.5.1. Overview
15.2.5.2. Product Portfolio
15.2.5.3. Sales Footprint
15.2.5.4. Key Developments
15.2.5.5. Strategy Overview
15.2.5.6. Financial Overview
15.2.6. Pacific Foods of Oregon, Inc
15.2.6.1. Overview
15.2.6.2. Product Portfolio
15.2.6.3. Sales Footprint
15.2.6.4. Key Developments
15.2.6.5. Strategy Overview
15.2.6.6. Financial Overview
15.2.7. Goya Foods
15.2.7.1. Overview
15.2.7.2. Product Portfolio
15.2.7.3. Sales Footprint
15.2.7.4. Key Developments
15.2.7.5. Strategy Overview
15.2.7.6. Financial Overview
15.2.8. Blue Diamond Growers, Inc.
15.2.8.1. Overview
15.2.8.2. Product Portfolio
15.2.8.3. Sales Footprint
15.2.8.4. Key Developments
15.2.8.5. Strategy Overview
15.2.8.6. Financial Overview
15.2.9. Califia Farms
15.2.9.1. Overview
15.2.9.2. Product Portfolio
15.2.9.3. Sales Footprint
15.2.9.4. Key Developments
15.2.9.5. Strategy Overview
15.2.9.6. Financial Overview
15.2.10. Ripple Foods
15.2.10.1. Overview
15.2.10.2. Product Portfolio
15.2.10.3. Sales Footprint
15.2.10.4. Key Developments
15.2.10.5. Strategy Overview
15.2.10.6. Financial Overview
15.2.11. Oatly
15.2.11.1. Overview
15.2.11.2. Product Portfolio
15.2.11.3. Sales Footprint
15.2.11.4. Key Developments
15.2.11.5. Strategy Overview
15.2.11.6. Financial Overview
15.2.12. Sanitarium
15.2.12.1. Overview
15.2.12.2. Product Portfolio
15.2.12.3. Sales Footprint
15.2.12.4. Key Developments
15.2.12.5. Strategy Overview
15.2.12.6. Financial Overview
15.2.13. Ecomil
15.2.13.1. Overview
15.2.13.2. Product Portfolio
15.2.13.3. Sales Footprint
15.2.13.4. Key Developments
15.2.13.5. Strategy Overview
15.2.13.6. Financial Overview
15.2.14. Hiland Dairy
15.2.14.1. Overview
15.2.14.2. Product Portfolio
15.2.14.3. Sales Footprint
15.2.14.4. Key Developments
15.2.14.5. Strategy Overview
15.2.14.6. Financial Overview
15.2.15. The Bridge s.r.l.
15.2.15.1. Overview
15.2.15.2. Product Portfolio
15.2.15.3. Sales Footprint
15.2.15.4. Key Developments
15.2.15.5. Strategy Overview
15.2.15.6. Financial Overview
15.2.16. Others (on Additional request)
16. Assumptions and Acronyms Used
17. Research Methodology
List of Tables
Table 01: Asia Pacific Plant-based Milk Market Value (US$ Mn) Analysis and Forecast by Type, 2016-2031
Table 02: Asia Pacific Plant-based Milk Market Volume (Tons) Analysis and Forecast by Type, 2016-2031
Table 03: Asia Pacific Plant-based Milk Market Value (US$ Mn) Analysis and Forecast By End-use, 2016-2031
Table 04: Asia Pacific Plant-based Milk Market Volume (Tons) Analysis and Forecast By End-use, 2016-2031
Table 05: Asia Pacific Plant-based Milk Market Value (US$ Mn) Analysis and Forecast By Food & Beverage Industry Segment, 2016-2031
Table 06: Asia Pacific Plant-based Milk Market Volume (Tons) Analysis and Forecast By Food & Beverage Industry Segment, 2016-2031
Table 07: Asia Pacific Plant-based Milk Market Value (US$ Mn) Analysis and Forecast By Flavor, 2016-2031
Table 08: Asia Pacific Plant-based Milk Market Volume (Tons) Analysis and Forecast by Flavor, 2016-2031
Table 09: Asia Pacific Plant-based Milk Market Value (US$ Mn) Analysis and Forecast by Flavored Segment, 2016-2031
Table 10: Asia Pacific Plant-based Milk Market Volume (Tons) Analysis and Forecast by Flavored Segment, 2016-2031
Table 11: Asia Pacific Plant-based Milk Market Value (US$ Mn) Analysis and Forecast by Country, 2016-2031
Table 12: Asia Pacific Plant-based Milk Market Volume (Tons) Analysis and Forecast by Country, 2016-2031
List of Figures
Figure 01: Asia Pacific Plant-based Milk Market Value (US$ Mn) Forecast, 2021–2031
Figure 02: Asia Pacific Plant-based Milk Market Volume (Tons) Forecast, 2021–2031
Figure 03: Asia Pacific Plant-based Milk Market Value Share Analysis by Type, 2021 E
Figure 04: Asia Pacific Plant-based Milk Market Y-o-Y Growth Rate by Type, 2021-2031
Figure 05: Asia Pacific Plant-based Milk Market Value (US$ Mn) Analysis & Forecast by Type, 2021–2031
Figure 06: Asia Pacific Plant-based Milk Market Volume (Tons) Analysis & Forecast by Type, 2021–2031
Figure 07: Asia Pacific Plant-based Milk Market Value Share Analysis By End-use, 2021 E
Figure 08: Asia Pacific Plant-based Milk Market Y-o-Y Growth Rate By End-use, 2021-2031
Figure 09: Asia Pacific Plant-based Milk Market Value (US$ Mn) Analysis & Forecast By End-use, 2021–2031
Figure 10: Asia Pacific Plant-based Milk Market Volume (Tons) Analysis & Forecast By End-use, 2021–2031
Figure 11: Asia Pacific Plant-based Milk Market Value Share Analysis By Flavor, 2021 E
Figure 12: Asia Pacific Plant-based Milk Market Y-o-Y Growth Rate By Flavor, 2021-2031
Figure 13: Asia Pacific Plant-based Milk Market Value (US$ Mn) Analysis & Forecast By Flavor, 2021–2031
Figure 14: Asia Pacific Plant-based Milk Market Volume (Tons) Analysis & Forecast By Flavor, 2021–2031
Figure 15: Asia Pacific Plant-based Milk Market Value Share Analysis By Distribution Channel, 2021 E
Figure 16: Asia Pacific Plant-based Milk Market Y-o-Y Growth Rate By Distribution Channel, 2021-2031
Figure 17: Asia Pacific Plant-based Milk Market Value (US$ Mn) Analysis & Forecast By Distribution Channel, 2021–2031
Figure 18: Asia Pacific Plant-based Milk Market Volume (Tons) Analysis & Forecast By Distribution Channel, 2021–2031
Figure 19: Asia Pacific Plant-based Milk Market Value Share Analysis By Country, 2021 E
Figure 20: Asia Pacific Plant-based Milk Market Y-o-Y Growth Rate By Country, 2021-2031
Figure 21: Asia Pacific Plant-based Milk Market Value (US$ Mn) Analysis & Forecast By Country, 2021–2031
Figure 22: Asia Pacific Plant-based Milk Market Volume (Tons) Analysis & Forecast By Country, 2021–2031