The plant-based beverages market will continue to accelerate at a steady pace in line with the ever evolving consumer preferences, coupled with the growing popularity of ‘mindful choices’ trend. According to TMR analysis, the plant-based beverages market is estimated to grow at a healthy CAGR of more than XX% by 2028. The study opines that the growing trend of flexitarianism and veganism will continue to fuel growth in global plant-based beverages market.
The growing consumer gravitation towards plant-based and organic diets has been creating traction for plant-based beverages, finds the study. Furthermore, the burgeoning incidences of lactose intolerance and food allergies have made consumers reluctant towards animal-based food products, which is supplementing the development of plant-based beverages market.
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As per the study, the growing consumer shift towards plant-based diet is driving the demand for organic or plant-based protein supplements, which, in turn is augmenting the future prospects of plant-based beverages market players. For instance, several consumers are opting for protein powders sourced from plants, including pea and rice over whey-based protein. The plant-based protein supplements are gaining traction in the sports nutrition sector, with sports enthusiasts making plant-based proteins an integral part of their training sessions.
The TMR study finds that consumers are showing sheer inclination towards dairy alternatives over any other source type, with global demand projected to surpass US$ 25 Bn by the end of forecast period. Diary alternatives, including oats milk, cashew milk, soy milk, rice milk, seed milk, almond milk, and coconut milk are anticipated to witness colossal indulgence, with varying demand from different parts of the world. To capitalize on this growing trend, stakeholders in plant-based beverages market are vying to manufacture dairy substitutes in diverse flavors to meet the growing consumer demand for ‘Taste and Wellness’.
The study is of the opinion that organic plant-based beverages will witness more traction over conventional variants, with consumers gradually favoring organic products. This growing traction for organic plant-based beverages can be attributed to the supreme quality and manifold health benefits of organic plant-based variants, with global demand projected to expand at 7% CAGR by the end of forecast period. The changing consumer perceptions about naturally grown and processed foods & beverages are also driving the sales of organic plant-based beverages, which, in turn, will underpin gains in plant-based beverages market.
According to the study, the stakeholders in plant-based beverages market are increasingly focusing on diversifying their plant-based products portfolio by indulging into mergers & acquisitions, and inducing innovation in manufacturing processes. The companies offering plant-based beverages are vying to discover the consumer requirements to expand their foothold by providing customer-relevant variants.
The TMR report opines that Western Europe, North America, and APEJ hold nearly 80% share of the global plant-based beverages market. These regions are witnessing high consumer indulgence in organic beverages, owing to the growing consumer inclination towards healthy diets and burgeoning animal welfare concerns.
As per the study, stakeholders in plant-based beverages market are primarily targeting unexplored potential across emerging economies of APEJ and MEA, with substantially growing consumers’ per-capita income levels. Furthermore, the mounting consumer reluctance towards carbonated drinks and soft drinks has propelled a radical shift towards plant-based beverages, which, in turn, is influencing the growth of plant-based beverages market