Market Size of Asia-Pacific Walnut Milk Industry
| 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 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.
Asia-Pacific Walnut Milk Market Size Summary
The Asia-Pacific walnut milk market is experiencing significant growth, driven by economic stability, increased consumer awareness, and a continuous demand for innovative plant-based products. This trend is particularly evident among health-conscious consumers who are drawn to walnut milk for its low-carb, high-fat, and protein content, making it suitable for diets like paleo, vegan, and Whole30. The rising vegan population further fuels this demand, as walnut milk is seen as a nutritious alternative to dairy milk. China stands out as a dominant player in the market, benefiting from high consumer demand and a robust presence of walnut milk producers. However, the COVID-19 pandemic temporarily disrupted supply chains and consumer purchasing patterns, impacting market penetration.
The market's growth is also supported by a shift in consumer preferences towards higher-fat foods for improved heart health and weight management, aligning with paleo and keto diets. This has led manufacturers to target consumers adhering to these diets, including those who are lactose intolerant and seek dairy-free options. Walnut milk's rich antioxidant content and essential fatty acids make it an appealing choice for those looking to enhance their nutritional intake. Local players in China, such as Yili Group and Hebei Yangyuan Zhihui Beverage Co., Ltd., dominate the market, supported by government and private funding. These companies, along with global players like Elmhurst Milked Direct LLC and Simple Foods Co., Ltd., are focusing on product launches, expansions, and strategic partnerships to strengthen their market presence.
Asia-Pacific Walnut Milk Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Flavored
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2.1.2 Unflavored
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2.2 By Distribution Channel
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2.2.1 Supermarket/Hypermarket
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2.2.2 Specialty Stores
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2.2.3 Online Retail Stores
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2.2.4 Other Distribution Channel
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2.3 By Geography
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2.3.1 China
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2.3.2 Japan
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2.3.3 India
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2.3.4 Australia
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2.3.5 Rest of Asia-Pacific
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Asia-Pacific Walnut Milk Market Size 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.
