Coronavirus Impact on Plant-based Milk Market- Latest Industry Trends
A latest market forecast report published by Transparency Market
Research on the plant-based milk market includes
the global industry analysis and opportunity assessment for 2019-2029. Revenue
generated from the global plant-based milk market has been estimated to be
valued at ~ US$ 14 Bn in 2019, and is projected to increase at
a CAGR of ~ 8%, to reach ~ US$ 30 Bn by 2029.
Vegans & Vegetarians Demand Plant-based Milk and Milk
Products
Consumers are becoming more sensitive and sympathetic towards animals,
due to the conditions and environment in which they are raised and harvested.
Animal welfare is one of the primary reasons for consumers opting for
plant-based products, such as plant-based milk and other non-dairy
alternatives.
·
According
to the People for the Ethical Treatment of Animals organization (PETA), cows
undergo genetic manipulation, and are treated with antibiotics and bovine
growth hormones (BGH) so that they produce more than 18,000 pounds of
milk a year (National Agriculture Statistics Service, 2004 Feb 17, “Milk
Production” - The U.S. Department of Agriculture). The hormones used to
increase the productivity and efficiency of cows adversely affect their health
and surge the rate of congenital disabilities in their offspring.
Consumers are choosing safer plant-based milk due to rising food safety
concerns related to the usage of hormones and different types of antibiotics in
dairy-based products. Also, the number of people suffering from food-borne
allergies and intolerances has led to the shift of consumer preference towards
plant-based alternatives.
Request PDF brochure
https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=32642
Rising Prevalence of Dietary Restrictions Boosting
Plant-based Milk Market
Today’s population is adopting a preventive diet that emphasizes on the
greater consumption of plant-based products. While intolerance (e.g., lactose
intolerance) or food allergies determines some of these diets, others such as
flexitarian diets and the Paleo diet are chosen by consumers who aim to achieve
superior well-being.
·
According
to the National Center for Biotechnology Information (NCBI), in 2012, around 65% of
the total human population was lactose intolerant, and in 2016, it
reached 74%.
More Trending Reports
Increasing gastrointestinal Problems Have Increased
the Demand for Plant-based Milk and Plant-derived Probiotics
Growing functional disorders and organic gastrointestinal diseases are
resulting in an increasing population that is suffering from improper gut
health. The ever-increasing necessity to improve gut health has resulted in the
consumption of probiotics that promote gut health, along with the consumption
of plant-based milk. Plant-based milk is increasing in popularity due to its
digestive and immune benefits, which help in preventing urinary and vaginal
infections, and obesity.
Consciousness and alertness regarding the consumption of food products
are currently moving to the idea of deep-rooted clearness. With improving
technology, consumers now have access to smart labels, with the help of which,
they can trail the journey of a food product and check against its individual
potential. Consumers are nowadays compelling the food companies to increase the
clearness of their products, going beyond ingredients, free-from status, and
nutritional value. This is determined by the buyer's continuously increasing
demand to comprehend the product-related questions that they have in mind, such
as from where and how the ingredients were obtained, till the end product.
Buy Now
https://www.transparencymarketresearch.com/checkout.php?rep_id=32642<ype=S
In 2016, according to the International Food Information Council (IFIC), 38% of
the American population named 'chemicals', as in, the presence of too much
chemicals as their top food safety concern. This proves that, a majority of the
North American people no longer believes in chemicals and uncommon sounding
ingredients in their food.
According to Ingredion, a leading global ingredients solutions company,
around 80% of consumers, globally, feel that it is important that they
recognize all the ingredients listed on their food and drink packaging. A
global survey conducted across 17 countries indicated that, consumers assume
that, a brief and modest ingredient list is important; Chinese customers were
ranked 4th most probable to read ingredient lists.
Health And Wellness Consciousness Driving Demand
for Plant-based Milk
Consumers, irrespective of age, are seeing food and beverages as a
primary path leading towards health and wellness. Plant-based beverages are
rich in nutrients, and have no added flavor or additives, which helps in
maintaining body weight, cholesterol, and blood pressure levels, and aids in
preventing ailments such as cardiovascular diseases and obesity.
Request Discount
https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=32642
Big Names Investing in Smaller Plant-based Brands
and Companies
The recent rush of big food companies obtaining or investing in smaller,
independent brands is driving the push for the mainstream acceptance of
plant-based milk. Danone, a leading food and beverage company, investing US$
30 million in U.S. coconut water brand Harmless Harvest, and Coca-Cola
Company acquiring Unilever’s AdeS plant-based beverage business, are examples
of a few of the strategic moves that big companies have made to tap into the
plant-based milk market.
Tedious Process of Regulatory Approval in the
Plant-based Milk Market
Plant based products, including plant-based milk are facing legal and
regulatory restraints, which may result in the declining popularity of
plant-based milk products. Plant based milk is facing legal and regulatory
inspection as industry associations prevent manufacturers from using labels and
terms that consumers find more relative. For instance, in 2017, The European
Court of Justice ruled that, plant-based milk and other plant-based items can't
be described using dairy terms, like milk, even though their plant-based
origins are marked. In the same year, in the United States, a bill titled the
'Dairy Pride Act' was presented in the Senate, to prevent plant-based food
manufacturers from using dairy names or terms. The Senate Committee has still
not approved the bill. However, the dairy business is pushing hard to get the
bill passed. Coming up with terms that resound with customers without
aggravating trade groups will go far toward enabling the acceptance of
plant-based foods.
Comments
Post a Comment