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.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.