The global ready to drink shakes market size is expected to reach USD 12.1 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% over the forecast period. Growing consumer awareness regarding healthy living lifestyles at the global level is a major factor boosting the market growth. Growing beverage industry on account of consumer inclination towards organic food and drinking mainly in developed countries is further expected to drive the market.
Increasing expenditure on health and wellness among the millennial population is also influencing the market significantly. A large number of health conscious millennials consume ready-to-drink (RTD) protein shakes as a part of their daily diet. Manufacturers are introducing different types of such beverages by understanding the requirement of the consumer. For instance, Nature’s Best, a U.S.-based company, offers six different types of RTD shakes. Growing vegan population is driving manufacturers to offer pure plant-based products. For instance, a U.S. based manufacturer, Zevia offers different kinds of vegan ready to drink shakes such as watermelon, milk shake, and mango ginger energy drinks.
Tetra pack is expected to be the fastest growing packaging type with a CAGR of 5.9% from 2019 to 2025. Increasing consumer awareness about the drawbacks of the plastic packaged products is a key factor contributing to the segment growth. Moreover, it is gaining popularity among consumers as it’s an on-the-go product. Manufacturers are also increasing the production of tetra packed products due to their cost effectiveness. Various governments also provide tax saving policies to tetra packed products as they are environment-friendly. Some of the key players operating in the market are Labrada; Vega (U.S.); and CytoSport, Inc.
Supermarkets and hypermarkets emerged as the largest distribution channel in 2018 and accounted for 54.3% share in the global market. Availability of a wide range of product line is a major factor driving the consumer to purchase from supermarkets and hypermarkets. It has been observed that around 37% of the consumers prefer these channels due to availability of fresh products. The online category is the fastest growing category. Consumers are shifting their preference towards online purchase due to convenience of doorstep delivery services.
North America is the largest consumer in the market and the region accounted for more than 30% share of the overall revenue in 2018. It has been observed that around 40% of the U.S. population consume RTD shakes as a replacement of their breakfast and over 55% prefer ready to drink shakes as a replacement of their meals. Asia Pacific is expected to grow at the fastest pace from 2019 to 2025. Growing consumer preference for healthy food and beverage and increasing disposable income of consumers in developing countries are driving the market in the region.
The Ready to Shakes market is competitive in nature due to the presence of many small and large players. Some of the major companies operating in this market are Nutrineo; CytoSport, Inc.; Vega (U.S.); Nature’s Best; OWYN; PREMIER PROTEIN; AMERPHARMA; Huel; and Soylent.
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https://www.grandviewresearch.com/industry-analysis/ready-to-drink-rtd-shakes-market
Further key findings from the study suggest:
- Based on packaging type, tetra packs are projected to expand at a CAGR of 5.9% over the forecast period
- On the basis of distribution channel, supermarkets and hypermarkets dominated the market with an overall share of 54.3% in 2018
- North America led the market in 2018 and constituted 32.2% share of the overall revenue. This trend is projected to continue over the next few years
- The market in Asia Pacific is anticipated to witness growth due to increasing disposable income of consumers in India, South Korea, China, and Japan
- Various manufacturers are concentrating on new product launches, capacity expansion, and technological innovation to estimate existing and future demand patterns from upcoming product segments.
For More Information: www.grandviewresearch.com
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