Plant-Based Beverages Market: Multifarious Benefits Associated with Plant-based Diets Boost Consumption
Growing consumer proclivity for health, ethics, and sustainability is inducing a massive shift toward plant-based beverages. Multifarious benefits associated with plant-based diets is encouraging consumers to resort to plant-based alternatives, including plant-based beverages. These broader factors are favorably influencing the plant-based beverages market.
Numerous statistics have favored plant-based diets and associated health benefits, including the data presented at Nutrition 2018, the inaugural flagship meeting of the America Society for Nutrition (ASN). The research study associates plant-based diets with reduced risk of diabetes, coronary heart diseases, and obesity. This, in turn, provides enough credence to the growth of plant-based beverages market in the upcoming years.
Rapid gravitation toward vegan and flexitarian lifestyle choices is also one of the key aspects fuelling growth of plant-based beverages market. Millennials and Gen Xers, the two demographic segments targeted by retailers, are making a progressive shift to plant-based indulgence, thereby creating favorable circumstances for growth of plant-based beverages market.
Plant-Based Beverages Market: Growing Demand for Plant-based Protein Supplements Propels Demand
Shift to plant-based foods and beverages has become increasingly palpable, as consumers are willing to purchase plant-based products over the animal-based ones. This transition toward plant-based diet has also led to consumers seeking for plant-based protein supplements, creating sustained opportunities for the market players of plant-based beverages.
For instance, a majority of consumers opt for protein powders from plant sources, such as rice and pea, instead of purchasing the whey-based ones. The demand for plant-based protein supplements is also gaining immense traction in the sports nutrition category, with sports enthusiasts choosing plant-based proteins as a crucial part of their training sessions. In line with this, producers of plant-based beverages are vying to diversify their product lines via addition of new varieties of plant-based supplements.
Plant-Based Beverages Market: Insatiable Demand for Plant-based Milk to Augur Well for the Market Growth
Food and beverage producers across the globe have been extensively focusing on various improvements in their existing as well as new products. The major objective behind various improvements in the food and beverage landscape is to well-align with the present-day dietary preference of consumers i.e. additional health benefits with no compromise in terms of taste. One of such breakthroughs is plant-based milk, which was widely-acknowledged by a majority of health-savvy consumers across the globe. The demand for plant-based milk is growing by leaps and bounds, creating untapped potential for manufacturers in the plant-based beverages market.
In the modern era, beverages and drinks are no longer mere thirst quenchers. Instead, customers are on a constant lookout detailed functionality in the beverages they consume- a key aspect driving growth of plant-based beverages market. Moreover, rising cases of lactose intolerance are also inducing a massive shift toward plant-based milk, auguring well with the growth of plant-based beverages market.
Plant-Based Beverages Market- Regional Overview
Asia Pacific except Japan (APEJ) is likely to emerge as a profitable market for producers of plant-based beverages, driven by an incessant march toward plant-based products, including plant-based beverages. Growing demand for plant-based juices and ready-to-drink drinks is also creating prime opportunities for manufacturers to enhance their sales via the launch of new products with additional wellness.
The demand for plant-based beverages is witnessing an unprecedented leap across developed regions, such as North America and Europe, with rising prevalence of sustainable dietary considerations. With mushrooming cases of lactose intolerance and food allergies, consumers across the aforementioned regions remain diet-conscious, which is a key reason demonstrating their inclination toward plant-based products, including plant-based beverages. Moreover, consumer proclivity for vegan and flexitarian diets, which is on a consistent rise in North America and Western Europe, is one among the key aspects boosting growth of plant-based beverages market in these regions.
This Persistence Market Research report analyzes the global plant-based beverages market landscape for the forecast period of 2018 to 2028. The report offers insights based on historical data of 2013, combined with estimated data for the year 2018 and an all-inclusive analysis of 2018 to 2028, both in terms of value as well as volume. Chief objective of the plant-based beverages market report is to bring to fore all the notable developments in the global market space that are significant for the aspiring players. Moreover, increasing consumer sentiments around natural and healthier alternatives in case of food & beverages is likely to boost adoption of plant-based beverages by a significant margin. Some other significant drivers pushing the adoption of plant-based beverages, including rising dietary considerations among the health-conscious population, is also likely to complement the sales of plant-based beverages.
This report enunciates on the worldwide sales of plant-based beverages, both in terms of volume and value, during the assessment period. Moreover, the PMR report offers an overall region-wise and country-wise analysis of the global plant-based beverages marketplace for the forecast period of 2018 to 2028. The report also offers a credible estimation of the overall market revenue as well as opportunity analysis based on consumption ratio of plant-based beverages. The report sheds light on a detailed value-chain analysis, an all-inclusive opportunity analysis, and a comprehensive forecast of opportunities brimming in the global plant-based beverages landscape.
The plant-based beverages market report by PMR has been segmented as per the following segments-
By source segmentation, the market of plant-based beverages has been segmented into RTD drinks, dairy alternatives, and plant based juices. The segment of plant-based juice is likely to be in high demand and likely to flourish in terms of volume and value throughout the respective assessment timeline, driven by rising health awareness among the health-savvy population.
On the basis of nature segmentation, market of plant-based beverages has been extensively segmented into conventional and organic plant-based beverages. On the basis of format segmentation, market of plant-based beverages market has been segmented into flavored as well as regular drinks. By packaging segmentation, the market of for plant-based beverages has been segmented into plastic bottles, pouches, glass bottles, cans, and carton packaging.
On the basis of regional classification, the plant-based beverage market, North America & Asia Pacific are poised to hold a collective share of more than half of overall share of plant-based beverages market space, and this status quo is likely to grow through 2028. Eastern Europe & Latin America are likely to emerge as highly significant for the producers of plant-based beverages.
In order to analyze the size of plant-based beverages market based on volume, segmentation by source is being considered. The key differential strategies of manufacturers have been extensively analyzed and presented in the research study, which will help the emerging players vying to make it big in the global market space.
Plant-based beverage producers are on adopting new ways of enhancing appeal of their products i.e. by strengthening their collecting as well as sourcing processes. Manufacturers are collaborating with regional players to expand their production capabikties, which will help them maintain the right harmony in the demand-supply equation.
The companies are also focusing on boosting their product portfolios via addition of new products designed in line with the evolving expectations of consumers. In the present day situation, the consumers have been highly interested in products that not only offer the taste attributes, but also have an appealing feel to them. Moreover, consumers are also invested in transparency in terms of ingredients used, which will help them make well-informed decisions while purchasing.