Healthy drinks referred to as "plant-based beverages," are produced and processed from plant materials, such as grains and seeds, and extracted in water. Tea, coffee, soymilk, and rice milk are popular plant-based brews. They have few calories and are high in protein, calcium, vitamins A and D, B complex, DHA omega-3s, and probiotics while low in calories.
Due to their balanced composition of mono- and polyunsaturated fats and absence of lactose, plant-based beverages are frequently used as a substitute for dairy products. Therefore, plant-based beverages help to lower the risk of diabetes, heart disease, and stroke. The rising demand for organic beverages, rising consumer awareness of the health benefits of consuming them, and expanding plant-based beverage marketing on social media make them popular among people.
The market for plant-based beverages is also expanding because of the rising demand for vegan protein drinks. The market's major companies have responded by investing in research and development projects. These initiatives spur innovation and offer the business a competitive advantage. In the coming years, the market for plant-based protein beverages is projected to expand due to the development of new and affordable sources of these beverages and varied ingredients like soy or coconut milk.
Another essential aspect impacting global market sales is the growing awareness of the health benefits. Because of the increased prevalence of obesity and lifestyle disorders, the trend toward fitness and health is gaining steam. By adopting good eating habits, the populace is in control of improving their quality of life and health. Vegan beverages are frequently nutrient-rich and low in saturated fat, and they can help protect against cancer, lower the incidence of type 2 diabetes, and enhance heart health.
The global plant-based beverages market was valued at USD 24.42 billion in 2021 and is expected to increase at a compound annual growth rate (CAGR) of 12.7% from 2022 to 2030.
COVID-19 has raised more health concerns, which has helped plant-based beverage consumption gain traction. On the market for plant-based beverages worldwide, this is predicted to have an excellent effect. During the COVID-19 epidemic, consumer demand for nutritional qualities such as low calories, high protein, and vitamins has noticed a noticeable increase. As a result, a sizable consumer base has been switching to plant-based beverages worldwide. 20% of respondents claimed to have cut back on their meat consumption, while 12% said they had cut back on their use of dairy and eggs. Additionally, COVID-19 has enhanced the sales of plant-based food items as consumers have become more and more receptive to the vegan diet.
Some of the most notable developments in the plant-based beverages market are as below:
- Plant Veda, a dairy-alternative firm based in Vancouver, announced the launch of a new vegan lassi (an Indian yogurt drink) made from cashews and natural fruits in June 2021. This product contains probiotics that are good for the gut and is devoid of cane sugar.
- Starbucks has recently announced that it is doubling down on its vegan development, including exciting new plant-based milk specialty drinks into its line-up. The business is launching the Iced Toasted Vanilla Oat Milk Shaken Espresso drink to celebrate the arrival of spring. The newest dairy-free beverage will be added to the brand's growing line-up of shaken espresso and vegan-friendly drinks.
- Nestlé has brought another notable change. This renowned Swiss food giant has expanded the Thai beverage market by producing a new soy-based version of the chocolate malt beverage business favorite, Milo.
- The famous sauce company Henderson's Relish, founded in the north of England, introduced packed snacks made of soy and potato on August 3, 2022. According to Hendo's, the snacks adhere to the UK's new HFSS (high in fat, sugar, and salt) standards and have the spicy flavor of Henderson's Relish. This indicates that they would not be subject to marketing restrictions when the rules are announced in October. The snacks are suitable for vegetarians and vegans and are gluten-free.
The influence of the global market for plant-based drinks is thoroughly examined in the report. It illustrates significant advancements in this market and consumer consumption worldwide.