The global nut milk market will reach 34 billion USD by 2024, in which Germany, UK, Italy, France, Spain, Netherlands, and Russia are active participants.
The future of global nut milk and the Covid-19 boost
According to a report analyzing the size of the plant-based milk market in Europe recently published by Data Bridge Market Research, the CAGR (compound annual growth rate) of this market is 11.7% in the period 2023 - 2030, expected to reach 9.227 billion USD by 2030.
Data Bridge Market Research's forecast chart for nut milk industry growth. Photo: Data Bridge Market Research
These figures do not surprise researchers. Since the early 2010s, nut milk has been a product group with a very fast growth rate in the world market. According to Innova Market Insights, the global plant-based beverage market in 2018 was 16.3 billion USD, double the figure of 7.4 billion USD in 2010. And market research company Nielsen estimates that the global plant-based milk market will reach 34 billion USD by 2024.
There are many reasons for the recent expansion of the nut milk market. The pandemic is an important driving factor. After Covid-19, people around the world have become more aware of immunity and nutrition. They are more aware of obesity and other health issues related to eating. This has changed their shopping habits. Consumers are increasingly choosing plant-based milk products due to their healthy benefits for the immune system in particular and physical health in general.
Of course, the pandemic isn’t everything. Over the past decade, a large part of the European population has drastically changed their lifestyle and diet. They are limiting their intake of animal-based foods and incorporating more plant-based foods into their daily meals, including nut milks.
Nuts, a rich source of raw materials for nut milks. Photo: Freepik
Notably, this trend is also practiced by Westerners for young children. A study published in 2019 on the website of the US National Library of Medicine stated: "Over the past decade, the consumption of plant-based beverages has increased." The main reasons influencing consumers' increasing choice of plant-based beverages for children are lactose intolerance in animal milk, hypercholesterolemia, preference for vegan diets, concerns about antibiotic residues and growth hormones in animal milk, and the feeling of being healthier when consuming plant-based milk.
In addition to its sustainable benefits, nut milk offers a rich menu for consumers to experience and explore their own preferences and tastes. Nut milk is a general, popular name, not entirely including the groups of ingredients that make it up such as cereals, pseudo-cereals, beans and oilseeds. The rich flavor of nut milk with different recipes, diverse ingredients, rich in nutrients... also makes this drink attractive to many consumers, regardless of whether they are vegetarian or concerned about the environment.
Vietnam's nut milk market attracts "big guys " in consumer goods industry
In Vietnam, the demand for nut milk is also increasing rapidly. According to data from the General Statistics Office in 2020, the Vietnamese liquid milk market had a CAGR of 14% in the period 2014 - 2019. Of which, nut milk accounts for 12% of the liquid milk market structure, with a CAGR of 18%, the highest among liquid milk lines.
Recently, Masan Consumer, a "giant" in the consumer goods industry, has begun to participate in the nut milk playground. The product line that this enterprise focuses on developing after two years of getting acquainted with the market is energy nut milk for children, a product that is almost new in the nut milk market.
Masan experts analyzed that, normally, traditional nut milk products emphasize the qualities of being low in calories, helping to prevent cardiovascular disease, obesity, rich in antioxidants... These are benefits aimed at and suitable for adults. Meanwhile, children need a drink that is higher in calories, rich in good fats, good for bones and delicious. No matter how nutritious a drink is, if the flavor is monotonous and boring, it will be difficult to convince children's taste. Parents' concerns when choosing nut milk for their children also lie in three main questions: does it provide enough energy, does it provide enough micronutrients and is it delicious. "Masan's B'fast cocoa-flavored energy nut milk is an energy nut milk product developed specifically for the physical needs of children in Vietnam, while also completely solving these three concerns," said a Masan representative.
Masan's B'fast nut milk was welcomed by many parents and children immediately after its launch. Photo: MSC
Entering the nut milk game after many strong brands, Masan made its mark with a new product: energy nut milk for children under the B'fast brand to expand its consumer goods market share. The B'fast brand is also part of the overall strategy of premiumizing all Masan Consumer products.
Hoang Anh
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