Asia Pacific Plant-Based Milk Market Outlook, 2026

India has the largest share of vegetarians of 24% according to a research study held in 2021. While Germany, Mexico and the United States having 5% vegetarians, China 4% and Brazil has only 3% vegetarians. India has the largest milk consumers of all the countries. The two largest consumers of milk are India with 81 Million Metric Tonnes and the European Union with 33.4 Million Metric Tonnes in 2020. This shows clearly how Indians are inclined towards cow's milk, and is the most difficult market for plant based milk to make its space. Cow is a very sacred animal to Indians and it has many religious beliefs attached with it. The demographic consumption of milk in India is; infants have 3-4 cups of milk, toddlers have 2-3 cups of milk, teenagers have 2 cups of milk while others have 1-2 cups of milk on a daily basis. Milk is considered as an important part of everyone's diet. The practises that have been followed since ages, needs time to change and thus, plant based milks are not that popular in India as China or Japan. Also, the price of the milk acts as a major hindrance to this market, since plant milk is high priced compared to cow's milk. India is still a developing economy and spending more amounts on basic essential is still not that prominent as the western world. The plant based food is still a new market for Asia Pacific, as it is still not understood by many at large. However, social media has started to expand the horizons by luring in the young demographics stating its health benefits and how it impacts the environment as a whole.

According to the research report "Asia Pacific Plant Based Milk Market Outlook, 2026" published by Bonafide Research, the plant based milk market is expanding speedily at a CAGR of 7.99% during the forecast period. The global plant based milk market is three times more than plant based meat market, which is prudent that plant based milk market is a matured market. The Asia Pacific milk market has exorbitant percentage in the Global Plant Based Milk Market as it is an agricultural land. By value, the plant based milk market is 50% to 60% of the Global Dairy Alternative Market. China is leading the Asia Pacific plant based milk market with more than 50% of soy milk's share. Soy milk is one of the oldest plant based milk and so it is widely available and has massive acceptance globally. Whereas, Almond milk has recently captivated, vital reason being soy milks allergenic property. However, soy milk is of less value as compared to its other counterparts. Oat milk is the emerging plant based milk globally during the forecast period. Plant based milk has many varied types of milk offerings and in different forms and flavours to cater to each and everyone's palates. Manufacturers are in the process of bringing out more options and variety in terms of taste, aroma, texture and flavour. With growing number of varieties and far reaching effects of plant based milk, it is sure to escalate to new heights in the coming years.

The report analyses influential trends that are currently determining the growth of the market. It further, interprets important dynamics, such as the drivers, restraints, and opportunities for key market players and also the new entrants with the manufacturing of the plant based milk market. The analyses also state the upholding of the future status of the plant based milk market over the forecast period. A detailed overview of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the plant based milk market, along with their product portfolios, enhances the reliability of this extensive research study.

Growing number of population is turning vegan and the 2020 statistics shows there are 5% vegans, 20% flexitarian and 11% vegetarians around the globe. People in the western countries are more inclined towards plant based milk than the developing countries. Widespread awareness of consuming plant based foods and its positive impacts on health are a major driver for this market. Obesity is on the rise, globally irrespective of varied food cultures in different regions of the world. Plant based milk provides more energy, improves health, balances body weight and adds flavour to milk.

Oat milk has paved its way to become one of the fastest growing markets during the forecast period with a power to cross over 10% market share globally. The other types of milk like Cashew milk, Hazelnut milk are also gaining traction in the market, as consumers are always on a spur to taste new variants. The flavoured plant based milk market is expected to grow enormously, as manufacturers are bringing new flavours on the shelf like Berry, Hazelnut, Coffee, Mocha and Coconut. While, Chocolate, Vanilla and Strawberry are well established and have succeeded in capturing majority of the market share. Online sales of plant based milks is rapidly expanding as they offer discount schemes and free home delivery options. Today's busy consumers want to enjoy the easy accessible shopping through their luxury home space. Many one-stop shops have put themselves on the web to ease the purchasing process for the consumers. Leading supermarket chains have their own online shopping apps which further paves the market to succeed.

The COVID-19 pandemic has negatively impacted the world economy at large. Major economies were hit hard resulting in decline of GDP to a significant extent. The demand and supply chain disruption led to a decline of plant based milk market in 2020 to a noticeable point. With the tourism industry coming to an halt altogether, the plant based milk market being inversely related suffered. However, the pandemic is now being seen as an advantage to plant based food products, as consumers moving towards healthy food eating habits. Consumers want to refrain from any animal origin product due to spread of diseases.

Major Companies present in the market:

The Hain Celestial (US), Blue Diamond Growers (US), SunOpta (Canada), Sanitarium Health and Wellbeing Company (Australia), Danone (France), Freedom Foods Group (Australia), Earth's Own Food Company (Canada), Triballat Noyal (France), Valsoia S.p.A (Italy), Panos Brands (US), Melt Organic (US), Oatly (Sweden), Living Harvest Foods (US), Ripple Foods (US), Kite Hill (US), Califia Farms (US), Hudson River Foods Inc. (US), Daiya Foods Inc. (Canada), Pureharvest (Australia), Yoconut Dairy Free (US), and Yumbutter (US)

Considered in this report

• Geography: Asia Pacific
• Base year: 2020
• Estimated year: 2021
• Forecast year: 2026

Aspects covered in this report

• Asia Pacific plant based milk market with its value and forecast along with its segments

• Country-wise plant based milk market analysis

• Various drivers and challenges

• On-going trends and developments

• Top profiled companies

• Strategic recommendation

Regions covered in the report

• China
• Japan
• India
• Australia
• Rest of Asia Pacific

Types of milk in the report

• Soy milk
• Almond milk
• Coconut milk
• Rice milk
• Oat milk
• Other milk (Cashew, hazelnut, other)

Type of milk by formulation:

• Plain milk
• Flavoured milk

Type of milk by flavour:

• Chocolate
• Vanilla
• Strawberry
• Berry
• Hazelnut
• Others (Coffee, coconut, mocha)

By Sales Channel:

• Supermarkets/Hypermarkets
• Convenience Stores
• Online
• Others (Airports, gas station, Cafes, 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.

Keywords: Global, North America, South America, Europe, Middle East, Africa, Asia, Asia-Pacific, India, Japan, USA, Canada, Mexico, UK, Italy, France, soy milk, almond milk , coconut milk, oat milk, vegan milk, vegan, hemp milk, cashew milk, quinoa milk, hazelnut milk, chocolate milk, coffee milk, nut milk, berry milk, flavoured milk, plain milk, vanilla milk, strawberry milk, alternative milk, soy, pea, lactose, allergy, legumes, organic milk.

This report would help you answer the following questions:

• 1. What is the impact of social media on the Asia Pacific Plant Based Milk Market?

• 2. Price is the major factor for the plant based milk products?

• 3. China's plant based milk market is more developed than other countries of Asia Pacific region?

• 4. Vegan diet trend is boosting the plant based milk market?

• 5. Chocolate milk is the most consumed plant based milk globally?

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