Market Trends of south korea dairy alternatives Industry
Increasing health and environmental concerns, along with the availability of various plant-based alternatives, drive the consumption of dairy alternatives
- A plant-based diet, such as veganism and vegetarianism, is becoming a growing topic in South Korea. In 2021, around 2.5 million people in South Korea followed a vegan diet. This increased significantly in the past 2-3 years and is considered the major factor driving the consumption of dairy alternative products.
- The per capita consumption of nut-based food is estimated to increase during the forecast period. The key motivations for South Koreans to adapting plant-based products, including non-dairy butter, are health concerns followed by concern for animals or sustainability and food trends. Nuts and nut butter contribute significantly toward maintaining a healthy diet as nut butter contains natural, healthy fats that are good for the heart and help reduce the risk of type 2 diabetes. Also, in 2022, over 129 vegan restaurants in South Korea offered pure vegan options for their consumers.
- Plant-based milk is the largest consumed category among all dairy alternatives nationwide. Soy milk, almond milk, and oat milk are highly popular and collectively held a 94.71% share in the overall plant milk consumption in 2022. There is also an increasing prevalence of milk allergies driving demand for plant-based milk across the country. For example, soy milk is a rich source of vitamins, proteins, and potassium and has a lower calorie content than cow's milk. Due to its high nutrient content, it is considered an ideal substitute for dairy products.
- The South Korean population is choosing plant-based diets and lifestyles due to various factors ranging from ethical, political, environmental, religious, or economic reasons. Thus, the per capita consumption is expected to grow significantly during the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Production of soybeans, hemp seeds, and nuts dominates the production of dairy alternatives
