Press Release
Press Release
According to a new report by EMR titled, ‘South Korea Plant-Based Milk Market Report and Forecast 2024-2032’, the market attained a value of about USD 52.34 million in 2023. The market is estimated to grow at a CAGR of 9.2% in the forecast period of 2024-2032 to reach a value of nearly USD 116.31 million by 2032.
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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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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Nature |
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Breakup by Product |
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Breakup by Formulation |
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Breakup by Distribution Channels |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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