Market Trends of asia-pacific oat milk Industry
The rising vegan population drives the consumption of oat milk
- Oat milk consumption per person has increased for the past few years due to the growing vegan population. Vegan music festivals are being conducted in numerous countries like Australia, which has the third-highest percentage of vegans per capita globally. As of 2022, the country had 2.5 million vegans and vegetarians. Similarly, around 2.8 million people in South Korea follow a vegan diet. This increased significantly in the past 2-3 years and was considered a major factor driving the consumption of dairy alternative products, including plant-based milk (oat milk).
- Lactose intolerance is most common in Asian countries, particularly in East Asia, where nearly 70-100% of the population is lactose intolerant. The growing volume of lactose-intolerant consumers in the region has been another important aspect. However, cow milk allergy is also a common food allergy in young children. Many Japanese consumers are lactose intolerant and do not consume milk or milk-related products. As of 2022, in Australia, around one in 50 babies and young children showed signs of an allergy to cow's milk. Thus, the demand for oat milk is increasing significantly across the Asia-Pacific region.
- There is a constant rise in the per capita consumption of oat milk due to consumer preference toward sustainable ingredient sourcing, which is concerned with the hormones (plant estrogen or isoflavones) found in soy milk. Oat milk also comes with GMO-free, low-fat, and allergen-free claims, giving consumers more plant-based options to choose from to diversify their diets. The per capita consumption of oat milk in the region is estimated to increase by 10.22% from 2023 to 2024.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Production expands due to the rising consumer demand for environmentally friendly and animal-free sources of protein
