The plant-based beverage has been very prevalent in the mature and developing market. This can be accredited to augment the number of individuals allergic to dairy. In addition, growth in health awareness and augment in disposable income fuel the growth of the plant-based beverage market. The introduction of additional healthy ingredients by dissimilar market players is some other aspects that further propel the growth of the market. Moreover, the growth in demand for plant-based beverages by the vegan population and the introduction of new flavor & varieties of plant-based beverages are predicted to deliver lucrative growth opportunities for the plant-based beverage market.
The augment in the consumption of plant-based food, which has multiplied many times during the recent time period, is one of the primary drivers for the increment in demand for the product. The global market for plant-based beverages is also being propelled by the middle class’s high disposable income and growing urbanization.
According to the SPER market research, ‘Plant-Based Beverages Market Size – By Type, By Source, By Function, By Distribution Channel – Regional Outlook, Competitive Strategies and Segment Forecasts to 2030’ state that the plant-based beverages market is predicted to reach USD 68.76 billion by 2030 with a CAGR of 12.5%.
The COVID-19 pandemic has created a lot of opportunities for producers as customers have become more conscious of their health. Customers emphasize immunity advancement in simple and nutritious vegetarian and plant-based foods and beverages. Key players capitalized on the early increasing trend of immunity-boosting drinks and launched innovative products to attain the maximum market share throughout the pandemic.
These customer trends are enlarging the industry’s scope for plant-based beverages. The moving inclination toward vegetarian and vegan diets, specifically among millennials, coupled with an augmented number of healthier alternatives accessible in the market, is predicted to foster product sales in the new future.
In addition, in present years, e-commerce has become progressively prevalent among customers due to the accessibility of a broad range of plant-based foods and beverages from around the world. Moreover, the platform serves as a broad and proficient distribution network, thereby motivating different producers to sell their products through online channels.
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Furthermore, developing novel products, likewise eggs, plant-based beverages, meat, and meat, stimulates growth. These products are high in important nutrients and taste almost alike to their animal-resultant counterparts. Other aspects, such as extensive promotion activities by celebrities and athletes to motivate the consumption of vegetarian products in order to maintain a healthy lifestyle and the ease of product accessibility via proliferating online retail channels, are predicted to propel the market even further.
Asia Pacific is registering foremost shares in the global plant-based beverages market owing to augmenting customer awareness of the importance of protein-rich diets, increasing research & development investments by governments in the food segments, and growing innovations in the food and beverage industry in this region. In addition, the customers in this region are moving toward natural and healthy food choices to cope with their hectic lifestyles. This, in turn, has fostered the sales for plant-based beverages.
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SPER Market Research