Fermented Non-dairy Non-alcoholic Beverages Market – Fickle Consumer Choices Uphold the Need for Product Innovation
The global fermented non-dairy non-alcoholic beverages market is estimated to record an improvement of ~4% volume growth in 2019 over 2018. A recent study published by Transparency Market Research (TMR) links the rising interest of the vegan populace in fermented drinks to the steady growth of this market. Considering social taboo, religious sentiments, and increasing focus on health to be the underlying influencers leading to growing vegan followers, the need to consume daily recommended nutrients holds enormous potential to channelize revenue from this demography to the fermented non-dairy non-alcoholic beverages market.
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Fermented drinks are making inroads on the shelves of functional beverages, given their health credentials, which is projected to broaden the clientele base for the market; however, the millennial population will upkeep its status of being the key consumers of these drinks. To cater to this mass and their fickle choices, market players need to introduce new flavors to enhance their brand value.
Product Innovation – Key Strategy to Achieve Twofer Advantages in the Market
Statistical data published in the report shows a volume uptake in the demand for fermented soft drinks by 4.5% in 2019, from 2018, as players in the fermented non-dairy non-alcoholic beverages market enrich these drinks with organoleptic properties.
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What further expands the fan-base for fermented soft drinks is their high nutritional value as compared to carbonated drinks. Also, sensing the integral role of yogurt in weight-loss diets, owing to its high protein content, market players find profitable opportunities to cater to lactose-intolerant individuals. The popularity of yogurt as a sensible nutritional choice, coupled with its dairy-free format, is anticipated to drive volume sales at a CAGR of ~7 percent during 2019-2029.
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The profound trend of product innovation implies that, investments in research & development activities will hold twofer attributes for market players to gain high returns and acquire a distinguished position in the fermented non-dairy non-alcoholic beverages market. The strategy is currently implemented by key manufacturers, including
Given the fickle food and beverage preferences of consumers, product innovation holds strong potential to attract and delight them.
What Should the Distribution Approach of Market Players Be?
The TMR study has found that, convenience stores will account for ~17 percent more volume sales as compared to modern trades. Convenience stores serve numerous locations, have shorter or absolutely no billing queues, and are open for longer hours, which makes these stores convenient for consumers to easily locate them and shop at their preferable time. However, higher per-unit prices of commodities in convenient stores are overshadowed by the popularity of modern trade, more than ever.
The popularity of supermarket and hypermarket distribution channels is growing even in rural areas, and discounts offered on bulk quantities of products differentiate the shopping experience of consumers, which is also likely to influence the sales of fermented non-dairy non-alcoholic beverages through modern trade. During the forecast period, with ‘price’ being the key parameter, modern trade are likely to drive sales at an exponential rate.
Analysts’ Opinion on Fermented Non-dairy Non-alcoholic Beverages Market
Authors of the report portend that, the market will advance at a steady growth rate. While the market remains consolidated at regional levels, market players operating at these tiers encounter barriers to penetrate their products in the international market. Also, the easy availability of traditional beverages makes it difficult for fermented drinks to outdo the shelf performance soft drinks, sodas, and yogurts.
Despite these challenges that have a profound impact, market players can implement two strategies to improve their overall sales. Since operation at only regional levels limits exposure in the global market, prominent players can invest in e-Commerce sales channels to remotely cater to the demands from overseas territories. Additionally, an effective campaigning approach to create awareness about the health implications of these drinks should be taken to safeguard high sales possibilities present in the fermented non-dairy non-alcoholic beverages market.
Fermented Non-dairy Non-alcoholic Beverages Market: Overview
Asia Pacific Stands Out in Fermented Non-dairy Non-alcoholic Beverages Market in Terms of Sales and Growth
Fermented Non-dairy Non-alcoholic Beverages Market: Vegan Nature Driving Growth
Health Attributes of Fermented Non-dairy Non-alcoholic Beverages Influencing the Purchase Decisions of Consumers
Manufacturers Launching Innovative Fermented Non-dairy Non-alcoholic Beverages to Attract More Consumers
Fermented Non-dairy Non-alcoholic Beverages Market: Competitive Landscape
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