Plant-Based Milk Market to Surpass Valuation of US$ 19.8 Bn in Asia Pacific By 2031
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.