In recent times, more and more health conscious individuals are following the veganism trend and switching toward sustainable, healthier beverage options. That is why the demand for plant-based beverages is continuously on the rise. They are usually low in calories and cholesterol and serve as suitable alternatives to traditional sugary and dairy drinks.
Did you know that the plant-based beverages market size is likely to reach USD 388.42 billion by 2027? Yes, you read it right! The increasing figures clearly show the growing preference of consumers for these beverages.
In this blog, you will explore everything about the plant-based beverages market. Let’s dive in!
Often referred to as plant milk, plant-based beverages are made by extracting plant material like grains, seeds, nuts, and legumes. These drinks are free from animal products. Some of the popular beverages include almond milk, soy milk, flax milk, oat milk, and coconut milk.
The plant-based beverages market is rapidly expanding in recent times. Delve into the prominent factors facilitating the growth of the sector!
The number of health conscious individuals is steadily increasing over the years. Moreover, a majority of millennials are shifting toward vegan beverages owing to lactose malabsorption and lactose intolerance. That is where plant-based beverages come into the big picture. As these drinks are made up of plant-based proteins like rice, hemp, and peas, they are easy to digest and can provide your body with essential nutrients. They are also low in cholesterol and calorie content but rich in minerals, healthy fatty acids, and minerals. The plant-based beverages boost metabolism and support better muscle and bone health, making them an ideal choice for health conscious individuals.
The plant-based beverages are available in a variety of flavors to cater to varying dietary requirements and consumer preferences. From oat and almond milk to coconut and soy milk, individuals can easily find several options to delight their unique taste buds. The development of innovative formulations mimicking the texture and taste of traditional dairy products plays a pivotal role in driving market growth.
These beverages are not just limited to milk alternatives. Consumers can easily avail of options like smoothies, teas, juices, and functional beverages made from ingredients, including vegetables, fruits, seeds, grains, and nuts.
Global warming has become a serious concern in recent times. Consumers are well aware of the negative impacts of consuming animal-based products on the environment. That is why environmentally conscious individuals seek ways to minimize the negative impact on the planet. They look for ideal alternatives to ensure long-term sustainability. The production of plant-based beverages usually has a lower environmental impact compared to traditional dairy products. As a result, it proves to be an appealing choice for individuals who prioritize sustainability and want to shift to eco-friendly beverages.
The plant-based beverage market keeps experimenting with new flavors. Owing to the continuous efforts of the industry to improve the texture and taste of the drinks, they are more likely to become appealing to a wider audience. The enhancement of the quality and taste of beverages will accelerate the market growth.
The manufacturers of plant-based beverages focus on the development of products that can cater to the specific needs of the consumers. For instance, they manufacture high-protein beverages meant especially for active individuals. Besides making beverages more appealing to health-conscious people, this trend can help in creating product differentiation in the market.
Some individuals experience adverse reactions to the proteins present in cow milk, resulting in allergic symptoms like gastrointestinal distress, hives, and anaphylaxis. Others may experience lactose intolerance, resulting in digestive discomfort. Plant-based beverages prove to be a suitable choice for all such individuals. As they are free from common dairy allergens and devoid of lactose, these beverages allow people to enjoy their drinks without worrying about adverse effects. The plant-based beverages ensure increased accessibility to consumers with dietary restrictions and contribute to the expansion of the market.
For many consumers, the ethical treatment of animals matters a lot. With increasing awareness about animal cruelty, people across the globe are increasingly restricting the consumption of animal-based beverages like milk. The veganism trend is gaining momentum at a rapid pace and becoming a lifestyle choice. This demographic shift has resulted in a surge in the demand for non-dairy alternatives like soy, almond, and oat milk. Plant-based beverages allow such individuals to align dietary choices with their ethical values, thereby driving the demand for these drinks.
Eco-friendly beverages are now making their way to the mainstream grocery stores. As a result, they are readily accessible to consumers, boosting the growth and expansion of the market.
Along with the taste and flavor, consumers are also concerned about the packaging. The plant-based beverages are now available in a variety of packaging options, from refrigerated gable-top cartoons to glass and plastic bottles. Based on the unique preferences of the consumers, they can choose between the on-the-go, single-serve bottles and aseptic cartoons.
In the front of the beverage packages, the manufacturers make several claims like being dairy-free, vegan, and lactose-free. Moreover, they also claim to be free from potential allergic substances like nuts, gluten, and soy. They even make nutrient claims and state that they are an excellent source of protein and calcium. All these claims help convince consumers to shift their preferences, thereby promoting the growth of the plant-based beverage market.
The plant-based beverages market has ample growth opportunities. However, the industry also has a significant share of challenges. One of the main challenges is the growing competition from traditional beverage and dairy companies. These companies are now expanding their product lines and including plant-based alternatives. So, the market needs to keep innovative to stand out in the competitive landscape and provide more options for the consumers to choose from.
Issues like production cost, ingredient sourcing, and labeling regulations can also pose a significant challenge to the growth of the plant-based beverages market. Still, these challenges can provide manufacturers with ample opportunities for differentiation and innovation. They can continue to develop high-quality and unique beverages to resonate well with their consumer base.
The industry is fragmented with several small and medium-sized players comparing to acquire a market share. Some of the most prominent players include Unilever, Coca-Cola, Nestle, Plant Veda, and Heartbest Foods.
In June 2021, Plant Veda, a dairy alternative company in Vancouver, launched a new product line of vegan lassi. This yogurt drink is made up of real fruits and cashews. The beverage is devoid of cane sugar and comes with gut-healthy probiotics.
The future of the plant-based beverages market seems to be quite promising. The industry will continue to grow and there are no signs of slowing down. The shift in consumer preferences will drive the expansion of the market. To capitalize on the market, more and more companies will introduce plant-based beverages in the years to come. Want to know more about the plant-based beverages or plant-based beverages processing equipment market? SNS Insider can be the one-stop destination for all your needs
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