Will Soy Milk Be the Next Plant-based Pop-up?
Mar 30, 2022
In 2019, OATLY was successfully launched in the Chinese market, and the popularity of the "plant-based" concept has soared. In fact, "plant-based" has a long history in China, and the soy milk, soy milk and coconut milk that we commonly see in our daily lives are all standard plant-based products.
In China, the incidence of lactose intolerance is over 67%, so there is a huge potential for consumption of plant-based products. Moreover, northeast China is an important source of non-GMO soybeans, producing soy milk powder that is supplied to famous brands such as KFC and McDonalds. So, do traditional Chinese plant-based beverages have the potential to become a breakout hit?
High Market Acceptance of Soy Milk Products
Chinese people have been drinking soy milk for nearly 2,000 years since the Western Han Dynasty, and the soy milk category took root in China in 1992 when VITASOY launched soy milk powder, and in 2003 when VITASOY entered the mainland market, it brought pre-packaged soy milk into the daily lives of more consumers. Domestic consumers have a high level of acceptance for soy milk products.
Large Market Size Potential
According to Euromonitor's data analysis, China's soy milk market sales will reach 10 billion yuan in 2020, but the gap is still large compared to Asian markets with similar dietary habits.
According to the Japan Soy Milk Association 2019, among Asian markets with similar dietary habits, soy milk consumption in mainland China is much lower than other markets.
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