Preference for Plant-based Food & Beverages to drive Demand for Botanical Infused Beverage Through 2031
NEW YORK, Nov. 8, 2021 /PRNewswire/ -- As per the latest industry analysis done by Persistence Market Research, the global botanical infused beverage market is set to witness growth at a value CAGR of 8% over the forecast period of 2021 to 2031, and end up with a valuation of around US$ 647 Mn by 2031.
Botanical infused beverages are being increasingly used in the beverage industry as a flavoring agent and for aromatic purposes. Various plants and their parts, such as flowers, herbs, fruits, and others are used in botanical infusion, which gives an oily nature and fragrance. These organic and natural fragrances are best fit for consumers who are highly sensitive or allergic to synthetic products. Botanical infusions help in preserving food products while maintaining their flavor.
Many companies are increasingly seeking ways to cut through the competition to gain a competitive edge. Acquisitions, mergers, and collaborations are being resorted to by market players to expand their presence across the landscape
· In September 2021, Pernod Ricard announced its plan to acquire leading online spirits retailer - The Whiskey Exchange, which also has its presence in U.K.'s physical stores. This acquisition will help the company in context of solid e-Commerce growth and strong demand for premiumisation.
· In December 2020, Martin Bauer Group announced its plan to expand its production facility in Germany and invested in its infusion portfolio. This would increase the production capacity of the company due to the new state-of-the-art production facility, which would allow it to respond to increased consumer demand for premium beverages.
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Key Takeaways from Market Study
- The market for botanical infused beverages is expected to expand at CAGRs of 6.7% and 5.6% in countries of Europe and Oceania, respectively, through 2031.
- Global market share of South Asia and East Asia is 13.8% and 18.7%, respectively.
- The European market is currently pegged at 3,002 tons, and is expected to reach 5,427 tons by the end of 2031.
- Growing consumer preference for healthy food ingredients is driving sales of botanical infused beverages. Based on product type, the alcoholic segment is expected to surge at a CAGR of 8.7% over the decade.
- Although by source herbs and spices have the highest market share, the flowers segment is set to expand at a CAGR of 7.6%.
- The market in Russia and Mexico is set to witness high growth at CAGRs of 9.4% and 9.6%, respectively.
- The outbreak of Covid-19 had a profound impact on the global market for botanical infused beverages due to the closure of many businesses, restaurants, and hotels. However, the market is expected to witness significant growth going ahead with increasing consumer demand for healthy and nutritious beverages.
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"Botanical infused beverages are widely used in non-alcoholic-based products such as tea and juices, and also used as an alternative for synthetic beverages." says a Persistence Market Research analyst.
Competitive Landscape
It is expected that manufacturers will continue to invest in the advancement of technology and equipment to improve production to cater to growing demand.
- In March 2021, Martin Bauer Group announced that it has majority stake in the beverage innovation company - Power Brands, which is a leading beverage development and innovation company based in California. This acquisition would help the company innovate plant-based food and beverages for long-term growth.
- In 2021, Bigelow Tea announced its plan to expand and relocate its operations to Jeffersontown. The company is willing to invest US$ 53 Mn for the expansion plan. This project will allow the company to boost production to meet growing consumer demand for its wide range of beverages.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global botanical infused beverage market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031. The study offers compelling insights based on source (herbs & spices, flowers, fruits), product type (non-alcoholic and alcoholic), and sales channel (Hypermarkets/supermarkets, specialty stores, convenience stores, and online retail), across seven major regions of the world.
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