Some time ago, market research specialist Future Market Insights published a detailed forecast on the global plant-based beverage market. According to the report, the global market for plant-based beverages will experience a robust annual growth rate of 6.7% in the 2018-2028 forecast period.
The industry analysis broadly divides plant-based products into two categories – “plant-based alternatives” and “plant-focused”. The plant-based alternatives segment includes all products that replicate their animal counterparts, such as milk, yoghurt, meat and ice cream alternatives. The second category includes products derived from plants, such as juices, dressings, spreads, toppings and plant-based snacks.
The main drivers of this market are consumers’ changing dietary needs. Consumers around the world are increasingly aware of their own health and well-being, and are therefore favouring healthy and natural plant-based products. The increasing prevalence of obesity, diabetes and cardiovascular disease amongst consumers is also contributing to market growth. Due to increasing concerns about the use of hormones and antibiotics in milk production, many consumers are switching to safer plant-based beverages.
The rising popularity of plant-based drinks amongst consumers is leading to growing interest in such products from large companies. Big businesses are investing in small plant-based beverage companies and brands in order to expand their ranges of plant-based alternatives. Companies are aware of changing consumer trends, including a preference for healthier lifestyles and plant-based products, and are therefore trying to update their ranges and inventories with more and more plant-based options such as milk alternatives.
Click here for the full market research report.