South Korea Plant Based Milk Market Overview, 2029

The market for plant-based milk in South Korea has undergone a radical transition, mirroring worldwide movements towards more sustainable and health-conscious eating habits. Plant-based milk substitutes were first offered as a speciality product for customers with dietary limitations and health concerns, but they have quickly grown in popularity across the nation. The development of the industry may be dated to the early 2010s, when consumer behaviour began to change towards plant-based diets due to health and wellness trends. The past of the industry shows a consistent growth, fueled by developments in nutritional research and food technology that have enhanced the nutritional profiles, taste, and texture of plant-based milk substitutes. Manufacturers are competing to launch novel formulations, such as almond milk, soy milk, oat milk, and coconut milk, that are suited to a range of dietary requirements and taste preferences, as a result of consumer desires for diversity and health advantages. Plant-based milk sales in South Korea are expected to rise further due to customer tastes that are increasingly shifting in favour of wholesome, ethically produced, and sustainable foods. Health awareness campaigns and government efforts supporting sustainability have also supported market expansion. The industry has matured as a result of the advent of locally sourced products and organic certifications, which appeal to environmentally concerned consumers looking for alternatives made responsibly.

According to the research report "South Korea Plant Based Milk Market Overview, 2027" published by Bonafide Research, it is expected that the Plant Based Milk Market will grow rapidly over the forecast period. Numerous important elements are driving the substantial expansion of the plant-based milk industry in South Korea. Growing environmental and health concerns have led to a boom in consumer demand for more sustainable and healthier dairy substitutes. The market in South Korea has several opportunities due to the growing popularity of plant-based milk products across different consumer categories. The market gains from the expanding trend of flexitarian diets and the growing number of vegans and lactose intolerant people looking for dairy-free alternatives. Accessibility has increased with the growth of retail distribution channels and e-commerce platforms, and consumer acceptability has increased with targeted marketing that highlights ethical and health-related issues. Future research and development initiatives to increase affordability and diversify product options are expected to promote market expansion and establish South Korea as a key participant.

Based on its origins, plant-based milk is available in a variety of forms, each with unique flavors, textures, and nutritional profiles to suit a range of dietary requirements and customer preferences. Soy milk is one of the oldest and most widely used plant-based milk substitutes in the world. It comes from soybeans and is well-known for having a high protein content and creamy texture, which makes it a top choice for people seeking a dairy-free protein source. Almond milk has a little sweet taste and a nutty, light flavour. It is created from powdered almonds and water. To improve its nutritional value, almond milk is frequently fortified with calcium, vitamin D, and vitamin E. The chopped flesh of fully grown coconuts is used to make coconut milk. It tastes lightly like coconut and has a thick, creamy texture. Compared to other plant-based milks, coconut milk has more calories and fat, but it also has a distinct flavour that complements both savoury and sweet foods. Water is combined with milled white or brown rice to make rice milk. Its flavour is moderate and somewhat sweet, which makes it a good choice for people who are lactose intolerant or allergic to nuts. Soaking oats in water, mixing, and filtering the solids are the steps involved in making oat milk. It tastes like cow's milk—it's somewhat sweet and has a creamy texture. Other plant-based sources that can be used to make plant-based milk include hemp, flaxseed, quinoa, and pea protein. All of these substitutes satisfy varying dietary needs and customer preferences while providing unique tastes and nutritional advantages.

Formulations in the plant-based milk industry may be broadly divided into two categories: plain and flavoured varieties. Plain plant-based milks have a taste that is similar to that of regular dairy milk and are usually unflavored and unsweetened. Ingredients including soy, almond, oat, coconut, rice, or hemp are frequently used to make them. Customers searching for a flexible milk substitute that can be used for baking, cooking, and as a dairy substitute in drinks are drawn to simple formulas. Sweeteners (such cane sugar, agave syrup, or stevia) and artificial or natural flavours (including matcha, chocolate, strawberry, or vanilla) are added to enhance the flavour of plant-based milks. These formulations are intended for consumers who want to add diversity to their drinks and cereal or who are searching for ready-to-drink solutions that approximate flavoured dairy milk. Plant-based milks with flavours are frequently sold as stand-alone drinks that may be consumed cold or heated, as well as in smoothies and desserts. The market for plant-based milk offers both plain and flavoured formulations to accommodate a range of customer preferences, including dietary constraints, health-consciousness, and flavour preferences. As the demand for plant-based dairy substitutes rises, the market is expected to continue rising due to developments in ingredients and formulations.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029



Aspects covered in this report
• Plant-based Milk market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Source
• Soy
• Almond
• Coconut
• Rice
• Oat Milk
• Other Sources (Cashews, Hazelnuts, Others)

By Formulation
• Plain
• Flavored

The approach of the report:

This report consists of a combined approach to primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.