Plant Protein Drinks - China - January 2014
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- January 2014
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“Plant protein drinks are perceived as a safer, natural and healthier alternative to mammalian milk, partly reflecting the high prevalence of lactose intolerance in China and also the milk scandal issue of 2008. These products have been able to tap into the trends in the wider beverage market, and have enjoyed compound annual growth rates of around 18.1% since 2008, but are expected to witness slower CAGR growth of 10.4% for the next five years.
The emphasis on health benefits and natural ingredients, wider distribution points and broadening occasions for usage could encourage consumer engagement and drive the plant protein drinks market forward.
Along with PPDs’ long-established place in the Chinese diet, the increase in disposable incomes of many consumers, fuelled by GDP growth in China, increasing urbanisation and health awareness have contributed towards growth in the market, and should continue to do so going forward. Among plant protein drinks, soy milk is the most popular, partly thanks to its longer history in the market compared to other drinks, which are all relatively new.
On the other hand, higher prices may prove to be a stumbling block for plant protein drinks as a beverage choice when compared to other soft drinks. As well as safety concerns, milk-containing plant protein drinks also face stiff competition from non-retail channels and the use of homemade plant protein drinks (especially for soy milk), which represent barriers to growth going forward”
– Eileen Ngieng – Senior Research Analyst
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