Plant-Based Milk Market to Surpass Valuation of US$ 19.8 Bn in Asia Pacific By 2031; Focus on Nutritional Value & Palatability to Boost Acceptability to Drive Market, Says TMR

ALBANY, N.Y., Oct. 7, 2021 /PRNewswire/ -- Efforts to increase the sensory acceptability and nutritional profile of oat milk, almond milk, and coconut milk will help propel the Asia Pacific plant-based milk market to reach US$ 19.8 Bn by 2031. Players are keenly leveraging new processing technologies to increase stability and preservation of the final product.

Plant-based nutritional beverages have gained popularity in various parts of the world, anchored on the growing preference for vegan diets and mounting calorie concerns in diets. In particular, several studies on global and regional estimates have found lactose malabsorption to be widespread in Asia.

The growth of the Asia Pacific plant-based milk market is stridently fueled by the demand for inexpensive, nutritional beverages, especially in economies where there exists significant demand-supply gap of cow's milk. Plant-based milk products have grown in demand among consumers to address the problems of allergies to cow milk and lactose intolerance. Furthermore, changing diet patterns are driving the evolution of the Asia Pacific plant-based milk market. 

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Key Findings of Plant-based Milk Market Study

• Plant-based Milk as Inexpensive Nutritional Beverage to Attract Consumers at Large: Non-dairy milk alternatives have gained enormous attention among functional beverages globally. In Asia Pacific, plant-based milk products have gained wider traction among health-conscious population as an inexpensive alternative in lower-middle income economies of developing countries. Companies are harnessing various processing methods to overcome challenges pertaining to the preservation of nutrients and adopting packaging solutions that improve shelf life of the product. In addition, players are relentlessly working toward nutritional completeness by exploring bovine milk nutrients, especially for meeting the nutritional requirements of individuals with lactose intolerance.
• Presence of Numerous Functionally Active Components to Drive Popularity of Almond Milk: The adoption of new processing technologies for plant-based beverages has enabled producers to enrich final products with functionally active components, finds a study on Asia Pacific plant-based milk market. A case in point is the emerging category of almond milk, since it is a good source of vitamins, notably vitamin E. In addition, as almond milk is an excellent source of other nutrients, including magnesium, calcium, selenium, potassium, phosphorus, and zinc, functional food beverages manufacturers are expected to tap growing popularity of the segment in the near future.

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Asia Pacific Plant-based Milk Market: Key Drivers

• Continuous research in functional and specialty beverages to meet changing consumer preferences is a key pivot for growing prospects of plant-based milk alternatives. Moreover, dairy-free, ready-to-drink beverages are gathering steam in developing economies, spurred by the rapid pace of urbanization, notes the study on Asia Pacific plant-based milk market.
• Health-conscious consumers are embracing products that have specific functionality, expanding the canvas for new product launch in Asia Pacific by global beverages companies. This will further expand the market avenue.
• Growing popularity of online retail sales of functional beverages has expanded growth opportunities for plant-based milk market players in Asia Pacific
• High prevalence of lactose intolerance, especially in Southeast Asia, is a key driver for rising adoption of plant-based milk

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Asia Pacific Plant-based Milk Market: Regional Dynamics

China has witnessed extensive development of quality plant-based milk alternatives in the past few years. Changing taste and preferences of people, fueled by sheer pace of urbanization in the country, has led market growth in China. Producers targeting demand in the Asia Pacific plant-based milk products are leaning on expanding the products' range, mainly by adding new nutritional ingredients and introducing new flavors to attract consumers. China is projected to lead the regional market during the forecast period (2021-2031).

Asia Pacific Plant-based Milk Market: Key Industry Players

The competition landscape is enriched by the presence of several regional and global players in the Asia Pacific plant-based milk market. Some of the key players in the market are:

• Pacific Foods of Oregon, Inc.
• Califia Farms
• Natura Foods
• Blue Diamond Growers, Inc.
• SunOpta Inc.
• Groupe Danone

Asia Pacific Plant-based Milk Market Segmentation

Asia Pacific Plant-based Milk Market by Type

• Soy
• Almond
• Coconut
• Rice
• Oat
• Others

Asia Pacific Plant-based Milk Market by End Use

• Food & Beverage Industry
• Bakery & Confectionary
• Dairy & Desserts
• Infant Formula
• Retail/Household
• Foodservice Industry

Asia Pacific Plant-based Milk Market by flavor

• Original/Unflavored
• Flavored
• Chocolate
• Vanilla
• Berries
• Coffee
• Hazelnut
• Others

Asia Pacific Plant-based Milk Market by Distribution Channel

• Business to Business
• Business to Consumer
• Hypermarkets/Supermarkets
• Convenience Stores
• Specialty Stores
• Online Retail

Asia Pacific Plant-based Milk Market by Country

• China
• India
• Japan
• ASEAN
• Australia & New Zealand
• Rest of Asia Pacific

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