Milk is traditionally a part of various cultures. Recently, its importance has been declining due to health concerns about hormonal changes, allergens, and nutrient quality. This has led to a change in consumer habits towards plant-based dairy products, which are rich sources of vitamins, proteins, fats, and carbohydrates. The younger population is increasingly becoming lactose intolerant due to changes in lifestyle and diet, further supported by the vegan diet trend, which led to increased acceptance of plant-based milk. Concerns about animal welfare and cruelty, as well as the impact on the environment, are increasing the demand for plant-based milk. Lack of consumer awareness about the use of plant-based milk among the rural population further hampers growth. Other factors, such as extensive promotional activities by celebrities and athletes to encourage the consumption of vegetarian products in order to maintain a healthy lifestyle and the ease of product availability via proliferating online retail channels, are expected to drive the market even further. However, the price sensitivity of plant-based milk is one of the restraints on the market during the forecast years. According to the research report "China Plant-Based Milk Market Overview, 2027" published by Bonafide Research, the plant-based milk market is expected to grow significantly during the forecast period. In terms of the type of milk, soy milk has the biggest market share due to it being the oldest plant-based milk, being widely available, and also due to its high nutritional value. Almond milk has the second largest share, and it is continuously increasing due to soy milk’s allergic properties. During the forecast period, oat milk is expected to grow at a significant rate due to the fact that it is a rich source of nutrients and free from dairy allergens and other additives that cause adverse effects on the human body. Besides, oats have a cholesterol-lowering property, which has been scientifically proven. In terms of milk formulation, there are two types: plain milk and flavor milk. Flavored plant milk comes in varied flavors like Chocolate, Strawberry, Vanilla, Coffee, Hazelnut, Mocha, Berry, Banana, Coconut, and others. Chocolate and strawberry have the highest market shares among other flavors due to their increasing popularity among young consumers. During the forecast period, other flavors like coffee, mocha, and coco will grow at a significant rate due to continuous innovation. Supermarkets and convenience stores have the highest market shares. During the forecast period, the online channel is expected to grow at a rate higher than any other sales channel due to many factors such as discounts, offers, convenience, time-saving, etc. Due to this, leading supermarket chains have their own online shopping apps. People's lack of awareness about plant-based beverages and concerns about beverage additives will limit the growth of the plant-based milk market during the forecast period. However, it may pose a threat to the growth of the plant-based milk market. Covid-19 COVID-19 continues to be a significant challenge for all businesses worldwide. The pandemic has resulted in a sudden increase in the Country’s plant-based food and beverage products. The demand for plant-based milk is surging as suspicion grows over possible links between wild animal-based products. The pandemic is now seen as a boon for plant-based products as consumers switch to healthy eating habits. In addition to being a good source of protein, it offers a variety of flavors. As a result, most food companies have changed their marketing and manufacturing strategies to promote them more than other traditional health foods. Considered in this report: • Geography: China • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • China Plant-based milk market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type of milk: • Soy milk • Almond milk • Coconut milk • Rice milk • Oat milk • Other milk (Cashew, hazelnut, other) Type of milk by formulation: • Plain milk • Flavored milk Type of milk by flavors: • Chocolate • Vanilla • Strawberry • Berry • Hazelnut • Others (Coffee, coconut, mocha) By Sales Channel in the report: • Supermarkets • Convenience stores • Online • Others (Airports, Gas stations, 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.
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globallyDownload Sample