Global Plant Based Protein Beverages Market: Overview
The trend of fitness and health is gaining momentum with the augmented prevalence of lifestyle diseases and obesity and people are focusing on the betterment of quality of life and health through implementation of healthy dietary habits. The global plant based protein beverages market is likely to observe growth due to the increased prevalence veganism and a rise in the awareness of consumers regarding the significance of protein in diets of weight loss.
There has been rise in the awareness of consumers regarding the perception of food items with vegetable and fruit ingredients. The food items are anticipated to assist in the improvement of health. This factor is anticipated to work in favor of the global plant based protein beverages market over the timeframe of analysis, from 2020 to 2030. In addition to that, a rising number of stakeholders arising out of vegan food industry are making foray into the global plant based protein beverages market over the timeframe of assessment, from 2020 to 2030.
Type, application, and region are the three important parameters based on which the global plant based protein beverages market has been segregated. The sole purpose of such market segregation is to offer a clearer, 360-degree view of the said market.
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Global Plant Based Protein Beverages Market: Notable Developments
The global plant based protein beverages market has expressed some important developments over the last few years. One of such developments that have played an important role in influencing the course of the market is mentioned below:
- In November 2019, The nutrition and natural health division of Archer Daniels Midland Company, ADM Human Nutrition, introduced its very first protein beverage that is plant-based in Thailand. The beverage comes in mocha flavor so as to go with its strategy of expansion in Thailand and make an offering plant-based drinks and meat substitutes.
Some of the key players in the global plant based protein beverages market comprise the below-mentioned:
- Dr. McDougall’s Right Foods
- New Barn, Inc
- Malk Organic
- Beyond Meat
- Ripple Foods
- Califia farms
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Global Plant Based Protein Beverages Market: Key Trends
The global plant based protein beverages market is characterized by the prevalence of the following challenges, market drivers, and promising opportunities.
Increased Research and Development Activities to Widen Scope of Growth
There has been a considerable rise in the demand for plant protein drinks across the globe, which has resulted in the prominent players making considerable investment in research and development activities pertaining to the said industry. These activities are anticipated to drive innovation so as to give competitive edge to the company. Invention of unique and cost effective sources of plant protein beverages and various ingredients, such as soybean milk or coconut milk in these drinks is likely to foster growth of the global plant based protein beverages market in the years to come.
In addition to that, there has been a rise in the demand for clean label flavors to draw more consumers and better the scope of sale of such products. Heavy investment in technology and research and development activities to come up with cost effective and commercially available is anticipated to trigger growth of the global plant based protein beverages market over the timeframe of analysis, from 2020 to 2030.
Global Plant Based Protein Beverages Market: Geographical Analysis
North America and Europe are estimated to account for a sizeable chunk of the global plant based protein beverages market throughout the tenure of assessment, from 2020 to 2030. Demand for vegan food items in the countries of Europe and North America are likely to pave way for rapid growth of the market in these regions.
Asia Pacific is likely to emerge as a rapidly growing region in the global plant based protein beverages market and likely to offer promising growth opportunities to the market players.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.