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Plant-based beverage sales up due to holistic view of health & wellness
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Monday, 25 November, 2019, 08 : 00 AM [IST]
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Worldwide demand for plant-based beverages is estimated to grow by leaps and bounds, on account of consumers’ holistic approach to health and wellness. These were the findings of a study, which added that the demand for plant-based beverages was likely to expand at a CAGR (compound annual growth rate) of over six per cent through 2028.
The growth of plant-based beverages continues to be influenced by the pervasive trend of veganism and flexitarianism, which have become increasingly popular among health-savvy consumers.
The analysis found that the rapid gravitation toward plant-based diets is creating favourable grounds for growth of plant-based beverages. Increasing cases of food allergies and lactose intolerance is inducing a notable reluctance toward animal-based products, assisting the growth of plant-based beverages market.
According to the the study, consumers will continue to show marked preferences for dairy alternatives over any other source type, with global demand estimated to surpass $25.5 billion by the end of 2028.
Dairy alternatives, such as soy milk, almond milk, rice milk, oats milk, coconut milk, cashew milk, and seed milk, are expected to witness high indulgence, with demand varying from region to region.
In line with the aforementioned, market players are vying to offer dairy alternatives in enticing flavours to meet the insatiable consumer demand for taste and wellness.
As per the report, organic plant-based beverages are likely to put conventional variants in the shade, with consumers increasingly opting for organic as a trustworthy investment.
Quality combined with numerous health benefits remains one among the key selling point of organic plant-based beverages, with global demand estimated to grow at a CAGR of over seven per cent through 2028.
Moreover, the upswing in sales of organic plant-based beverages can also be attributed to positive perceptions of consumers associated with organically grown and produced foods and beverages.
APEJ to remain significant region for plant-based beverage producers
North America, Western Europe, and APEJ (Asia Pacific excluding Japan) hold more than 79.5 per cent of the total share for plant-based beverages.
Surging preferences for healthy diets and rising concerns for animal welfare are among the key reasons driving the growth of plant-based beverages market in these regions.
The report stated that producers were extensively targeting untapped potential across emerging economies of MEA and APEJ, as these are under-penetrated markets with progressive growth in consumers’ per capita income levels.
It added that evolving eating habits of consumers were likely to drive the demand for healthier alternatives, such as plant-based beverages. This, in turn, would demonstrate a healthy growth of plant-based beverages market over the forecast period.
In addition, increasing reluctance toward soft drinks, carbonated drinks, and energy drinks is also inducing a drastic shift toward plant-based beverages, influencing the growth of plant-based beverages market.
Manufacturers operating in the plant-based beverages market are also focussing on expanding the appeal of their products by tapping into innovative replacements and approaches.
The plant-based beverages producing companies are vying to discover and find out what consumers really want to purchase, which will enable them to incorporate the same in their products via new additions.
Producers are spanning across different countries and cultures to analyse consumer attitudes at a granular level, which will aid in solidifying their sustenance in the plant-based beverages market.
“Offering customer-relevant products that will take over the market shelves remains the key to consolidation in the plant-based beverages market,” stated the study analysis.
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