Asia-Pacific Walnut Milk Market - Growth, Trends and Forecast (2022 - 2027)

Asia-Pacific walnut milk market is projected to grow at a CAGR of 6.01% during the forecast period (2021 - 2026).

Key Highlights

• The economic stability, rising consumer awareness and continuous demand for innovative products in the Asia-Pacific market is driving the demand for plant-based milk in the region thus, propelling the demand for walnut milk, especially among the health-conscious consumers. As the walnut milk constitute low carbs but high fat and protein, therefore, it is highly suitable for paleo, vegan, Whole30 and completely dairy free diets, accordingly, capturing the interest of larger consumer groups.
• Moreover, the surging vegan population in the region is further stimulating the demand for walnut milk for it is considered to be a wholesome alternative to dairy milk. China dominates the market studied owing to higher consumer demand coupled with the presence of numerous walnut milk producer in the country, that cater to efficient penetration in the China market.
• As an impact of COVID-19, the continuous supply of walnut milk to the market witnessed a slowdown owing to limited production in the industries, especially China. Additionally, the onset of public lockdowns and consumer averting regular grocery shopping led to panic purchase of the product which further contributed to lesser penetration of the product in the regional market.

Key Market Trends

Adoption of Specific Diets for Weight Loss

The health-conscious consumers in the region appear to be getting rid of low-fat diets for higher-fat foods with an aim to improve heart health and losing weight at a same time, thus, opting paleo diet, keto diet and others. Thus, giving rise to the consumption of walnut milk that are high in fat and protein but low in carbs. Therefore, as a growth strategy, the manufacturers are targeting the such consumer groups owing to their restricted diet to only green vegetables, eggs, poultry, meat, salads, seafood, cooking oil, specific dairy items, walnut and others, which certainly allows the inclusion of low-carb walnut milk in the diet. The consumers of the region find full-fat dairy to completely fit into their version of Paleo, however, it is not an option for everyone, especially the lactose intolerant groups, which ultimately drives the demand for walnut milk to be included in the paleo or keto diet of the consumers. Additionally, as walnut milk is rich in antioxidants and a great source of essential fatty acids and fiber, it further entices the consumers seeking to add better nutritional food products in their diet. Therefore, the rising health consciousness driving the demand for paleo and keto diet will run the market studied in the forecast period also.

China Dominates the Market

China is the leading producer as well as consumer of walnut milk in the market studied owing to the presence of numerous players in the country. The surging demand for plant-based milk, primarily, walnut milk owing to its higher nutritional content has enticed the local manufacturers to establish their presence in the market to generated larger profits. Moreover, to establish their business in the walnut milk category, the local players are easily obtaining funds from the government and private authorities. For instance, Yangyuan, a Chinese company, successfully obtained almost USD 630 million funding for its walnut milk product. As a result, the walnut milk market in China is dominated by local players such as Yili Group and Hebei Yangyuan Zhihui Beverage Co., Ltd. Additionally, as the consumers of the nation are highly tending towards increasing the consumption of protein in their diet, it further drove the demand for walnut milk in the country.

Competitive Landscape

The Asia-Pacific walnut milk market is driven by both global as well as local players. However, the local players hold significant share of the market supported by their extensive product portfolio coupled with continuous innovation in the sector. Elmhurst Milked Direct LLC., Yili Group, Simple Foods Co., Ltd. (137 Degrees) are some of the major players in the market studied. As a growth strategy, the players have been observed to focus on products launch, expansion, partnership, mergers, and acquisition to establish their presence in the regional market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support