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A hundred billion global plant-based battlefield, is it worth the entry of Chinese companies?
The plant-based market is growing rapidly. According to Innova data, the annual compound growth rate of products with a “plant-based” claim in the global food and beverage new product releases from 2014 to 2018 reached 68% [1]. Innova said that in 2017, the "plant breakthrough" and the "plant kingdom" in 2019, they predict that 2020 will set off a "plant-based revolution."
Where is the source of the strong growth in this market? What is the competitive landscape? Is it worth the long-term investment?
1. Overseas: Plant-based milk is flourishing and sales of plant milk continue to grow
Transparency Market Research predicts that the global plant-based milk market’s sales in 2019 will be approximately US$14 billion, and will grow at a compound annual growth rate of 8%, and will reach 30 billion U.S. dollars.
Ac Nielsen data show that in 2018, US plant milk sales reached 1.6 billion US dollars. The growth rate of plant milk in 2018 was 9%, while the growth rate of plant milk in 2017 was only 3%.
Since 2015, due to the surge of vegetarians, the sales of plant milk in the UK have increased by 30%; in the United States, nearly half of consumers will choose plant milk; globally Within the scope, this industry is worth more than 16 billion U.S. dollars.
Changes in consumer groups have driven the growth of plant-based products. Ten years ago, people who drank plant-based milk were still marginal groups such as lactose intolerant or vegetarians. Nowadays, more and more consumers are considering healthy and sustainable development, and more people choose plant-based products.
In fact, plant-based products have changed from vegetarian consumers to the mainstream consumer group’s choice. Through research in the United Kingdom, the United States, Brazil, China and other markets, 80% of consumers have changed their or their family’s dietary structure and eating patterns for healthier health; 40% of them have added more fruits and vegetables in order to be healthier. enter.
The widespread popularity of social media is also conducive to the spread of plant-based products. The plant-based foods published on platforms such as Instagram have also attracted many millennials. The rejuvenation of the people brings help.
2. Domestic: market giants swarm, Yili, Dali and others are fighting for supremacy
In recent years, many domestic food companies such as Yili, Dali, Uni-President, etc. have begun to enter the soy milk market, driving the development of the overall plant protein category.
However, the current ready-to-drink soymilk market is in its infancy, and traditional soymilk’s cognitive bias that it is cheap and easy to get dominates, and the market is becoming more homogenized. In order to adjust the taste, flavors, sucrose and other ingredients are added, which is contrary to the consumer trend of consumers pursuing health. Plant-based products based on soy milk are affected by consumption habits and consumer perceptions, with low category added value and weak user perception.
Therefore, for the brand, it is necessary to establish the plant milk category, occupy the category positioning, and increase the premium. Then the consumer perception of "brand=category" is formed, and only by establishing the authoritative brand status of plant milk in the minds of users can it better seize market opportunities. The editor guessed that this might be the reason for the upgrade of Yili's plant selection. The upgraded Yili Plant Selection can better escape low-end competition and set a benchmark for its category.
Based on the appeal, some consumers who pursue a healthy diet will pursue multiple nutritional choices and intake, thereby increasing the number of plant-based products to obtain the value of plant-based nutrition.
Time：2021-12-30
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