Rising Popularity of Plant-Based Beverages
Non-alcoholic drinks, also known as ‘virgin drinks’, ‘mocktails’ and ‘near beer’, refer to the beverages that comprise less than 0.5% of alcohol content by volume. Non-alcoholic drinks market encompasses a wide range of refreshment beverages, including energy drinks, juices, soft drinks, coffee & tea, bottled water, and probiotics. The beverage industry has faced spectacular transformation in consumer preferences in the past decade.
People are readily switching to a vegan diet due to increased health and sustainability concerns. According to the International Food Information Council’s 2021 Food and Health Survey, more than 4 out of 10 buyers believe plant-based food and beverages are healthier than conventional ones even when two products have similar ingredients and provide similar nutritional benefits. The demand for dairy alternative beverages is increasing promisingly, due to the growing influence of veganism and the increasing lactose-intolerant population. Therefore, beverage manufacturers are increasingly launching products with plant-based claims to meet the growing demand. For instance, in February 2021, Minor Figures, a UK-based beverage brand, launched a range of barista-quality canned tea and coffee with four different variants: latte, matcha latte, chai latte, and mocha. The products are made with oat milk and are certified vegan. Similarly, in October 2020, Sanitarium, one of the leading Australia-based health and nutrition companies, launched a dairy-free, gluten-free, and vegan-friendly breakfast drink under the brand name UP&GO. The product is made using soy milk enriched with protein, fiber, and calcium and has a low glycaemic index. Thus, the rising number of product launches under the plant-based beverage category is expected to drive the demand for non-alcoholic beverages over the coming years.
A few players operating in the non-alcoholic beverages market are The Coca Cola Company, PepsiCo, Nestle, Red Bull, Suntory Holdings Limited, Danone S.A., Califia Farms LLC, Keurig Dr Pepper Inc, Asahi Group Holdings Limited, and Bolthouse Farms Inc., among few others.
