Plant-based milk alternatives made from almonds, oats, and more are displayed at a big box store. Studies have shown that milk emits 30 times more greenhouse gases than plant-based beverages. (Image courtesy of Yonhap)
SEOUL, Aug. 16 (Korea Bizwire) — As the demand for plant-based milk alternatives continues to surge within the food industry, there’s news that even the Coca Cola Beverage Co. is poised to make its entry into this market.
The realm of alternative milk, crafted from plant-based ingredients such as oats, is witnessing heightened attention from beverage industry players.
This shift is primarily driven by consumers who not only prioritize environmental considerations but also those who grapple with lactose intolerance, prompting them to seek alternatives to conventional dairy milk.
In recent times, the prospects of the alternative milk market have brightened considerably, propelled by an increasing number of consumers opting for vegetarian diets for both health and environmental reasons.
Coca Cola Beverage Co.’s imminent foray into this space comes with the launch of “Go:Good Oat,” set to hit the market this month.
The company, the local unit of the global beverage maker, has already garnered interest through a pre-order phase for its 195-milliliter offering.
Interestingly, other companies such as Lotte Chilsung Beverage Co. are also reported to be gearing up to venture into the alternative milk sector.
Bio Rice Milk products are seen in this image provided by Shinsegae Food Inc..
Maeil Dairies Co., CJ CheilJedang Corp. and Shinsegae Food Inc. have already taken strides in this direction, with Shinsegae Food expected to lead in the development and sale of alternative milk products.
Coca-Cola’s flagship entry, Go:Good Oat, is curated from European oats and boasts a unique savory profile, achieved through a blend of rice milk and oat syrup.
The oat syrup is essentially oat powder that has undergone an enzymatic process, subsequent filtration, and concentration into a liquid form.
This mixture is then combined with rice bran oil, derived from rice bran, to deliver a distinct flavor. The product comes in two delectable variations: plain and rich.
The introduction of alternative milk products by Coca-Cola can be viewed as a responsive move to the escalating interest in wholesome and sustainable nourishment, spurred on by the aftermath of the COVID-19 pandemic and a growing number of consumers embracing health-oriented choices.
Market analysis indicates that the domestic alternative milk sector was valued at 646.9 billion won (US$483 million) in 2022, reflecting a significant 33 percent increase compared to the 2017 figure of 488 billion won.
This trajectory is anticipated to continue, with estimations pointing toward a market worth 723.4 billion won by the year 2025.
In parallel, Lotte Chilsung Beverage has set its sights on launching a plant-based milk product during the fourth quarter of this year.
This strategic move aligns with the surging trend of veganism and the remarkable expansion of the alternative milk market.
Lotte Chilsung Beverage’s ongoing commitment to this sector is evident in its plans to partner with startups boasting innovative technologies for grain-based beverages and milk substitutes.
Vegemil soymilk (image: Dr. Chung’s Food Co.)
This strategic collaboration serves as an avenue to tap into the burgeoning alternative milk market.
Similarly, retail giant Shinsegae Group has been actively engaged in the development of alternative milk offerings.
In May, Shinsegae Food Inc., the food unit of Shinsegae, entered into a business agreement with Seoul National University to collaborate on the creation of a functional alternative milk named “Bio Rice Milk.”
This innovative product is harnessed from domestic rice and underpins research in carbon neutrality.
The partnership entails the full spectrum of development, production, marketing, and promotion of this functional alternative milk, leveraging the expertise of Seoul National University’s Green Bio Science Center and Bapsunu.
Presently, the landscape of the domestic alternative milk market is largely shaped by soy milk producers.
Notable brands include Dr. Chung’s Food Co.’s Vegemil with a 33.2 percent share, Samyuk Food Co.’s Samyuk soy milk at 20.1 percent, and Maeil Dairies’ Almond Breeze commanding 9.7 percent, as per Euromonitor data.
Ashley Song (ashley@koreabizwire.com)
