A recent study published by Transparency Market Research on the plant-based milk market includes Asia Pacificindustry analysis and opportunity assessment for 2021-2031.The revenue generated from the plant-based milk market in Asia Pacific islikely to value over 7.1 Bn in 2021, which isestimated to expand at a CAGR of 10.7%, to cross US$ 19.8 Bnby 2031. India and China impact the Asia Pacific region strongly.Both countries are the two largest markets in the region, followed by Japan andIndonesia. Rapid urbanization and high consumer expenditure growth in India andChina 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 anunprecedented level of competition and disruption, mainly driven by the growthof viable plant-based alternatives. Major plant-based products are evolving asthe perfect substitute to animal-based products, due to containing relevantnutritional composition. The growing consumption of plant-based diets has alsoled to the adoption of plant-based milk products. Additionally, increasingpopularity of soy milk, almond milk, and coconut milk is also fueling thedemand for plant-based milk.
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In developed countries, the consumption of animal products places aheavy burden on the environment. This has resulted in the exponential rise inconsumption of plant-based diets. Moreover, consumers are also becoming moreconcerned regarding the discontented impact of animal-based products on theenvironment.
· Forinstance, leading international organizations such as the WHO (World HealthOrganization), the FAO (Food and Agriculture Organization of the UnitedNations), and the IPCC (Intergovernmental Panel on Climate Change) urge for aglobal shift to plant-based diets
Rising Demand for Almond and Oat-based Beverages
Plant-based milk products have been produced using a diverse range ofingredients such as soy, almond, coconut, oat, cashew, rice, and others. Amongthese, almond- and oat-based milk products are becoming quite popular amongconsumers, owing to the unique taste and essential health beneficial propertiesof almonds and oats. Almond is known to be one of the prominent heart healthynuts, which is rich in fiber, calcium, magnesium, riboflavin, and unsaturatedfatty acids, and frequently appears in nutritional recommendations andguidelines for Vitamin E (Alpha-Tocopherol). Almond milk is also presumed to bea good solution for children. Whereas, the rising popularity of oats along withavailability of high content of dietary fiber, phytochemicals, and antioxidantsis also attracting consumers.
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· Forinstance, in June 2020, Pacific Foods of Oregon, Inc. has launchedthe organic oat-based beverages with reduced sugar
Challenges for Plant-based Milk Market in AsiaPacific
Lack of Acceptance Regarding the Plant-based Milkamong 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 amongconsumers. Some consumers find it undesirable to consume due to the taste andnutrient composition of plant-based milk. In some countries, where dairyproducts are being consumed from centuries, it is hard for consumers to replaceit with plant-based milk. Moreover, consumers are also dependent on milk toobtain essential nutrients, which lead consumers with negative perceptiontoward plant-based milk products as per nutritional composition. Furthermore,the taste of plant-based milk is also different from that of cow milk, which isalso a considerable factor for consumers, who are fond of the taste of cow’smilk. Hence, lack of familiarity of plant-based milk among consumers isrestricting the market to reach its full potential.
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The food andbeverages sector has cemented its place among the global populace firmly overthe years. This sector attracts considerable investments and subsidies fromnumerous government and non-government organizations. The trends and popularityregarding specific sub-categories are dynamic and help in structuring theoverall growth. The trends are a way of answering the needs of the consumer.The players in the food and beverages sector have to adapt to the changingtrends, which helps increase revenue-generation opportunities.
The world has undergone a majorshift in the way of living since the COVID-19 pandemic struck. A notable changein the functioning of various businesses and sectors has influenced theirworking mechanisms extensively. The food and beverage sector is no stranger tothis change. Transparency Market Research (TMR) has studied many aspectsconcerning the difference between the trends in the pre-pandemic andpost-pandemic world across the food and beverage industry.
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