South Korea Plant-Based Milk Market to Reach Around USD 116.31 million by 2032, Driven by the Growing Food and Beverage Sector

Plant-based milk, derived from sources such as almonds, oats, soy, and coconut, accounts for a significant share of the global dairy market. The South Korea plant-based milk market expansion is being aided by factors such as the growing adoption of healthy lifestyles, high lactose intolerance among Koreans, and the growing trend of veganism.

There has been a noticeable shift towards plant-based milk products in the country as more people become aware of the possible health risks linked to high dairy intake, such as digestive disorders and cholesterol. Novel developments in food technology and processing have increased the potential uses of plant-based milk across a range of industries, such as food processing and baking. Furthermore, the market for plant-based milk in South Korea has been influenced by the government's advocacy of sustainable practices in the food and beverage industry.

In January 2024, New York-based dairy firm Pureture, which offers GMO-free, yeast-based casein using liquid fermentation, partnered with South Korean food giant Namyang Dairy Products (KRX: 003920) to develop an entirely new plant-based range with Pureture’s casein. Namyang Dairy is the third-largest dairy producer in South Korea, making cheese, yoghurts, milk, creams, and soy milk. The company's ability to provide dairy-free, 100% plant-based goods will now be possible due to its partnership with Pureture, all without requiring customers to compromise on taste, nutrition, or affordability.

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Market Analysis by Nature, Product, Formulation, and Distribution Channels:

• The market, on the basis of nature, can be divided into organic and conventional.

• Based on product, the market can be divided into soy milk, almond milk, coconut milk, rice milk, and oat milk, among others.

• The market, on the basis of formulation, can be divided into regular and flavoured.

• The various distribution channels for plant-based milk include offline and online.

Key Findings of the Report:

• Plant-based milk is becoming a popular element in baked goods and gourmet products. The beverage sector has also embraced these dairy substitutes, adding them to a variety of products, such as smoothies and coffees, to improve the experience for customers.

• Compared to conventional dairy farming, the production of plant-based milk often uses less land, water, and greenhouse gas emissions. As a result, the demand for such milk is growing among eco-conscious consumers.

• South Koreans have a high lactose intolerance rate, which makes it crucial to replace traditional animal milk with plant-based milk such as coconut milk and almond milk. Additionally, due to the weight loss trend, Koreans are looking for low-fat dairy alternatives such as soy milk and almond milk.

• In South Korea, in 2022, around 2 million Koreans followed vegan or plant-based diets and the number is rising. As a result, manufacturers are incorporating plant-based milk for the production of dairy-free cheese, yoghurt, and beverages, driving the South Korea plant-based milk market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea plant-based milk market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the natures, products, formulations, and distribution channels of plant-based milk in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea plant-based milk market are Maeil Co.Ltd, Seoul Milk Cooperative, Oatside, Danone S.A., and Hanmi Healthcare Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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