Rising demand for vegan food spurring opportunities for market growth
Vegan diets' success can be ascribed to the growing popularity of veganism and the growing emphasis on ecological living. According to market research, these elements will foster the growth of the plant-based milk industry. Additionally, the analysis estimates that sales of plant-based milk will grow at an 8.8% compound annual growth rate between 2021 and 2031.
Concerns about animal welfare have also played a crucial role in the steady transition to vegan diets. As a result of these factors, the market for plant-based milk is expected to grow.
Consumers have developed a greater appreciation for and preference for plant-based products, such as juices and other plant-based beverages, as health and wellness concerns have increased in response to the increasing prevalence of obesity, diabetes, and cardiovascular diseases.
By delivering a higher nutritional content, vitamins, minerals, and healthy fats, plant-based foods contribute to healthy eating habits. Veganism is gaining popularity. Several countries have been designated as leading representatives of the movement in global forums.
For instance, PETA Asia named Singapore the second most vegan-friendly Asian city in 2016. Singapore was also ranked as the world's sixth most vegan city by Happy Cow.
In 2020, Peta Asia ranked Hong Kong as one of the top ten vegan-friendly countries. According to Eco Warrior Princess, a vegan business platform, approximately 25% to 70% of Hong Kong citizens enjoy vegan meals.
Recently, Thailand saw the opening of various vegan restaurants and food outlets, including Veganerie, Vistro, May Veggie Home, and Swees.
The following are the key takeaways from the market study on plant-based milk:
- The United States is expected to account for more than 80% of the North America market in 2021, owing to increased consumer awareness about nutritional foods.
- According to Analysis, China is expected to account for more than 60% of the Asia Pacific market in 2021, owing to the ease with which raw materials may be obtained.
- The United Kingdom is a high-potential market in Europe, with a value share of over 9.4%, aided by the adoption of clean label trends.
- Online retail sales are predicted to expand at a 10.8% compound annual growth rate through 2031.
To Increase the Appeal of Plant-Based Milk, its Sustainability Must Be Improved
Customers prefer plant-based milk because to the benefits it gives in terms of sustainability, nutrition, and convenience. Consumers today expect food and beverages to be both healthy for their bodies and the environment.
There are a number of problems with conventional dairy products, including unethical livestock husbandry and the addition of pesticides and chemicals to milk. Demand for plant-based milks such as oat milk is projected to increase as a result of its vegan roots and branding as a health product.