The vegan drink mixes market size is set to experience substantial growth over the next decade, with a projected compound annual growth rate (CAGR) of 6.1% from 2022 to 2032. According to recent industry reports, the market, valued at US$ 12,145.5 million in 2022, is expected to reach a remarkable US$ 21,956.8 million by 2032.
The rising vegan movement, driven by health benefits, environmental concerns, and ethical considerations, is significantly boosting the demand for vegan drink mixes. These products are often lower in calories and fat while providing essential vitamins and minerals, making them a popular choice among health-conscious consumers. Moreover, the environmental benefits of plant-based products, which require fewer resources to produce than animal-based counterparts, are becoming increasingly important to consumers worldwide.
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Researchers believe that antioxidants in plant-based drinks may be responsible for their protective effect on the heart. Antioxidants help to neutralize harmful molecules called free radicals, which can damage cells and lead to inflammation., which has led to growing consumer preference for it and, in turn, accelerated the vegan drink mixes market in the forecast period.
Another factor driving the high sales of vegan drink mixes is that more people are nowadays becoming vegan or vegetarian. It means that there is a larger market for vegan products. Another reason for growth is that more people are interested in health and wellness. They want to avoid processed foods and ingredients. They are mainly looking for ways to get more nutrients into their diet. Vegan drink mixes can be a great way to do this, as they are primarily made with whole fruits and vegetables.
Innovative Product Launches and Developments
Innovative product launches by key players are contributing to market growth. For instance, in June 2021, Plant Veda launched its first vegan cashew Lassi, made from 100% plant-based ingredients. Similarly, Starbucks introduced new vegan options in its ready-to-drink coffee range in April 2020, and Vegan Dukan launched Ultx, a new vegan brand, in November 2021.
Key Takeaways: Vegan Drink Mixes Market
- India currently holds a vegan drink mixes market share of around 4% in South Asia.
- Based on application, the sports nutrition segment is expected to generate a vegan drink mixes market share of 4% in 2022.
- In terms of type, vegan juices are projected to account for a vegan drink mixes market share of nearly 3% in 2022.
- During the forecast period, the Germany vegan drink mixes market is expected to grow at a high CAGR of 0%.
- The U.K. vegan drink mixes market is anticipated to generate a share of about 2% in the forecast period.
“As the vegan movement continues to grow, the world can expect to see more products on the market that cater to this growing demographic. Vegan drink mixes offer a convenient way to get all of the nutrients a person needs without any animal products,” says a lead analyst at Future Market Insights.
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Country-wise Market Insights
- The US vegan drink mixes market is rapidly evolving with a growing demand for natural ingredients and plant-based beverages. The increasing popularity of veganism and health consciousness are major drivers of this trend.
- The Indian market is set for lucrative growth, driven by growing awareness of the health benefits of a vegan diet and the increasing availability of vegan products. Sales of vegan drink mixes reached Rs 100 crore in 2022 and are expected to grow at a CAGR of 5.4% through 2032.
- The China market is expected to grow significantly, with companies targeting consumers through e-commerce platforms and social media. Partnerships with online retailers like Alibaba and JD.com are key strategies to reach the large Chinese customer base.
- Health concerns and environmental awareness are driving the demand for vegan drink mixes in Japan. With a variety of options available, vegan drink mixes are becoming increasingly popular among health-conscious consumers.
Competitive Landscape: Vegan Drink Mixes Market
Top 5 manufacturers of vegan drink mixes are Danone SA , Coca-Cola Company , PepsiCo Inc., Hain Celestial Group, and SunOpta Inc. Together, these companies are currently holding nearly 20% to 30% of the vegan drink mixes market share.
Companies are using vegan drink mixes in their products. The swift move to plant-based ingredients is mainly driven by high consumer demand for healthier, more sustainable options. Vegan drink mixes offer a wide variety of benefits, including lower calories and sugar content, as well as being free of dairy and gluten. With increasing research & development and technological advancements, numerous companies are finding new techniques to effectively use vegan drink mixes to their maximum potential.
Vegan drink mixes are used by companies like Danone SA as they are considered to be dairy free. The company uses these products in order to make their in-house items more accessible to vegans and those who are lactose intolerant. These products are also used by other companies in order to target the vegan market.
Get More Valuable Insights on Vegan Drink Mixes Market
Future Market Insights, in its new offering, provides an unbiased analysis of vegan drink mixes market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study provides valuable insight on the vegan drink mixes market by type (vegan hot drinks, vegan cold drinks, vegan juices), by source (soy-based, coconut based, rice-based, almond based, oats based, fruits based, hazelnut based, cashew based, flax based, others), by packaging (cans, bottles, pouches, others), by sale channel (b2b, b2c), by flavor (plain, flavored), by distribution channel (hypermarkets and supermarkets, convenience stores, specialty stores, online, others), by application (sports nutrition, functional beverages, meal replacement drinks) and region.
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