Plant based beverages market may show substantial growth over the forecasted timeframe owing to the growing health consciousness among consumers. Emergence of plants as an alternative source of protein has urged manufacturers to develop protein rich, healthy plant based drinks which is likely to accelerate the plant based beverages market growth. Plant based beverages are made from the extract of plants such as almond, soy, pea, rice and oat. These products are a high source of proteins, minerals and vitamins and are required by the body to promote a healthy lifestyle and reduce the risk of various health diseases.
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Growing health awareness among consumers along with rise in number of fitness clubs has boosted the demand for sports supplements market. Global plant protein market was valued to USD 10.5 billion in 2017. Advancement in technology and requirement for natural and clean label products has urged manufacturers to develop gluten-free, high-fiber protein shakes which may stimulate the plant based beverages industry growth.
Plant based milk act as an alternative to animal milk owing to its lactose free content and exceptional nutritional value. It is suitable for consumers who are vegetarian and also aid in treating slow digestive system. Increasing allergy cases owing to presence of lactose in animal milk along with growing health & wellness concern is likely to stimulate the plant based beverages market growth.
Plant based beverages are also used in treating cardiovascular and bone health owing to their capability to support immune system and fight against various diseases such as obesity and heart failure. Consumption of plant based drinks significantly lowers the risk associated with cardiovascular health and enhances the nutritional balance in the body. Growing consumer focus towards health and nutritional values has made consumers choose milk substitutes and dairy free beverages which is likely to accelerate the market size. Furthermore, plant based beverages contain calcium, which is aids in maintaining bone health, thereby driving the product demand.
North America plant based beverages market demand led by the U.S and Canada should witness significant growth during the projected timespan pertaining to the growing demand for protein enhanced supplements in sports & fitness industry. The market for supplemental protein powders in the U.S. accounted at over USD 4.24 billion 2018 which shows significant opportunities for the product market. Changing lifestyle trends and growing health awareness has increased the demand for organic protein supplements & shakes as it aid in muscle building and strengthens immunity, which may induce regional product demand.
Europe driven by France, Italy, UK, and Germany plant based beverages market size may witness substantial growth during forecasted period. Germany’s share for vegan and vegetarian population in 2017 accounted at over 24 percent of the total population pertaining to their high nutritional value and gluten-free nature. Increasing vegan popularity is likely to act as a major driver in the region as vegans do not prefer to consume milk products, which may boost demand for plant based products. Increasing demand for low calorie drinks and rising food safety concerns towards the usage of antibiotics in dairy products may drive regional plant based beverages demand.
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Asia Pacific plant based beverages market demand led by China, India and Japan may witness significant growth. Shift in consumer preferences towards plant based diets owing to growing cases of food allergies and lactose intolerance is likely to drive the product demand. The volume of soybeans used for the production of soymilk products in Japan has increased from 49 thousand metric tons in 2016 to 53 thousand metric tons in 2017 owing to its healthy nutritional profile. Furthermore, growing demand for fruit juices owing increase metabolism rate, reduced cholesterol rate and maintaining healthy digestion, may drive the regional growth. Global plant based beverages market share is competitive as market consist of several significant players. Companies like Coca-Cola Company, Danone SA, SunOpta Inc., Hain Celestial Group and PepsiCo Inc. are key players in this market.