The Europe Plant-based Beverages Market would witness market growth of 10.6% CAGR during the forecast period (2022-2028).
Soy milk is nutritionally the most similar to cow's milk, and many plant-based beverages contain vitamins and minerals to replicate the nutritional profile of cow's milk. There is no requirement for milk in a balanced diet. Still, special attention must be paid to ensure that individuals' dietary needs are addressed. This requires acknowledging that plant-based beverages are not nutritionally equivalent to cow's milk. If consumers are seeking to consume high-quality, a number of market players in several nations throughout the world are increasing their focus on bringing the best-in-class plant-based beverages to the market.
In recent years, plant-based beverage sales have surged significantly. Large food manufacturers have chosen to spend on expensive marketing initiatives, the majority of which are aimed at the millennial population. Their relentless promotion has been successful since millennials and Generation Z make up the largest group of consumers that choose plant-based beverages. Based on the higher prevalence of reported allergies and dietary sensitivities among these generations, this advertising may appeal to them particularly.
Furthermore, younger generations are more tend to identify as predominantly vegan or vegetarian than previous generations. As plant-based beverages have increased in popularity, cow's milk sales have decreased. The expansion of the market for plant-based beverages has wreaked havoc on small-scale dairy as well as grain farmers. The majority of these soy and grain-based beverages are traditional and manufactured with inexpensive, imported ingredients. Consumer marketing promotes plant-based beverages as the healthier option, which is aiding in the expansion of the adoption of plant-based beverages.
Veganism is an emerging trend throughout the region. German cuisine is becoming increasingly vegan. According to the United States Department of Agriculture, in 2017-2018, 15% of new vegan food and beverage products were introduced in Germany. Additionally, as per the organization, approximately 35% of the population considers the availability of vegan or vegetarian products to be very important, and 63% of Germans are attempting to reduce their meat intake, making Germany one of the most vegetarian countries in the world.
The Germany market dominated the Europe Plant-based Beverages Market by Country in 2021; thereby, achieving a market value of $2,189.2 Million by 2028. The UK market is exhibiting a CAGR of 9.7% during (2022 - 2028). Additionally, The France market would experience a CAGR of 11.4% during (2022 - 2028).
Based on Product, the market is segmented into Plain and Flavored. Based on Type, the market is segmented into Soy, Almond, Coconut, Oats and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Plant-based Beverages Market will Hit $48.8 Billion by 2028, at a CAGR of 11.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Danone S.A. (Sofina Group), Campbell Soup Company (Pacific Foods of Oregon, LLC), Blue Diamond Growers, Inc., SunOpta, Inc, The Hain Celestial Group, Inc., Califia Farms LLC, Koia, Vitasoy International Group Co., Ltd. and Noumi Limited
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