The worldwide plant based protein beverages market is anticipated to accomplish US$ 1065.3 million out of 2022. Based on the report, deals of plant based protein beverages are expected to move at a CAGR of 9.60% to arrive at a gauge of US$ 2664.3 million by 2032.
The health & fitness trend is spreading with the outbreak of obesity and other lifestyle diseases, and consumers are aiming to improve their health and quality of life by resorting to healthy dietary habits. Plant-based protein beverages are witnessing high demand, attributing to the rise of veganism coupled with an increase in consumer awareness about the importance of protein in weight loss diets.
Plant-based protein market is expected to witness incremental growth as consumers’ perception about food products with fruit and vegetable ingredients being helpful in improving health. A tectonic shift from animal-based protein to the plant-based sources of protein such as pea protein and soy protein, is expected to foster positive growth prospects of the plant-based protein beverages market. Consequently, a mounting number of stakeholders from the vegan food industry are entering the plant-based protein beverages market.
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Stakeholders are noticing an impressive upsurge in consumption of vegan food products in developed regions, which is expected to improve growth prospects of the plant-based protein beverages market in the U.S. and other developed European countries. Demand for vegan and functional beverages with natural and probiotic ingredients is expected to remain high in these countries, subsequently supporting growth of the plant-based protein beverages market in developed regions.
Plant-based Protein Beverages Market – Competitive Landscape
Key players in the plant-based protein beverages market are Malk Organic, Califia farms, Ripple Foods, The New Barn, Dr. McDougall’s Right Foods, Pacific Foods, and Beyond Meat. Some of the recent and important developments in the plant-based protein beverages market are:
- In September 2019, Ripple Foods – a California-based manufacturer of pea-protein dairy alternative products – announced that it has launched its new line of plant-based products—Superfood Milk. Ripple Plant-Based Superfood Milks contain the clean label, plant-based protein of Ripple Milk along with other high-quality superfood ingredients free from lactose, soy, nuts and gluten to offer added functional benefits and a nutritious plant-based beverage experience to consumers. The company also declared that it aims to meet the increasing consumer demand for plant-based functional beverages that tout health benefits, with the launch of its new product line.
- In November 2019, ADM Human Nutrition – the natural health and nutrition division of Archer Daniels Midland Company – announced that it has launched its first plant-based protein beverage in Thailand. The company noticed that availability of dairy-based high-protein drinks in the country’s market as well as the supply-demand gap in plant-based alternatives to those products. The company launched its plant-based protein beverage solution in mocha flavor, to sync with its strategy to expand in Thailand’s market for meat substitutes and plant-based drinks.
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Consumer Demand for High-protein and Low-carb Vegan Food Products
Leading players in the vegan food industry are noticing a significant change in consumer preferences for not just plant-based food but also the food with health-benefitting properties. Increasing awareness about the inextricable relationship between food and weight loss and obesity management is triggering consumer demand for plant-based snacks and beverages that promote fat loss.
Consequently, market players are beginning to introduce plant-based beverages with high amount of protein and low-carb ingredients to attract the ever-expanding group of consumers shifting to weight loss diets. High-protein, low-carb food products and beverages are trending as consumer expectations from vegan food continue to change. Leading players in the plant-based protein beverages market are expected to introduce keto-friendly products to sync with the increasing popularity of keto diets in the coming years.
Increasing R&D Investments to Discover Innovative and Low-cost Plant Protein Sources
Taking into consideration the rise in popularity of plant protein drinks, leading players in the plant-based protein beverages market are increasing investments in research & development to boost innovation that can enable them to maintain a competitive edge. Discovering unique yet low-cost plant-based protein sources and vegan ingredients such as coconut milk in plant protein drinks is expected to emerge as a popular strategy in this landscape.
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Report Highlights:
- A detailed overview of parent market
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- In-depth market segmentation
- Historical, current, and projected market size regarding volume and value
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- Strategies for key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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