In the context of consumption upgrading, the plant-based industry has become one of the hottest segments in the F&B industry and has been listed as one of the top 10 trends for three consecutive years in China. According to Markets and Markets, the plant-based industry will expand to USD 29.6 billion in 2023 from USD 17.3 billion in 2018 with a compound growth rate of 11.4%.
Natural plant-based beverages with high protein and low calories are becoming consumers’ first choice. Behind the growing plant-based industry, the rising female consumption power is one of the reasons that can’t be ignored.
Plant-based beverages made of nuts have been accepted and favored by consumers for a long time, and the California almond plant-based beverage is one of them. However, data shows that the California almond plant-based beverages only account for 7% of the plant-based industry.
Badam, known as the California almond, is rich in protein, dietary fiber, and vitamin E. Adding almonds to the diet can help fight heart disease, diabetes, and Alzheimer. Almonds also give the human body the power it needs to fight infections and are very good for memory.
What is the situation of California almonds in China? What are the opportunities and challenges in this market?
The Almond Board of California’s China consultant, Mrs. Connie Cheung, The Innova Market Insights’ China operation director, Mr. Xiao Wukai, and the Dohler’s Director of Affairs in Asia-Pacific, Mr. Zhao Hong, were invited to talk about the “new female” snack and beverage consumption that drives the development of the plant-based segment.
Four aspects were mentioned at the conference: 1. Chinese consumers’ needs for health and beauty are growing due to the pandemic; 2. “new female” snack and beverage consumption is promoting the plant-based segment towards diversity and innovation; 3. In the post-pandemic era, what opportunities and challenges the California almond beverages face to meet consumers’ new needs; 4. what is the formula of the best-selling California almond beverage.
We will post more information regarding those 4 aspects in the near future.