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Market Analysis of Plant-Based Drinks |Food Research Lab(FRL)

Thumbnail-Image-Market-Research-on-Plant-Based-Beverages

03 Jul

Market Analysis of Plant-Based Drinks

by Food Research Lab

in Beverages

Comments

The market for plant-based beverages is expected to reach USD 32.29 billion by 2028, rising at a CAGR of 9.07 percent from 2021 to 2028. During the anticipated period, the growing vegan population and the health benefits provided by plant-based beverages will be important factors driving the growth of the plant-based drinks market. Non-dairy plant-based beverages are useful alternatives because of the presence of bioactive components with health-promoting properties, which attract health-conscious consumers. However, the reduced nutritional value and sensory acceptability of the plant-based beverages (such as flavor, taste, and solubility) compared to cow’s milk pose a big threat to its place in the market.

Plant-based beverages are made from plant material such as seeds and grains, as well as water as a carrier.

plant-based beverages provides firms

The market for plant-based beverages is growing due to an increase in the number of vegans and increased awareness of healthy and cruelty-free eating options. Furthermore, an increase in the number of lactose intolerance cases, particularly in developed regions, has led to an increase in the demand for vegan beverages, which has fuelled the expansion of the plant-based beverages development. Furthermore, several benefits provided by plant-based beverages, such as improved muscular and mental health, are expected to fuel the expansion of the plant-based beverages market. The market for plant-based beverages is growing as people become more aware of the health advantages of vegetables, fruits, and nuts.

However, the market for plant-based drinks is expected to be constrained by price variations in raw materials and high product costs. Nonetheless, rising vegan demand and the introduction of new flavours into the market are projected to provide lucrative prospects for the plant-based beverages market throughout the anticipated time. Plant-based beverages are widely available in industrialised countries, but the industry is having difficulty boosting sales in poor countries.

Market Scope on Plant-Based Beverages

The market for plant-based beverages is divided into three categories: type, source, and function. The growth of segments allows you to analyse specific pockets of growth and market approaches, as well as establish your main application areas and target market differences.

The plant-based beverages industry is divided into two types: milk and others. The market for plant-based beverages is divided into almond, soy, coconut, rice, and others, according to the source. The market for plant-based beverages is also divided by function. Cardiovascular health, cancer prevention, bone health, lactose-free alternatives, and other functions are included.

Market Share Analysis- Competitive Landscape

The competitive landscape for plant-based beverages includes information on each competitor. Company overview, financials, revenue generated, market potential, investment in R&D, new market initiatives, production sites and facilities, production capacity, product launch, product width and breadth, and application domination are among the details given. The information presented above is only about the firms’ concentration on the plant-based beverage sector.

Many significant market players are launching various initiatives in order to expand their market reach and strengthen their market position. Costa Coffee, a Coca-Cola Company subsidiary, announced plans to debut soy milk in the United Kingdom in March 2019 and has already begun offering dairy-free items such as coconut, almond, and soy. Silk, a Danone-owned brand, provided a subsidised holiday trip to customers through a fortunate draw in 2019. These forms of marketing methods contribute to the market’s increased demand for plant-based beverages.

Fig.1. New Processing Challenges with Plant-Based Beverages (Charm Sciences.com)

Recent Plant based beverages (PBB)

The market of milk analogs is currently dominated by soya bean milk, oat milk, coconut milk, hemp milk, cocoa milk, multigrain milk etc. most of which are produced by controlled fermentation which owes to their functional bioactive composition. The Journal published in Food Control in the year 2020, analysed, the content of 41 elements in milk from mammals (cow, goat, and donkey) and plant-based milk alternatives (from soy, rice, oat, spelt, almond, sesame, coconut, tiger nut, hazelnut, walnut, cashew, hemp, and quinoa). The level of toxic trace elements, including As, Cd, Hg, and Pb was very low in all analysed samples and did not pose any threat to consumers. The study is of significance for consumers of plant-based beverages from nutritional and food safety point of view.

According to the Journal of Food Research International in the year 2020, samples of PBB (rice, cashew nut, almond, peanut, coconut, oat, soy, blended or not with another ingredients, fortified with minerals or naturally present) and milk for comparison were evaluated.

The determinations indicated that PBB delivered enormous minerals than cow’s milk whereas calcium was identical to milk. Plant-based beverages are difficult to formulate since these alternatives differ from cow’s milk in terms of sensory properties, stability, and nutritional makeup. They’re made by extracting the raw material in water, separating the liquid, and combining the two to make the finished product. Other processes, like as homogenization and heating treatments, are required to improve the finished product’s suspension and microbiological stability so that it may be ingested. Non-thermal processing technologies such as ultra-high pressure homogenization and pulsed electric field processing, on the other hand, are being investigated to address issues such as shelf life extension, emulsion stability, nutritional completeness, and sensory acceptability without the use of high temperatures. To improve the final result, some pre-treatments like as peeling, bleaching, or soaking can be applied to the raw material. The plant source, processing, and fortification all have an impact on nutritional qualities. To make the plant-based milk substitute more appealing and acceptable to consumers, various substances such as sugar, oil, and flavourings are added.

Significant Formulation

The study on plant-based beverages provides firms and everyone else interested in the sector with the information they need to develop comprehensive strategy frameworks. Given the current uncertainty caused by COVID-19, this is more crucial than ever. The report considers consultations to overcome past disruptions and foresees potential ones in order to improve readiness. Businesses can use the frameworks to design their strategic alignments in order to recover from such disruptive trends. TMR analysts can also assist you in breaking down a complex circumstance and bringing resiliency to a situation that is uncertain.

Summary

With the increased prominence of sustainable dietary considerations, demand for plant-based beverages is experiencing an unparalleled surge in developed regions such as North America and Europe. Consumers in the aforementioned regions remain diet-conscious as cases of lactose intolerance and food allergies rise, which is one explanation for their preference for plant-based products, including plant-based beverages. Furthermore, consumer preference for vegan and flexitarian diets, which has been steadily increasing in North America and Western Europe, is one of the primary factors driving the market for plant-based beverages in these countries.

Reference

Munekata, P. E., Domínguez, R., Budaraju, S., Roselló-Soto, E., Barba, F. J., Mallikarjunan, K., … & Lorenzo, J. M. (2020). Effect of innovative food processing technologies on the physicochemical and nutritional properties and quality of non-dairy plant-based beverages. Foods, 9(3), 288.
Islam, N., Shafiee, M., & Vatanparast, H. (2021). Trends in the consumption of conventional dairy milk and plant‐based beverages and their contribution to nutrient intake among Canadians. Journal of Human Nutrition and Dietetics.
Nawaz, M. A., Tan, M., Øiseth, S., & Buckow, R. (2020). An emerging segment of functional legume-based beverages: A review. Food Reviews International, 1-39.
Craig, W. J., & Fresán, U. (2021). International Analysis of the Nutritional Content and a Review of Health Benefits of Non-Dairy Plant-Based Beverages. Nutrients, 13(3), 842.