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. Drinkable snacks are sold in ready-to-consume form and do not require any preparation. They contain mainly liquid milk or non-milk products, together with additional ingredients that have the same function as solid snack products. Drinkable snacks are beverages that provide a value similar to food or snacks. They usually include products such as smoothies, yogurts, milkshakes, soups and other. Health awareness and diet consciousness among people have driven the demand of drinkable yogurt. Moreover, with fast-paced lifestyles and increase in consumer health awareness drive demand for such drinks. Apart from this, the increased demand for multifunctional foods and beverages has further widened the opportunities for Global Drinkable Snacks market.
Drinkable Snacks Market Segment Analysis – By Ingredients Type
In 2020, unfortified drinkable snacks market accounted for major share in 2020. This is owing to 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. In addition, health-conscious customers are looking for more healthy alternatives in the beverage market and unfortified liquid snacks are currently leveraging itself as a healthy and refreshing option for consumers in the market. Increasing consumer preference for healthy alternatives without added nutrients is driving the growth of the unfortified drinkable snacks, which in turn is estimated to propel the growth of Drinkable Snacks market especially for Drinkable Yogurt demand.
On the other hand, fortified segment of drinkable snacks market is projected to be the fastest growing at a CAGR of 5.0% during 2021-2026. This is owing to the busy and hectic work life; consumers are looking out for convenience products to fulfil the daily nutrition intake. Hence, the demand for fortified beverages is increasing among the customers, which is driving the drinkable snacks market growth.
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Drinkable Snacks Market Segment Analysis – By Applications Type
In 2020, athletes segment dominated the Drinkable Snacks Market and generated revenue in 2020. This is owing to the fact that athletes are also inclining towards plant-based drinkable snacks and their rich sources of antioxidants that reduce the oxidative damage in the body, which is contributing to the growth of the drinkable snacks market. Rising popularity of protein-enriched drinkable snacks and growing demand for fortified drinkable snacks among the athletes owing to their benefits are the major factors that are driving the growth of the drinkable snacks market.
However, patients segment is set to be the fastest growing segment and the segment is projected to grow at a CAGR of 4.12% during the forecast period 2021-2026. This is owing to the growing demand from diabetic patients as it has the capability of lowering the risk of developing type-2 diabetes, which is creating a positive impact on the growth of the drinkable snacks market.
Drinkable Snacks Market Segment Analysis – By Regions
In 2020, the North America dominated drinkable snacks market in terms of revenue with a market share of 36.3%. This is owing to the growing research and development activities to develop plant-based drinkable snacks, changing perception of customers towards dietary patterns, growing awareness about the health benefits offered by the drinkable snacks made and increasing preference towards ready-to-drink snacks are the major factors that are driving the growth of the market in the North America region. For instance, Companies such as Organic Valley, Califia Farms and Hain Celestial are focusing on developing drinkable snacks with innovative flavors to attract the young population and to expand the product portfolio in the North America region, which is said to enhance the growth of the market.
However, Asia Pacific Drinkable Snacks Market is projected to be growing at a fastest CAGR during the forecast period 2021-2026. This is owing to the manufacturers in Asian countries are continuously investing in the market and focusing on innovation to expand their product range. China and India, two of the region’s economic powerhouses play an important role in the growth of Asia’s drinkable snacks market. This factor is set to be one of the key beneficiaries and contributors to economic growth across the region.
Drinkable Snacks Market Drivers
Rising Demand for Dairy Alternative products:
The demand for Dairy alternatives is increasing on the non-dairy beverage market every day owing to the conditions of lactose intolerance, the need for clean label products, vegetarian and vegan lifestyles and growing concerns about animal welfare. These non-dairy beverages contain less sugar, are easier to digest and do not contain IGF-1. One of the main benefits is the elimination of excess saturation. Moreover, consumers are taking ethical factors into consideration in their eating habits, and millennials are the most active group of vegans having very conscious and balanced lifestyle boosting the demand for dairy-free drinkable snacks. The growing concern for animals is contributing to a change in the food habits of the masses. Nowadays, soy isoflavones have undoubtedly become the most prevalent and potent xenoestrogens in human food. With more and more customers competing for vegan products, demand for dairy alternatives has increased, serving as the biggest driver for the drinkable snacks market.
