South Korea Plant-based Milk Market Share, Trends, Analysis, Forecast: By Nature: Organic, Conventional; By Product: Soy Milk, Almond Milk, Coconut Milk, Rice Milk, Oat Milk, Others; By Formulation: Regular, Flavoured; By Distribution Channels: Offline, Online; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028

South Korea Plant-based Milk Market Outlook

The South Korea plant-based milk market size reached a value of more than USD 47.80 million in 2022. The South Korea plant-based milk industry is expected to grow at a CAGR of 9.5% between 2023 and 2028, reaching a value of 80.90 by 2028.

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Key Trends in the South Korea Plant-Based Milk Market

Plant milk is a beverage made from plants that resemble milk in colour. Non-dairy drinks known as "plant milk" are created with a water-based plant extract for flavouring. Plant-based milk is used as a milk substitute since they have a creamy texture on the tongue and is extremely nutritious. Since ancient times, people have been drinking this milk made from plants, sometimes known as "milk-like plant juices." They are now referred to as plant-based milk, vegan milk, non-dairy milk, or alternative milk.

The Growing Popularity of Oat Milk Among South Korean Population

Oat milk is a type of plant milk that is made from whole oats by extracting the plant components with water. Oat milk is available in both plain and flavour-flavoured varieties. This smooth, mildly sweet, well-balanced milk substitute has revolutionised the tea and coffee industries, as well as the dairy industry.

One of the reasons oat milk has become so well-liked is due to the surrounding environmental conditions. The whole production of oat milk has a minimal impact on the environment and is a sustainable method. The environmental effect of dairy milk is greater than that of any other non-dairy option since it takes ten times as much land as oat milk does. Such environmental concerns propel the market growth of plant-based milk in South Korea.

Increasing Number of Lactose intolerant Population is Aiding the Growth of Plant-Based Milk in South Korea

Among Asians, especially, South Koreans, the consumption of conventional dairy products is quite low, owing to the fact that more than 75% of the population is lactose intolerant. Although the severity and length of these symptoms might vary, these patients encounter symptoms including, gas, bloating, and diarrhoea. The sugar lactose, which is present in dairy products, cannot be properly absorbed by those who have lactose intolerance. Even though it's not life-threatening, some people may find this to be excruciatingly painful and uncomfortable. Demand for plant-based has surged recently due to the vegan diet's rising acceptance. Health, environmental, and ethical considerations are causing consumers to change their preferences toward plant-based milk, which has a substantial positive impact on the market for plant-based milk in South Korea.

The Growing Consumer Awareness Regarding Eco-Friendly Alternatives to Propel the Plant-Based Milk Market Growth in South Korea

Cafes, fast food chains, and food and beverage firms are increasing the production of plant-based, flavoured dairy items, especially oat milk, to attract the health-conscious, lactose-intolerant, and vegan populations in South Korea. South Korean dairy brand Maeil Dairies launched flavour-infused oat milk in 2021 and gained immense popularity on both online and offline retail channels. Small coffee houses and cafes have also started offering plant-based alternatives due to the growing demand for eco-friendly plant-based.

Several renowned brands are now manufacturing pea-based milk, which can be used like conventional milk since it has a very balanced flavour and is carbon neutral, attracting environmentally conscious consumers in the country. Peas are among the plant-based sources that are least harmful to the environment. Concerns about animal welfare have also contributed to dairy milk's declining popularity in South Korea. Advertising for plant-based milk may also compare the relatively simple harvesting of plant sources like oats, peas, or soybeans with the laborious cultivation required to produce dairy milk.

Market Analysis

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Based on nature, the South Korea plant-based milk market is segmented into organic and conventional. Based on product, the plant-based milk market of South Korea can be divided into soy milk, almond milk, coconut milk, rice milk, and oat milk, among others. On the basis of formulations, the South Korea plant-based market is bifurcated into regular and flavoured. On the basis of distribution channels, the plant-based milk market of South Korea is classified into offline and online.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea plant-based milk market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans. 

• Maeil Co. Ltd

• Seoul Milk Cooperative

• Oatside

• Danone S.A.

• Hanmi Healthcare Inc.

• Others

Market Share by Nature

Over time, there has been a rise in demand for organic food. For a variety of reasons, such as animal welfare, the environment, and health, more people are choosing organic food, such as organic milk. Moreover, due to several environmental and health issues, along with the COVID-19 pandemic, most consumers have switched from conventional milk to plant-based milk. Many inaccurate assertions have been made about plant-based foods, such as that customers would have to sacrifice texture or flavour or that they would not deliver enough nutrients. More options are emerging in the market as a result of the competition between businesses to offer a variety of goods for different preferences, which is bolstering the development of the plant-based milk market in South Korea.

Market Share by Product

Due to its shared advantages of being cholesterol-free, lactose-free, and low in calories, all types of plant-based milk are favoured over regular milk by customers who are allergic to milk proteins or are lactose intolerant. One of the first plant-based milk that served the objective of supplying nutrition to the lactose-intolerant populace was soy milk. It offers users a hydrating, low-cost, and nutritious beverage. Due to its possible health advantages, oat milk is a recent and preferred market entrant. Due to their high nutritional value, dietary fibre content, and availability of phytochemicals, oat milk has attracted a lot of attention among the Asian population. Oats contain -glucan, a functionally active substance with potential neutraceutical benefits, which is mostly what has sparked interest in them. A soluble fibre called β-glucan delays gastrointestinal emptying time, which is linked to lower blood glucose levels. Furthermore, with the ongoing research in the plant-based milk industry researchers are preparing several other milk alternatives other than soy milk and oat milk such as coconut milk, hazelnut milk, quinoa milk, peanut milk, almond milk, and rice milk, among others.

Market Share by Formulations

Milk wasn't always a part of people's diets across Asia, including South Korea. Milk wasn't catching on since it had an odd flavour for the Korean palate. Therefore, to boost the taste and attractiveness, businesses started to add flavours. Binggrae launched the first banana-flavoured milk in the Korean market in 1974. Banana milk swiftly became the most widely consumed milk flavour in Korea due to its sweet and aromatic flavour as well as the perception at the time that bananas were a rare and upscale food. After then, Binggrae gained popularity in addition to Seoul Milk, the national milk brand. At present time as well flavoured milk is very popular among all age groups hence companies are now also launching flavoured plant-based milk along with unflavoured plant-based milk leading to the development of the market in South Korea.

Market Share by Distribution Channels

Since COVID-19, the sales of plant-based milk surged due to lockdown and social distancing regulations. Moreover, Pandemic-induced panic purchasing resulted in sales of several plant-based foods and beverages, including plant-based milk. Due to increased demand and consumer awareness plant-based milk are available in both online and offline stores. Both segments are expected to perform well in the market during the forecast period. 

The market for plant-based milk in South Korea will grow as a result of high living standards and rising disposable incomes, along with the growing inclination for sustainable and healthy diets. The industry for plant-based milk is also expanding as a result of the growing trend of veganism in South Korea.

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Competitive Landscape

Maeil Co., Ltd.- The company was established in 1969 as Korea Dairy Processing Company. The firm produces and sells milk, formula milk, cheese, fermented products, and other items. The headquarters of the company are in Seoul, South Korea. 

Seoul Milk Cooperative - The Seoul Dairy Cooperative manufactures dairy items. The company offers drinks, condensed and powdered milk products, cheese, yoghurt, and milk. Since 2016, the company's operating profit has climbed along with its sales revenue, which has been on an increasing trajectory. The sales revenue of the company was around 1.83 trillion South Korean won in 2021. The company was established in 1937 and has its headquarters in Seoul, South Korea.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.