Fermented Non-dairy Non-alcoholic Beverages Market likely to surge at a vigorous 5% CAGR During the assessment period 2019 – 2029
According to a new study by TMR, the sales of fermented non-dairy non-alcoholic beverages are expected to reach ~376,100 metric tons in 2019, and record a Y-o-Y growth of ~5% over 2019 to 2029. Growth of the fermented non-dairy non-alcoholic beverages market remains driven by a slew of factors, which range from increasing vegan population, rising number of lactose intolerant individuals, and rising number of smart consumers, owing to which, awareness about probiotics is increasing.
The idea of fermented non-dairy non-alcoholic beverages is quite niche, and had to be taken into consideration, as the number of people suffering from the adverse effects of consuming alcohol has increased, starting from drinking and driving, road accidents, to long-term health effects, even among the younger generation. Hence, an alternative to alcohol that is healthy and gives the same flavor is fermented non-dairy non-alcoholic beverages, which are also brewed in the same way as alcoholic drinks, and impart them the same taste too, but have zero alcohol content.
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Fermented non-dairy non-alcoholic beverages are segmented into four product types, out of which, fermented soft drinks are expected to hold a prominent share of ~60% in 2019. This segment will be covering a major portion of consumers, mostly in the 18-24 age group.
Fermented Non-dairy Non-alcoholic Beverages Market: Preferential Inclination towards Non-dairy Products
Growing concerns about health and wellness have led to consumers changing their lifestyles and habits. These have transformed their food preferences as well. Due to this shift, the demand for non-dairy products has increased, as the side effects of consuming dairy products have a long history of problems associated with them. Out of them, obesity is the major cause behind various life-threatening diseases such as osteoarthritis, rheumatoid arthritis, and cardiovascular diseases.
The number of people suffering from lactose intolerance has been increasing year over year. According to the latest survey performed in 2018 by Office on Women Health, around 30 – 50 million Americans are lactose intolerant. In women, it increases the risk of osteoarthritis.
Nutritional Thrust through Innovative Ingredients Driving Demand
There has been increasing trust by the millennial population on fermented non-dairy non-alcoholic beverages, owing to their nutritional value and health benefits. Besides, millennials are also ready to spend more on good quality products. Moreover, manufacturers are investing huge amounts on research so as to launch innovative products in order to attract a range of consumers, in the process, enhancing their product portfolios. They are launching flavored products in various untapped fermented non-dairy non-alcoholic beverages markets, such as MEA, to enhance the sales of these beverages in such regions.
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Fermented Non-dairy Non-alcoholic Beverages Market: Competitive Landscape
Some of the prominent players operating in the global fermented non-dairy non-alcoholic beverages market have been profiled in the study. Key players operating in the fermented non-dairy non-alcoholic beverages market are Thurella AG, KeVita, Inc, Good Karma Foods, Inc., Millennium Products Inc., Health-Ade Llc., Konings NV, Bionade GmbH, Reed’s, Inc., and other fermented non-dairy non-alcoholic beverage players.
What Should the Distribution Approach of Market Players Be?
The TMR study has found that, convenience stores will account for ~17 percent more volume sales as compared to modern trades. Convenience stores serve numerous locations, have shorter or absolutely no billing queues, and are open for longer hours, which makes these stores convenient for consumers to easily locate them and shop at their preferable time. However, higher per-unit prices of commodities in convenient stores are overshadowed by the popularity of modern trade, more than ever.
The popularity of supermarket and hypermarket distribution channels is growing even in rural areas, and discounts offered on bulk quantities of products differentiate the shopping experience of consumers, which is also likely to influence the sales of fermented non-dairy non-alcoholic beverages through modern trade. During the forecast period, with ‘price’ being the key parameter, modern trade are likely to drive sales at an exponential rate.
Global Fermented Non-dairy Non-alcoholic Beverages Market: Segmentation
The global fermented non-dairy non-alcoholic beverages market has been segmented into product, sales channel, and region.
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Fermented Non-dairy Non-alcoholic Beverages Market by Product
- Drinkable Non-dairy Yogurts
- Fermented Soft Drinks
- Fermented Juices
- Non-dairy Kefir
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Published Thu, 23 Jun 2022 03:29:55 -0500
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