APAC Walnut Milk Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.01 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Walnut Milk Market Analysis
Asia-Pacific walnut milk market is projected to grow at a CAGR of 6.01% during the forecast period (2021 - 2026).
- 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.
APAC Walnut Milk Market Trends
This section covers the major market trends shaping the APAC Walnut Milk Market according to our research experts:
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.
APAC Walnut Milk Industry Overview
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.
APAC Walnut Milk Market Leaders
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Simple Foods Co., Ltd. (137 Degrees)
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Elmhurst Milked Direct LLC
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Yili Group
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Hebei Yangyuan Zhihui Beverage Co., Ltd.
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Borges Agricultural & Industrial Nuts
*Disclaimer: Major Players sorted in no particular order
APAC Walnut Milk Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
- 3.1 Market Overview
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
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4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Flavored
- 5.1.2 Unflavored
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5.2 By Distribution Channel
- 5.2.1 Supermarket/Hypermarket
- 5.2.2 Specialty Stores
- 5.2.3 Online Retail Stores
- 5.2.4 Other Distribution Channel
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5.3 By Geography
- 5.3.1 China
- 5.3.2 Japan
- 5.3.3 India
- 5.3.4 Australia
- 5.3.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
- 6.1 Most Active Companies
- 6.2 Market Share Analysis
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6.3 Company Profiles
- 6.3.1 Simple Foods Co., Ltd. (137 Degrees)
- 6.3.2 Elmhurst Milked Direct LLC
- 6.3.3 Yili Group
- 6.3.4 Hebei Yangyuan Zhihui Beverage Co., Ltd.
- 6.3.5 H Milk Food Joint Stock Company (TH True Nut)
- 6.3.6 RITA Food & Drink Co.,Ltd.
- 6.3.7 Borges Agricultural & Industrial Nuts
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
APAC Walnut Milk Industry Segmentation
The Asia-Pacific walnut milk market is segmented by type, distribution channel and geography. By type, the market is segmented into flavored and unflavored walnut milk. By distribution channel, the market is segmented into supermarkets/hypermarkets, specialty stores, online retail stores, other distribution channel. Furthermore, the report also takes into consideration the market for walnut milk in established and emerging economies, including China, Japan, India, Australia, and rest of Asia-Pacific.
APAC Walnut Milk Market Research FAQs
What is the current Asia-Pacific Walnut Milk Market size?
The Asia-Pacific Walnut Milk Market is projected to register a CAGR of 6.01% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Walnut Milk Market?
Simple Foods Co., Ltd. (137 Degrees), Elmhurst Milked Direct LLC, Yili Group, Hebei Yangyuan Zhihui Beverage Co., Ltd. and Borges Agricultural & Industrial Nuts are the major companies operating in the Asia-Pacific Walnut Milk Market.
What years does this Asia-Pacific Walnut Milk Market cover?
The report covers the Asia-Pacific Walnut Milk Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Walnut Milk Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Walnut Milk Industry Report
Statistics for the 2024 Asia-Pacific Walnut Milk market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Walnut Milk analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
