Zhang Xiaojing, Director of Frost & Sullivan Greater China
August 27th,New Consumption Trend Outlook ForumFrost & Sullivan's Executive Director for Greater China, Zhang Xiaojing, has officially releasedThe '2025 China Compound Nuts Beverage Industry Development White Paper' (hereinafter referred to as the 'White Paper') provides a comprehensive and in-depth analysis of China's compound nuts beverage industry. It explores the driving factors behind industry development from various aspects such as industrial development and market demand, taps into the huge potential of industry development, and tracks the future development trends of the industry.
In the fast-paced urban life, what we pursue is not only speed but also quality. When hurried breakfasts, tired afternoons, and even post-work fitness refueling all crave convenient and healthy answers, traditional beverage options can no longer fully meet these needs. Consumers are beginning to look for a new type of drink that can provide rich nutrition and a pleasant taste. It is under this deep demand for health and convenience that compound nut drinks, as a new force in the plant-based beverage field, are rapidly emerging and becoming synonymous with a healthy lifestyle. What they represent is not only an innovation in drink formulations but also a comprehensive consideration by the new generation of consumers for nutrition, flavor, and lifestyle scenarios.
01Overview of the Research on China's Compound Nuts Beverage Industry
Development History of the Nut Beverage Industry in China
The development of the nut beverage industry in China can be roughly divided into four stages: before 2000 was the initial phase, with products mainly consisting of single nut ingredients, such as walnut milk and almond milk; from 2000 to 2012 was the growth period. On one hand, single-nut beverages like 'walnut milk' became popular nationwide through advertising awareness. On the other hand, some brands began to test formula breakthroughs, laying the foundation for subsequent 'compound nut beverages.' From 2013 to 2019, with consumption upgrading and enhanced health awareness, the nut beverage industry entered a transformation phase, with consumers placing higher demands on product nutritional structure, taste delicacy, and brand character. Since 2020, the industry has continued to innovate in product form and production technology, diversifying and segmenting development, with compound nut beverages rapidly emerging as a category.
Definition of the Chinese compound nut beverage industry
Compound nut drinks refer to beverages made from water and two or more types of nuts, with or without the addition of other food ingredients and/or food additives. Unlike single-nut drinks (such as 'walnut milk', 'almond milk', etc.), compound nut drinks achieve nutritional complementarity and flavor optimization through the combination of various nuts, offering richer nutritional value and a wider range of suitable consumers.
Analysis of the Industrial Chain of Compound Nut Drinks in China
The industrial chain of China's compound nut beverage industry can mainly consist of three major segments: upstream raw materials and supporting supply, midstream production and brand operation, and downstream sales channels and end consumption. The upstream segment mainly includes nut raw material supply, food ingredient provision, packaging material manufacturing, and food processing equipment supply, among which nut raw materials are the core foundation of the industry. The midstream segment is the core part of the industrial chain, mainly covering the research and development, production manufacturing, and brand management of compound nut beverages; according to different corporate roles, midstream entities can be divided into own-brand manufacturers (OBM) and OEM/ODM service providers. The downstream mainly includes sales channels and end customers.
Market scale of compound nut beverages in China
The compound nut beverage industry in China is currently in a stage of rapid growth. From 2020 to 2024, the market size of China's compound nut beverage industry increased from approximately RMB 400 million to approximately RMB 1.5 billion, with an annual compound growth rate of up to 41.9%, significantly higher than the overall growth rate of the plant-based beverage industry, demonstrating strong development potential. It is expected that from 2024 to 2029, with the expansion of consumer groups and product form innovation, the market size of China's compound nut beverage industry will further grow to approximately RMB 46 billion, with an annual compound growth rate expected to reach 25.2%, maintaining rapid growth.
As a new niche category within plant-based beverages, compound nut drinks have quickly gained favor among health-conscious consumers due to their diverse nutrition, high plant protein content, and low lactose load. They are particularly popular among young and middle-aged women, white-collar workers, and fitness enthusiasts in first- and second-tier cities. Compared to established categories such as traditional walnut milk and soy milk, compound nut drinks have more innovative advantages in terms of flavor profile, nutritional complexity, and scenario adaptability. They are gradually transforming from functional beverages to everyday consumption, with application scenarios extending from home breakfasts to fitness meal replacements, office light drinks, afternoon teas, and dining events.
Data source: Analysis by Frost & Sullivan
Analysis of the Development Trend of the Compound Nut Beverage Industry in China
● Nutritional diversity to meet health needs
Consumers' pursuit of healthy diets is increasing, and compound nut drinks leverage the nutritional complementarity of various nuts. They are rich in a variety of unsaturated fatty acids, plant proteins, and trace elements, distinguishing them from single-plant-based drinks. They meet a more comprehensive nutritional need, especially suitable for middle-aged and young adults who pay attention to nutritional balance and fitness groups.
● Technological innovation, breaking through process difficulties
Due to the different oils and granularities of various nuts, compound nut beverages have a high technical threshold. With the advancement and application of technologies such as high-pressure homogenization, ultra-fine grinding, and natural emulsifiers, the taste delicacy and product stability of compound nut beverages have been significantly improved, helping to commercialize and promote compound nut beverage formulations.
● Multi-channel efforts for precise marketing
The rise of online e-commerce, social platforms, and content marketing has provided strong support for the rapid dissemination of compound nut drinks and consumer education, facilitating the transformation of compound nut drinks from niche markets to mass markets. At the same time, emerging channels such as live streaming sales and bulk snack stores have expanded product reach and met the needs of different consumption scenarios.
Analysis of Main Participants and Competitive Landscape in China's Compound Nuts Beverage Industry
Against the backdrop of the rapid development of China's compound nut beverage industry, many companies have flocked to this sector, driving product diversification and brand upgrading. The market has gathered traditional plant protein beverage giants, well-known snack brands, and emerging health beverage enterprises. Different types of players are actively seizing consumer minds and market share through channel integration, formula innovation, brand marketing, and other means.
Currently, there are about 20 related enterprises in China's compound nut beverage industry. According to the cumulative sales data of compound nut beverages from 2013 to 2024 in the Chinese mainland (excluding Hong Kong, Macao, and Taiwan regions), the leading brands in China's compound nut beverage industry are Weiyi, Three Squirrels, Yangyuan, Lulu, and Qiaqia.
Data source: Analysis by Frost & Sullivan
