Overview: With the development of the beverage market, consumers' consumption preferences have gradually changed, and low-sugar, low-fat, low-calorie plant-based protein beverages are favored by more and more consumers. At the same time, plant-based protein drinks with good taste and unique flavor are also very popular. The market demand structure and industry supply structure are undergoing profound changes, and the position of the plant-based protein beverage industry in the beverage industry has been significantly improved. In 2023, the output of plant-based protein beverages in mainland China will be about 3.8677 million tons, and the demand will come to 3.7877 million tons, with an average market price of about 8 yuan per kilogram.
Keywords: plant-based protein beverage market size, plant-based protein beverage development background
First, the industry overview
Plant-based protein beverages refer to milky beverages made from plant nuts, pulp and soybeans (such as soybeans, peanuts, almonds, walnuts and coconuts, etc.), processed and blended, and then sterilized or aseptically packaged by high pressure. According to the different raw materials of plant-based protein drinks, they can be simply divided into 4 types, namely soy milk plant-based protein drinks, almond milk plant-based protein drinks, coconut milk plant-based protein drinks, and other plant-based protein drinks.
In recent years, in order to promote the development of the plant-based protein beverage industry, the mainland has successively issued many policies, such as the "Regulations on the Implementation of the Food Safety Law of the People's Republic of China" issued by the State Council in 2019, which stipulates that if a food producer or trader entrusts the production of food, it shall entrust the producer who has obtained a food production license to produce, supervise its production behavior, and be responsible for the safety of the entrusted food.
In 2023, the per capita disposable income of residents nationwide will be 39,218 yuan, a nominal increase of 6.3% over the previous year, a real increase of 6.1% after deducting price factors, and a compound growth rate of 7.38% in per capita income from 2016 to 2023. In 2023, the per capita consumption expenditure of residents nationwide will be 26,796 yuan, a nominal increase of 9.2% over the previous year, a real increase of 9.0% after deducting the impact of price factors, and a compound growth rate of 6.62% of residents' per capita income from 2016 to 2023. With the increase in per capita disposable income and the improvement of consumer purchasing power, the market demand of the plant-based protein beverage industry has increased significantly. The growth in consumer spending reflects consumers' higher pursuit of quality of life and healthy diet, which in turn drives the industry's continuous efforts in product innovation and quality improvement.
The upstream of the industrial chain of the plant-based protein beverage industry is mainly soybeans, peanuts, walnuts and almonds, and the downstream is mainly the wholesale and retail industries of food and beverages.
As a mass fast-moving consumer goods, plant-based protein beverages mainly reach the final consumers through distribution channels. Distribution channels have the characteristics of a large number of merchants, many channel categories, and many retail terminal outlets. The sales channels mainly include circulation channels, supermarket channels, catering channels, e-commerce channels and other categories, each type of channel contains a large number of retail terminals, such as community stores, wholesale departments, convenience stores, hypermarkets, supermarkets, restaurants, e-commerce platforms, Internet cafes, stations and even rural farmers' markets and markets. No merchant or channel category can change the product sales landscape on its own.
Note: This article is excerpted from the industry analysis article "A Quick Snapshot of China's Plant-based Protein Beverage Industry in 2023: Riding the Wave of Healthy Consumption, the Industry is Ushering in Unprecedented Development Opportunities [Figure]" released by Zhiyan Consulting.
Based on the authoritative data released by the National Bureau of Statistics, government agencies, and industry associations, the "Analysis Report on the Market Competition Situation and Investment Direction of China's Plant-based Protein Beverage Industry" released by Zhiyan Consulting combines the collection and analysis of global data such as in-depth research data, expert feedback data, and internal operation data to improve the efficiency of customers' business decision-making. This report makes an in-depth investigation and research on the current situation and market of China's plant-based protein beverage industry, and makes a prudent judgment on the future development prospects and trends according to the development trajectory of the industry, which provides a crucial decision-making reference for investors to find new market investment opportunities and enter the investment layout of the plant-based protein beverage industry.
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