The global nut milk market will reach $34 billion by 2024, of which Germany, the UK, Italy, France, Spain, the Netherlands, and Russia are active participants.
The future of nut milk Global and the Covid-19 push
According to a report analyzing the size of the plant-based dairy market in Europe recently published by Data Bridge Market Research, the CAGR (compound annual growth rate) of this market will reach 11,7% in the period of 2023 - 2030, is expected to reach $ 9,227 billion by 2030.
Data Bridge Market Research's nut milk industry growth forecast chart. Image: Data Bridge Market Research
These numbers were not surprising to the researchers. Since the early 2010s, nut milk has been one of the fastest growing products on the world market. According to Innova Market Insights, the global plant-based beverage market was $2018 billion in 16,3, double the figure of $7,4 billion in 2010. Market research firm Nielsen estimates the global plant-based milk market will reach $34 billion by 2024.
There are many reasons for the recent expansion of the nut milk market. Among them, the pandemic is an important driving factor. After Covid-19, the knowledge of immunity and nutrition of the global population has improved. They are more aware of obesity and other health problems related to eating. This changes shopping habits. Consumers are increasingly choosing plant-based dairy products due to the healthy benefits for the immune system in particular and physical health in general.
Of course, the pandemic isn't everything. Over the past 10 years, a large part of the European population has changed drastically their lifestyle and diet. They limit foods of animal origin and include more plants in their daily meals, including nut milk.
Nuts, a rich source of ingredients for nut milks. Image: Freepik
Worth mentioning, this trend is practiced by Westerners even for young children. A study published in 2019 published on the website of the US National Library of Medicine confirmed: "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 and growth hormone residues in animal milk, and healthier feeling with plant-based milk.
Besides the sustainable benefits, nut milk provides a rich menu for consumers to experience and discover their own preferences and tastes. Nut milk is a common, common name that does not completely include the groups of ingredients that make it up such as cereals, pseudocereals, legumes and oilseeds. The rich taste of nut milk with different recipes, diverse ingredients, rich in nutrients ... also make this drink attractive to many consumers, regardless of whether they are vegetarian or concerned with the environment or not.
Vietnam nut milk market attracts "big man"" customers
In Vietnam, the demand for nut milk is also increasing strongly. According to data from the General Statistics Office in 2020, Vietnam's liquid milk market has a CAGR of 14% in the period 2014 - 2019. In 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, the "big man" in the consumer goods industry, has begun to participate in the nut milk playground. The product line that this business has focused on developing after two years of being familiar with the market is energy nut milk for children, a new line in the nut milk market.
Masan's experts analyzed that, usually, traditional nut milk products emphasize the quality of being low in calories, helping to prevent cardiovascular disease, obesity, rich in antioxidants, etc. These are benefits aimed at and suitable for adults. Meanwhile, kids need a drink that's higher in calories, rich in good fats, good for bones, and delicious. No matter how nutritious the drink is, the monotonous and boring taste is difficult to convince the child's taste. The concerns of parents 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 milk is an energy nut milk product developed specifically for the physical needs of children in Vietnam, and also fully solves these three concerns," said Masan representative.
Masan's B'fast nut milk was well received by many parents and children right after its launch. Image: MSC
Joining the nut milk game after many strong brands, Masan made a mark with a new product: B'fast branded energy nut milk for children to expand its consumer goods market share. The B'fast brand is also part of the overall strategy of premiumizing all products of Masan Consumer.
Hoang Anh