Increasing Demand of Healthier Drinkable Snacks:
Snacking is certainly emerging as a 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 opens up room for innovation. However, these types of drinkable snacks are holding a great share in the market as it’s the healthy option of beverages while other beverages like energy drinks are loaded with caffeine leading to increased heart rate, insomnia, high blood pressure and other. These beverages have become so popular among people that manufacturers of carbonated drinks are shifting to its establishment. There is a 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. Healthier snacks didn’t have to be soft, experimenting and incorporating different flavors boosts the market for drinkable snacks. Moreover, Consumers are interested in drinkable snacks before the COVID-19 pandemic itself. The current COVID-19 pandemic is seen as a once-in-a-lifetime occurrence and has a significant effect on health issues as well as on eating and drinking habits. This is the factor that can fuel the demand for drinkable snacks that improves immunity as customers aim to minimize the risk of disease.
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Drinkable Snacks Market Challenges
Preference of health benefits over taste:
These days taste preference has become an important issue, initially, health and wellness customers were willing to forgo the taste in the exchange for health benefits of the drinkable snacks, but now that these products have entered the mainstream, drinkable snacks markets are prioritizing on taste of their drinks to target the new consumer to whom the flavor is a top priority owing to the fact that customer does not come back by the after taste feel though it consists of functional ingredients. A consumer thinks twice to pay for a beverage that offers 14 essential vitamins and minerals but tastes poor. These drinks are priced high compared to other unsafe drinks, resulting in an increase in the consumption of unsafe drinks and a decrease in the consumption of healthy drinks such as drinkable snacks.
Stringent Food Safety and Formulation Regulations:
The formulation seems to be challenging in drinkable snacks as it includes three main considerations like flavour, taste and mouthfeel. Many healthful ingredients often have palate of flavour such as bitterness and metallic taste. These require masking in order to make products palatable to customers. But then adding artificial food additives cause’s skin allergies, food poisoning, hypersensitivity, vomiting, abdominal pain and more decreasing the health benefits of the drinkable snacks. Moreover, plant proteins raise the formulation challenges; this issue starts at the source, by selecting the plant protein that is best for the product. Different plant proteins have various flavour profiles. Some of them require more masking agents, while some require extra sweeteners and Shelf life is another main factor hindering the market’s growth. Consumers preferring natural ingredients also refrain from using artificial ingredients in their products. This raises the challenge of making stable drinks as the use of synthetic preservatives becomes a turn-off to the market’s growth during the forecast period 2021-2026.
Drinkable Snacks Market Landscape
Product Launches, Merger & Acquisition, joint ventures, and R&D activities are key strategies adopted by the players in the Drinkable Snacks Market Industry. Drinkable Snacks Market top 10 companies include Blue Diamond Growers, Danone Group, Yili Group, Organic Valley Cropp Cooperative, Nestle, Califia Farms, Hain Celestial Group, Arla Foods, CHR Hanses, Pillars, and among others.
In 2020, The Turlock plant was expanded by Blue Diamond Growers and almond milk production were introduced. With a total workforce of approximately 230 in Turlock, 500 in Salida and 1,000 at the Sacramento Headquarters, the project adds a small number of jobs.
Factors such as 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.
The growing urbanization is driving the demand for drinkable snacks as they are convenient and portable as well as ensure health and is likely to be the major driving factor for the market’s growth.
Asia-Pacific region is estimated to grow at the fastest CAGR of 5.3% during the forecast period 2021-2026. This is owing to the increasing number of urban populations in the region which is aiding to the growth of market.
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