China's Plant-Based Milk Market
Mar 31, 2020
Plant-based milk is growing in popularity in China, with the market size expected to increase to 258.3 billion yuan in 2020.
The plant-based milk market in China is dominated by four big categories: walnut milk, almond milk, coconut milk, and soybean milk.
In recent years, the “plant-based” concept has become a global buzzword. According to Innova, the global compound annual growth rate of new food and beverage product releases with "plant-based" claims was 68% between 2014 and 2018 . In China, the plant-based market is also growing fast, especially the plant-based milk sector. According to data from Zhiyan Consulting, plant-based milk is the fastest growing market segment of the plant-based sector in China since 2007. Euromonitor data shows that from 2014 to 2018, the annual compound sales growth of pre-packaged soy milk products in the Chinese market was 9.3%, while UHT dairy milk was only 1.1%. It is expected that China’s plant-based milk market will increase to 258.3 billion yuan in 2020, accounting for 24.2% of the total market size of the beverage sector in China.
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