Drinking milk products is set to sustain its growth trajectory in 2021, on the back of increased home consumption during the pandemic. However, the difference from 2020, when the pandemic was at its peak, is that a recovery of flavoured milk drinks is being seen as people increasingly return to normal daily lifestyles.
The milk alternatives category is set to experience a continued increasing trend in 2021 in both categories: soy drinks and other milk alternatives. These two categories, especially soy drinks, are experiencing an ongoing shift in the major consumer groups of seniors and younger generations.
South Korea’s dairy producers continued being forced to sell milk at a discounted price due to milk stock, originally intended for schools but unsold under the prolonged COVID-19 pandemic. Domestic dairy players turned to produce sterilised milk or powdered milk to take advantage of the long-term storage as a way of minimising the surplus.
Namyang Dairy Products, one of South Korea’s major dairy companies, was sold to a private equity fund after being embroiled in a series of scandals. The company announced that its best-selling yoghurt brand, Bulgaris can help protect from the COVID-19 virus.
As the COVID-19 pandemic has indisputably been fuelling the concept of self-medication, maintaining and/or boosting health will continue to be a major concern for many South Koreans. In this context, functional/fortified products are expected to gain continued traction in a post-pandemic world, and the option will be to further expand to overall drinking milk products beyond fresh milk.
Other milk alternatives is expected to have strong potential over the forecast period. While the current product option is limited to almond and coconut-driven types with limited variety, in comparison with soy drinks, the emergence of new global brands such as Oatly will be key in fuelling growth of this category.
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Drinking Milk Products
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