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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The food and beverages sector has cemented its place among the global populace firmly over the years. This sector attracts considerable investments and subsidies from numerous government and non-government organizations. The trends and popularity regarding specific sub-categories are dynamic and help in structuring the overall 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 changing trends, which helps increase revenue-generation opportunities.
The world has undergone a major shift in the way of living since the COVID-19 pandemic struck. A notable change in the functioning of various businesses and sectors has influenced their working mechanisms extensively. The food and beverage sector is no stranger to this change. Transparency Market Research (TMR) has studied many aspects concerning the difference between the trends in the pre-pandemic and post-pandemic world across the food and beverage industry.
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