Plant-based Protein Beverages Market – Introduction
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.
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.
However, consumer awareness is also growing significantly in developing countries, especially in Asia, where availability and penetration of plant-based protein beverage is relatively lowers. Thereby, leading players in the plant-based protein beverages market are expected to foray into developing economies to benefit from the supply-demand gaps and boost their sales.
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.
- In April 2019, ALOHA – a leading player in the vegan food industry – announced that it has launched its plant-based protein beverage in three flavors— vanilla, coconut, and chocolate sea salt. The new plant-based protein drink by ALOHA contains a unique combination of prebiotic ingredients for maintaining gut health, electrolytes that can replenish nutrients, and medium-chain triglycerides (MCT) oil extracted from coconuts to improve endurance and natural energy. The company also announced that it has resorted to a proprietary mixture of brown rice and pea proteins and its new plant-based protein beverage has a base of coconut milk, which makes it a keto-friendly drink.
- In February 2019, Califia Farms LP – a startup based in Los Angeles – announced that it will soon debut its oat-based protein beverage—Übermilk—with added nutrients. The company announced that its new plant-based protein beverage is available in three varieties – unsweetened, chocolate, and unsweetened vanilla. Along with eight grams of plant-based protein, the new beverage contains eight essential amino acids and fatty acids derived from plant oils for omegas 3, 6 and 9, and other nutrients such as iron, calcium, vitamin D, vitamin E, and potassium per serving.
Factors Influencing Growth of the Plant-based Protein Beverages Market
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.
Growing Applications for Natural Sweeteners in Plant Protein Beverages
Consumers’ preference for food products and beverages that accelerate fat loss is creating a need for sugar reduction in healthy food products, including plant-based protein beverages. Thereby, manufacturers are expected to initiate a shift from artificial sweeteners to their natural alternatives to cater to this consumer demand. Leading players are shifting to innovative plant-based sources for sugar-alternatives in plant-based protein beverages to further innovative the nutritional values of their product. In the coming years, the demand for plant-based nutritive sweeteners in vegan protein beverages is expected to surge to a new height, becoming a boost for innovation in this landscape.
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.
Furthermore, leading players in the plant-based protein beverages market are focusing on boosting the use of clean label flavors to attract more consumers and improve the sales potential of their products. In the coming years, investing heavily in R&D and technology to create a plant-based source of protein that is cheaper than the ones that commercially available in the market is expected to emerge as a strategy to win in the plant-based protein beverages market.
The research report presents a comprehensive assessment of the plant-based protein beverages market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The plant-based protein beverages market is broadly segmented according to the end use, raw material, source, product type, and distribution channel.
The report covers exhaustive analysis on:
- Plant-based Protein Beverages Market Segments
- Plant-based Protein Beverages Market Dynamics
- Plant-based Protein Beverages Market Size
- Plant-based Protein Beverages Supply and Demand
- Current Trends/Issues/Challenges pertaining to Plant-based Protein Beverages Market
- Competition Landscape and Emerging Market Participants in Plant-based Protein Beverages Market
- Technology related to Production/Processing of Plant-based Protein Beverages
- Value Chain Analysis of the Plant-based Protein Beverages Market
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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- In-depth market segmentation
- Historical, current, and projected market size regarding volume and value
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