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Will Plant-based Milk Continue to Shine in China’s Beverage Market

Chinese plant-based protein beverage market grew 800% in 2020, contributing 15.5 percent of growth to the beverage market. More and more domestic and global players join the market. Beneath the booming market, there are some underlying challenges, such as the product homogeneity, nutritional issue and incomplete regulations.

After pricing its IPO at $17 a share, turning the Swedish plant-based milk giant into a $10 billion brand, on May 20, 2021, oat milk maker Oatly made its market debut. Oatly entered the Chinese market in 2018 by promoting its products through coffee and tea shops. By the end of 2020, Oatly’s products were sold at more than 9,500 food service and points of sale in China, with a growth rate of over 450%. 1

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