Asia Pacific Plant Based Milk Market Outlook, 2029

India has the largest share of vegetarians of 24% according to a research study held in 2023. While Germany, Mexico and the United States having 5% vegetarians, China 4% and Brazil has only 3% vegetarians. India has the largest milk consumers of all the countries. The two largest consumers of milk are India with 81 Million Metric Tonnes and the European Union with 33.4 Million Metric Tonnes in 2020. This shows clearly how Indians are inclined towards cow’s milk, and is the most difficult market for plant based milk to make its space. Cow is a very sacred animal to Indians and it has many religious beliefs attached with it. The demographic consumption of milk in India is; infants have 3-4 cups of milk, toddlers have 2-3 cups of milk, teenagers have 2 cups of milk while others have 1-2 cups of milk on a daily basis. Milk is considered as an important part of everyone’s diet. The practises that have been followed since ages, needs time to change and thus, plant based milks are not that popular in India as China or Japan. Also, the price of the milk acts as a major hindrance to this market, since plant milk is high priced compared to cow’s milk. India is still a developing economy and spending more amounts on basic essential is still not that prominent as the western world. The plant based food is still a new market for Asia Pacific, as it is still not understood by many at large. However, social media has started to expand the horizons by luring in the young demographics stating its health benefits and how it impacts the environment as a whole. According to the research report “Asia Pacific Plant Based Milk Market Outlook, 2029" published by Bonafide Research, the plant based milk market is expanding speedily at a CAGR of 7.47% during the forecast period. In China, with favourable economic factors and increasing population, leading producers are constantly improving the range, quality, ingredients, flavors, and packaging to gain a competitive advantage. China is leading the Asia Pacific plant based milk market with more than 60% of soy milk’s share. Soy milk is one of the oldest plant based milk and so it is widely available and has massive acceptance globally. Whereas, Almond milk has recently captivated, vital reason being soy milks allergenic property. However, soy milk is of less value as compared to its other counterparts. Oat milk is the emerging plant based milk globally during the forecast period. Plant based milk has many varied types of milk offerings and in different forms and flavours to cater to each and everyone’s palates. Manufacturers are in the process of bringing out more options and variety in terms of taste, aroma, texture and flavour. With growing number of varieties and far reaching effects of plant based milk, it is sure to escalate to new heights in the coming years. Cow's milk is proving to be insufficient and lack essential nutrients due to lack of grazing lands and proper feed. The population in Asia-Pacific region is highest which demands for alternatives. But the only restraining factor is its high price. Since it attracts young populace, the companies have launched varied flavours. But the fear of additives and preservatives added to extend shelf life of the product remains in consumer minds. Manufacturers are in a continuous process of satisfying consumer needs by adding various nutrients and fortifying plant-based milk before it reaches final consumer. The report analyses influential trends that are currently determining the growth of the market. It further, interprets important dynamics, such as the drivers, restraints, and opportunities for key market players and also the new entrants with the manufacturing of the plant based milk market. The analyses also state the upholding of the future status of the plant based milk market over the forecast period. A detailed overview of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the plant based milk market, along with their product portfolios, enhances the reliability of this extensive research study. Oat milk has paved its way to become one of the fastest growing markets during the forecast period with a power to cross over 10% market share globally. The other types of milk like Cashew milk, Hazelnut milk are also gaining traction in the market, as consumers are always on a spur to taste new variants. The flavoured plant based milk market is expected to grow enormously, as manufacturers are bringing new flavours on the shelf like Berry, Hazelnut, Coffee, Mocha and Coconut. While, Chocolate, Vanilla and Strawberry are well established and have succeeded in capturing majority of the market share. Online sales of plant based milks is rapidly expanding as they offer discount schemes and free home delivery options. Today’s busy consumers want to enjoy the easy accessible shopping through their luxury home space. Many one-stop shops have put themselves on the web to ease the purchasing process for the consumers. Leading supermarket chains have their own online shopping apps which further paves the market to succeed. Consumers reformed their eating habits during the pandemic to lead a healthy lifestyle devoid of any diseases. They look now for immunity booster drinks that improve overall health. They have become more alert towards their environment and are concerned of the alarming temperatures and natural conditions that are being exploited by human beings at large. However, the manufacturers faced difficulties to source raw materials and overcome supply chain issues. After the new normal it is expected to create new demands for plant-based milk market in Asia-Pacific region. Major Companies present in the market: The Hain Celestial (US), Danone (France), Freedom Foods Group (Australia), Oatly (Sweden), Ripple Foods (US), Califia Farms (US), Daiya Foods Inc. (Canada), Sahmyook Foods, Nestle, The Döhler Group, Kerry Inc Considered in this report • Geography: Asia Pacific • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Asia Pacific plant based milk market with its value and forecast along with its segments • Country-wise plant based milk market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Countries covered in the report • China • Japan • India • Australia Types of milk in the report • Soy milk • Almond milk • Coconut milk • Rice milk • Oat milk • Other milk (Cashew, hazelnut, other) Type of milk by formulation: • Plain milk • Flavoured milk Type of milk by flavour: • Chocolate • Vanilla • Strawberry • Berry • Hazelnut • Others (Coffee, coconut, mocha) By Sales Channel: • Supermarkets/Hypermarkets • Convenience Stores • Online • Others (Airports, gas station, Cafes, Health shops) The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to plant based milk industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. Keywords: Asia, Asia-Pacific, India, Japan, soy milk, almond milk , coconut milk, oat milk, vegan milk, vegan, hemp milk, cashew milk, quinoa milk, hazelnut milk, chocolate milk, coffee milk, nut milk, berry milk, flavoured milk, plain milk, vanilla milk, strawberry milk, alternative milk, soy, pea, lactose, allergy, legumes, organic milk. This report would help you answer the following questions: 1. What is the impact of social media on the Asia Pacific Plant Based Milk Market? 2. Price is the major factor for the plant based milk products? 3. China’s plant based milk market is more developed than other countries of Asia Pacific region? 4. Vegan diet trend is boosting the plant based milk market? 5. Chocolate milk is the most consumed plant based milk globally? Answers 1. There are a number of influencers on social media platforms who target consumers to pursue plant based milk and products for healthy living. They share various information, images and videos to support their thoughts. Social media has rapidly spread the vegan food trend across millennial by educating them about the impacts on environment and cruelty against animals. 2. Plant based milk are high priced than cow’s milk which is a major factor for its market hindrance and slow growth in Asia Pacific region. Consumers are reluctant to pay more for a product when its cheap substitute is already there in the market. 3. China is the highest populated country globally and has mere 4% to 5% vegetarian population. Chinese people are heavy meat eaters and lactose intolerant to dairy milk. 92% of Chinese population is lactose intolerant which is a major reason driving the plant based milk market here. 4. Famous celebrities around the world propagate Vegan diet and endorse various plant based products to attract more consumers. Vegan diet trend has become more of a healthy living status with a positive impact that it creates for the environment and animals. Thus, the vegan diet is propelling the consumers to try out plant based milk also. 5. Chocolate is by default a delicious flavour adored by one and all. Chocolate milk is enriched with calcium, Vitamin A and phosphorus. The tryptophan an essential amino acid makes it addictive in nature, which makes it most consumed plant based milk globally.

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