Quenching more than thirst
Some of today’s fastest-growing dairy and nondairy beverage categories speak to consumers’ desire for health and other functional benefits.
That’s the value the global kombucha (fermented tea) market is expected to reach by 2025. The forecast reflects a compound annual growth rate (CAGR) of 23% over the forecast period. Market growth is anticipated to be driven by innovations, flavor experimentation and increasing awareness regarding health benefits associated with kombucha consumption.
Source: “Kombucha Market Size, Share & Trends Analysis Report by Flavor, by Distribution Channel, by Region, and Segment Forecasts, 2018-2025,” Grand View Research, San Francisco.
That’s the value the global plant-based beverages market is forecast to reach by 2023, with a CAGR of 12% over the forecast period. Much of the projected expansion can be attributed to the growing popularity of vegan diets, especially among millennials.
Source: “Plant-based Beverages Market by Source, Type, Function and Region — Global Forecast to 2023,” MarketsandMarkets, Pune, India.
That’s the percentage of surveyed ready-to-drink coffee consumers who said their ideal bottled/canned cold coffee drink would help them relax. In addition, more than one-third (35%) of consumers said they are interested in ready-to-drink coffee products with added protein.
Source: “Functional Benefits Top off Attributes U.S. Consumers Look for in Ready-To-Drink Cold Coffee,” Mintel, Chicago.
That’s the projected CAGR for the global smoothies (dairy- and nondairy-based) market through 2023. The major growth drivers include increased adoption of a healthy way of living and changing consumption habits that involve skipping meals and using snack foods as meal substitutes.
Source: “Smoothies Market Share — Segmented by Smoothie Type, by Retail Types, by Geography — Growth and Opportunities, 2018-2023,” Mordor Intelligence, Hyderabad, India.