Plant-Based Protein Beverages Market is on an impressive growth trajectory, with sales expected to reach USD 2,664.3 million by 2032, up from USD 1,065.3 million in 2022. This growth, anticipated at a CAGR of 9.60% over the forecast period, is fueled by a confluence of factors including rising health consciousness, increasing demand for meat alternatives, and innovations in ingredient technologies.
The plant-based protein beverages market is experiencing significant expansion as consumers increasingly seek protein-rich diets that align with health and wellness trends. The shift towards plant-based diets is driven by concerns over obesity, lifestyle diseases, and the environmental impact of meat production. These factors have led to a robust demand for plant-based protein beverages, which offer a healthy alternative to traditional animal-based protein sources.
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Consumer preferences are evolving, with a marked increase in the adoption of vegan and flexitarian lifestyles. This shift is particularly pronounced among millennials, who are driving the demand for plant-based products. The market for plant-based protein beverages is bolstered by the growing awareness of the benefits of a protein-rich diet, which includes weight management, improved cardiovascular health, and better overall wellness.
In addition, the increasing prevalence of lactose intolerance and food allergies has spurred demand for plant-based alternatives. This trend is particularly strong in North America, where consumers are becoming more diet-conscious. The United States, in particular, holds a significant share of the market, driven by a combination of lifestyle changes, improved research and development, and the popularity of plant-based diets.
Regional Insights
North America dominates the global plant-based protein beverages market, accounting for 47.80% of the market share. The region’s market growth is driven by the rising vegan population and increasing awareness of the benefits of plant-based diets. The U.S. is the largest market in this region, with a significant number of consumers shifting from animal-based to plant-based proteins due to health and dietary concerns.
Europe holds a 14.50% market share in the global plant-based protein beverages market. The region’s growth is fueled by increasing vegetarianism, a preference for plant-based foods, and reduced meat consumption. However, the higher cost of plant-based products compared to animal-based products may restrict market growth to some extent.
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Competitive Landscape and Start-Up Ecosystem
The plant-based protein beverages market is highly competitive, with key players focusing on product innovation and expansion to meet growing consumer demand. Some notable companies in the market include Kerry Group, Malk Organic, Archer Daniels Midland Company, and Califia Farms. These companies are investing in research and development to introduce new products and improve the nutritional profile of their offerings.
The start-up ecosystem is also vibrant, with companies like TMRW and Novolutions making significant strides in the market. TMRW, a Canadian start-up, has raised C$2 million to expand its distribution across North America, while Novolutions, an Indian start-up, is venturing into plant-based protein products.
- 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.
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.
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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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