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.
