Vegetable Milk Market Revenue was valued at USD 5.45 Billion in 2024 and is estimated to reach USD 12.85 Billion by 2033, growing at a CAGR of 10.2% from 2026 to 2033.
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The vegetable milk market in South Korea is experiencing significant growth, driven by increasing health consciousness, environmental concerns, and dietary preferences. With a projected market size of USD 80.91 million by 2028 and a CAGR of 9.6% from 2023 to 2028, the demand for plant-based milk alternatives is on the rise.
Several factors contribute to this growth:
Health and Wellness Trends: Consumers are seeking nutritious and functional beverages that align with their dietary preferences and lifestyle choices. Plant-based milk offers a range of health benefits, including being lactose-free, cholesterol-free, and rich in vitamins and minerals.
Rising Lactose Intolerance: A significant portion of the South Korean population is lactose intolerant, driving the demand for dairy alternatives such as plant-based milk.
Environmental Sustainability: Concerns over the environmental impact of conventional dairy production are leading consumers towards plant-based milk options, which typically require fewer resources and generate lower carbon emissions.
The South Korean plant-based milk market offers a variety of options to cater to diverse consumer preferences:
Soy Milk: Rich in vitamins, proteins, and potassium, soy milk is a popular choice due to its nutritional benefits and lower calorie content compared to cow's milk.
Almond Milk: Known for its light texture and nutty flavor, almond milk is favored for its low calorie and fat content.
Oat Milk: With a creamy texture and naturally sweet taste, oat milk is gaining popularity, especially among coffee enthusiasts.
Coconut Milk: Offering a rich and tropical flavor, coconut milk is used in various culinary applications.
Rice Milk: A hypoallergenic option, rice milk is suitable for individuals with nut or soy allergies.
Industries are responding to this growing demand by expanding their product lines and distribution channels. Supermarkets, convenience stores, and online retailers are increasing their offerings of plant-based milk products. Additionally, foodservice providers are incorporating plant-based milk into their menus to cater to the evolving preferences of consumers.
Key players in the South Korean plant-based milk market include Maeil Co. Ltd, Seoul Milk Cooperative, Oatside, Danone S.A., and Hanmi Healthcare Inc. These companies are focusing on product innovation, marketing initiatives, and strategic partnerships to strengthen their market presence.
As the vegetable milk market continues to grow, it presents opportunities for businesses to develop new products, expand into new markets, and contribute to a more sustainable and health-conscious food industry in South Korea.
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Archer Daniels Midland
Nestle
WhiteWave Foods
Hain Celestial Group
Daiya Foods
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Vegetable Milk Market
Almond Milk
Coconut Milk
Soya Milk
Oat Milk
Cashew Milk
Rice Milk
Hemp Milk
Nutrition
Weight Management
Health Benefits
Muscle Building
Vegan Lifestyle
Household
Foodservice Industry
Healthcare
Food and Beverage Industry
Supermarkets and Hypermarkets
Online Retail
Convenience Stores
Specialty Stores
Direct Sales
Cartons
Bottles
Glass Containers
Pouches
Jars
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Vegetable Milk Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Vegetable Milk Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Vegetable Milk Market, By Type
6. South Korea Vegetable Milk Market, By Application
7. South Korea Vegetable Milk Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Vegetable Milk Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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