In the present day, the food and beverage industry is at the cusp of experiencing the rampant disruption ever. Dramatic changes are evolving in the food and agriculture sector with the demand for high-quality and cost-effective food. This demand is replacing the traditional meats and animal ingredients with cheaper and higher quality food made from plant-based protein which in turn is spiraling the growth of plant-based food and beverages market. Indeed, this is a protein trend transforming the future of plant-based beverages market in modern times. Thus, the customers’ holistic vision towards a healthy life is proliferating the demand for plant-based beverages. As a result, the increasing demand for high-quality yet low-cost food along with healthy lifestyle choices are amplifying the plant-based beverages market growth across the globe.
The global Plant-Based Beverages market size achieved a value of $12.32 billion in 2018. Furthermore, the demand is augmenting with a notable CAGR of 9.76% over the forecast period 2019-2025.
Hottest Trend in Food and Beverage – Its “Plant-Based” Not “Vegan” Anymore
Veganism and vegetarianism are still niche markets in the food and beverage industry. Veganism is often considered as a lifestyle choice in terms of food, clothing, and more to reduce animal woes in the world. While many plant-based foods are vegan, it is sometimes hard to exclude animal-based foods completely. So, the consumer choice is more inclined to shift towards a plant-based diet to evoke healthfulness than to abandon meat and dairy. Thus, the significance is rising for plant-based eating irrespective of meat presence. Therefore, this gentle nudge between vegan and plant-based food is increasing the demand for “plant-based” food trend. Thus, the changes in consumer behavior have vastly improved the texture, taste, and variations of the plant-based beverages. As a result, the plant-based food and beverages are invading a major share of the supermarket and hypermarket shelves these days. This, in turn, is surging the plant-based beverages sales owing to its corresponding demand from vegans and meat-eaters.
Rising Environmental and Health Concerns Bolstering the Plant-based Milk Market Demand
Plant-based milk is the fastest-growing segment in the global plant-based beverages industry and this sector is rising with a CAGR of 7.5% during the aforementioned period. Increasing demands for plant-based or non-dairy alternatives are attributed to diverse categories of functional and specialty beverages available in the market. Plant-based milk alternatives are a rising trend especially in the lower-income groups where dairy supply from livestock is inadequate. In such places, plant-based milk serves a best and cheaper alternative to dairy products. Furthermore, a majority of milk supplies from livestock lack nutritional balance which can be attained by plant-based milk products. In addition to the above prospects and rising vegan trend, growing cases of lactose intolerants, calorie concerns, and the prevalence of hypercholesterolemia are boosting the plant-based milk alternatives demand in the market. Along with that increased dairy consumption is linked to high chances for the occurrence of cancers such as prostate cancer, acne, and other skin blemishes. On the other hand, livestock farming has become a reason for global environmental concerns. Animal agriculture is one of the major drivers leading to the destruction of tropical rainforests. Also, livestock feed and production consumes a significant proportion of the water supply.
Plant-based milk offers ample benefits. There are numerous non-dairy alternatives available in the market varying from soy to almond milk, coconut, cashew, oats, flax, dairy free protein, soy yogurt, lactose free milk, and pea milk. Being one of the largest affordable sources of protein beverages, soy milk has the ability to prevent heart diseases and cancer. And, oat milk and quinoa milk which is rich in soluble fiber content aid heart and digestive health while providing essential amino acids and minerals. Altogether, these benefits and reasons are expediting the plant-based alternatives including plant-based milk, plant-based yogurt, plant-based cheeses, and plant-based butter. As a result, these prospects are augmenting the growth of plant-based milk market.
North America Plant-Based Beverages Market Fortifying Its Share in the Global Marketplace
North America held the largest share in the global plant-based beverages market with a regional share of 31% in 2018. Increasing population along with their rising health and wellness concerns are surging the plant-based beverages market growth in North America. The Americas accounted for the highest prevalence of overweight and obese cases. About 62% of the adult population is categorized as overweight and obese with 20-25% child and adolescent population affected by the same. Consequently, the increasing risks of asthma, type-2 diabetes, and heart diseases are boosting the regional demand for healthy non-dairy alternatives. Along with that, plant-based companies are capturing the plant-based diet significance and engaging in the development of diverse flavored, protein-rich plant-based beverages. So, the players of North America are taking up ample strategies such as new product launch, merges, and acquisitions based upon consumer preference and needs to reinforce their position in the North American plant-based beverages market. These endeavors are strengthening the North America share in the global plant-based beverages market.
Global Plant-based Beverages Market – Leading Players
Companies such as PepsiCo, Inc., the Coca-Cola Company, Hain Celestial Group, Danone SA, Fresh Del Monte Produce Inc., Campbell Soup Company, Califia Farms, Koia, SunOpta Inc., Dr Pepper Snapple Group, Inc. are dominating the global plant-based beverage industry with a major share. These plant-based beverages firms are focusing on innovations and acquisitions to expand their global reach. Furthermore, these companies are vying to understand the changing consumer behavior and trying to inculcate the same in their new product line.
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