Increase in the non-dairy beverage market every day owing to the conditions of lactose intolerance, has led to the need for clean label products, vegetarian and vegan lifestyles and growing concerns about animal welfare is anticipated to drive the Drinkable Snacks Market during the forecast period 2021-2026. Drinkable Snacks Market size was estimated at $15,786 million in 2020, growing at a CAGR of 4.5% during the forecast period 2021-2026.
The Drinkable Snacks Market growth rate is attributed to the growing demand for snacks that eat less or less sugar, and not just alternative sugar or its substitutes. The future of snacking is not only a search for healthier food, but also for plant-based, tasty and convenient products. Apart from this, ingredients are prioritized over brands by a broad health-savvy audience buying treats, which is also responsible for further affecting their purchase decisions. Manufacturers in the drinkable snacks industry are competing to incorporate 'good ingredient' alternatives to their current products in line with the aforementioned trend that is anticipated to bring new opportunities. Drinkable snacks are beverages that provide value similar to food or snacks. They usually include products such as smoothies, yogurts, milk shakes, soups and similar others. The fast paced lifestyle and rise in health consciousness among consumers are driving the demand for such beverages. The increase in demand for multifunctional foods and beverages has further widened the opportunities for this market.
Furthermore, rise in the number of multifunctional foods are getting popular day-by-day, owing to the trend of healthier lifestyle and nutritional content in them. These beverages are loaded with vitamins, minerals, probiotics and others. It is basically a healthy functional snacking drink, that serve a functional purpose in delivering nutrition and help in relive hunger and prevents unhealthy snacking are another key fueling factors for drinkable snacks market. On the other hand, food safety issues and regulations claimed by regulatory bodies is the major constraining in this sector that hinder the market growth of drinkable snacks.
North America is the major region dominating the Drinkable Snacks Market with revenue of $5,664m in 2019 and is forecast to grow at a fastest CAGR of 4.8% during the forecast period of 2021-2026 to generate revenue of $7,538m in 2026. Furthermore, U.S. in North America region is dominating the Market generating revenue of $4,944m in 2019. This is owing to the higher consumption of drinkable snacks and rising number of lactose intolerance cases in this region. The increasing R&D by the key players present in this country and supportive policies for the advancements in food industry is also helping in the growth of the market in this country.
Also, unfortified drinkable snacks market accounted for major share in 2019. This segment generated revenue of $8,593m in 2019 and is forecast to be growing at a fastest CAGR of 4.2% during the forecast period 2021-2026. This segment is projected to generate revenue of $10,963m by 2026. This is owing to the healthier eating habits, higher demand of less processed products and the growing awareness among the customer about the harmful effects of excessive vitamins and minerals are driving the growth of the market during the forecast period 2021-2026. According to recent studies, manufacturers are shifting their focus towards the production of unfortified beverages by using the tradition methods to attract the customers, as they are tending to prefer natural nutrients in drinks, which is estimated to create a positive impact on the growth of the Drinkable Snacks Market
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Drinkable Snacks Market Growth Drivers:
Increasing Demand of Healthier Drinkable Snacks
The Drinkable Snacks market is poised to receive upswing demand owing to emerging snacking market and most of the consumers are replacing meals with snacks. That ensures that the kinds of snacks they prefer need to be more nutritional as the trends in the snacking space are shifting towards more refined, dietary focused items. Consumers are demanding for healthier snacks that open up a room for innovation.
Moreover, manufacturers of drinkable snacks are so versatile in their production, that nowadays they make smoothies, soy drinks, fruit juices, yogurt beverages and many more with various flavors and most of them claimed to be good for health and improve immune system. These days many brands are working on beverages for children that need to be mixed with milk or water. They are said to be best for improving iron and iodine levels in children. Medicinal Properties offered by Drinkable Snacks
Multifunctional foods are getting popular day-by-day, owing to the trend of healthier lifestyle and nutritional content in them. These beverages are loaded with vitamins, minerals, probiotics and others. It is basically a healthy functional snacking drink, that serve a functional purpose in delivering nutrition and help in relive hunger and prevents unhealthy snacking. High protein and no-sugar options, with vital micronutrients and functionally healthy components, such as fiber and whole grains claim to have demand in future. Snacking is predicted to be dominated by products that are more natural with zero added sugar or very less sugar. The future of snacking is posed to be Keto/High fat trend that is continuing to rise and ultimately become a staple in the health community. The various nutritional benefits it has resulted in designing drinks for various health concerns, they enhance overall physical conditions of human body and reduce the risk of disease occurrence. Based on their material and manufacturing process these drinks strengthen immunity, and provides anti-aging, anti-stress, anti-inflammatory and anti-oxidant properties which are predicted to drive the market further.
Organic Valley Cropp Cooperative and Dean Foods Company have collaborated in a strategic joint venture through Dean Food’s processing plants and the refrigerated direct store delivery (DSD) distribution system to carry organic milk to distributors. For both businesses, the 50/50 joint venture would act as a strategic growth vehicle.
Major Market Players:
The major companies in the Drinkable Snacks market include Blue Diamond Growers, Danone Group, Yili Group, Organic Valley Cropp Cooperative, Nestle, Califia Farms, Hain Celestial Group, Arla Foods, CHR Hanses, and Pillars. In 2020, with a new low-fat yogurt that promises to help the immune system, Danone North America has launched the children's yogurt brand Danimals. Danimal's line of nutritious dairy snacks such as smoothies, yogurt drinks and yogurt pouches will join the new selection.
Although there has been product withdrawals and low demand for the product, companies are conducting research and development for the perfecting the products. Manufacturers are rooting for the comeback of Drinkable Snacks with effective products. There are the major factors set to buoy the Drinkable Snacks Treatment market during 2021-2026.
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