The global Plant-based Milk market gathered revenue around USD 7.0 Billion in 2020 and market is set to grow USD 17.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 9.7% during the prediction period 2021 to 2027. 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. Health concerns around obesity, heart health, and seeking health lifestyle are some of the key aspects shaping the popularity of food and beverage products or redefining food culture with growing interest in natural and healthy food products. This factor is expected to propel the plant-based milk market in the Asia Pacific.
Several consumers suffer from lactose intolerance and milk allergies. For instance, lactose intolerance is estimated to affect 30% of the global population, which varies from country to country. Dairy-based beverages contain allergen, which causes adverse effects and allergies. With increasing number of people with lactose intolerance, consumers are seeking allergen-free milk that is expected to propel the plant-based milk market.
In developing countries such as India and China, consumers are more inclined toward buying value-added products, preferably with natural ingredients, organic, plant-based, and other alternatives owing to the rising disposable income
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Plant-based Milk market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Plant-based Milk market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Plant-based Milk market report empower readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
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.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
· Company Overview
· Company Market Share/Positioning Analysis
· Product Offerings
· Financial Performance
· Recent Initiatives
· Key Strategies Adopted by Players
· Vendor Landscape
· List of Suppliers
· List of Buyers
Significant Market Participants Operational in the Plant-based Milk Market are:
· Groupe Danone
· The Hain Celestial Group Inc.
· Vitasoy International Holdings Limited
· SunOpta Inc.
· Pacific Foods of Oregon, Inc.
· Goya Foods
· Blue Diamond Growers, Inc.
· Califia Farms
· Oatly
· Sanitarium
· Natura Foods
· among others
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Asia Pacific Plant-based Milk Market Segmentation
Asia Pacific Plant-based Milk Market by Type
Asia Pacific Plant-based Milk Market by End Use
Asia Pacific Plant-based Milk Market by flavor
Asia Pacific Plant-based Milk Market by Distribution Channel
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Plant-based Milk market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Plant-based Milk market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Plant-based Milk markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
· Governmental bodies, and organizations creating economic policies
· National and international social welfare institutions
· Company websites, financial reports and SEC filings, broker and investor reports
· Related patent and regulatory databases
· Statistical databases and market reports
· Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
· Means of primary research: Email interactions, telephonic discussions and
Questionnaire based research etc.
· In order to validate our research findings and analysis we conduct primary interviews
of key industry participants. Insights from primary respondents help in validating the
secondary research findings. It also develops Research Team’s expertise and market
understanding.
Industry participants involved in this research study include:
· CEOs, VPs, market intelligence managers
· Procuring and national sales managers technical personnel, distributors and resellers
· Research analysts and key opinion leaders from various domains
The study objectives of this report are: