Abstract: With the increasing focus on healthy eating, consumers tend to look for healthy drinks that replace dairy products, which drives the sales of plant-based protein beverages such as soy, almond, oat, and coconut milk. In 2019, the market size of the mainland plant-based protein beverage industry was 118.8 billion yuan, and it decreased to 111.7 billion yuan in 2020, mainly due to the decrease in the output and sales volume of the plant-based protein beverage market due to the outbreak of the new crown epidemic. In 2021 and 2022, the market size of the mainland plant-based protein beverage industry will be 135.1 billion yuan. In the future, the mainland plant-based protein beverage industry will develop in the direction of product health, innovation and diversification, and intelligent production.
1. Definitions and Classification
Plant-based protein drinks are milky liquid drinks with plant protein as the main raw materials (such as soybeans, peanuts, almonds, walnuts, coconut, and sticks) as the main raw materials (such as soybeans, peanuts, almonds, walnuts, coconut, and sticks). It has no or less cholesterol content, rich in protein and amino acids, an appropriate amount of unsaturated fatty acids, and a complete nutritional composition. Plant-based protein beverages are mainly divided into soybean milk drinks, coconut milk, almond milk, walnut milk and protein drinks.
Second, the business model
1. Procurement mode
The main procurement modes of plant-based protein beverage manufacturers are direct procurement and centralized procurement. Direct procurement refers to the direct transaction between a business and a farmer or rancher to purchase the required raw materials, such as soybeans, almonds, etc. This approach allows companies to have more direct control over the quality and stability of raw materials, but may face the risk of price fluctuations and supply uncertainty. Centralized procurement mainly refers to the establishment of a special procurement department or procurement center, which is responsible for the unified procurement of raw materials required by all subsidiaries or affiliated enterprises. Centralized procurement can achieve economies of scale, reduce procurement costs, and enhance the management of the supply chain.
2. Production mode
The production mode of plant protein beverage production enterprises is mainly the production mode of "sales and production". "Sales-based production" refers to the determination of production scale and product types by enterprises according to market demand and sales forecasts. In this model, companies pay close attention to market dynamics and changes in consumer demand, and adjust production plans based on sales data and market trends. In this way, companies are better able to meet market demand, reduce inventory backlog and waste, and improve production efficiency and resource utilization.
3. Sales model
The sales model of the plant-based protein beverage industry is mainly direct sales model and distribution model. The direct sales model refers to the fact that the manufacturer sells the product directly to the consumer, without going through any middleman. This can be done through the company's own retail stores, online stores, or through exhibitions, health seminars, etc. The distribution model is to sell products to consumers through intermediaries such as distributors, agents, wholesalers or retailers. This model can quickly expand the sales network and cover a wider market area. Under the distribution model, enterprises need to manage the relationship with dealers to ensure the marketing and service quality of products, while taking into account the possible cost increase and profit sharing of intermediate links.
3. Industry policy
1. Competent departments and regulatory systems
The competent authorities of the plant-based protein beverage industry mainly include the National Development and Reform Commission, the Food Safety Commission of the State Council, and the State Administration for Market Regulation. The National Development and Reform Commission is mainly responsible for formulating, supervising and inspecting the implementation of industrial policies, researching and formulating industry development plans, guiding industry structural adjustment, government guidance for product development and promotion, project approval and management of industrial support funds. The Food Safety Committee of the State Council is mainly responsible for analyzing the food safety situation, researching and deploying, coordinating and guiding food safety work, proposing major policy measures for food safety supervision, and supervising the implementation of food safety supervision responsibilities. The State Administration for Market Regulation is responsible for the comprehensive supervision and management of the market, the unified registration of market entities and the establishment of information publicity and sharing mechanisms, the organization of comprehensive law enforcement of market supervision, the undertaking of unified anti-monopoly law enforcement, the regulation and maintenance of market order, the organization and implementation of the strategy of strengthening the country with quality, responsible for the quality and safety of industrial products, food safety, special equipment safety supervision, unified management of measurement standards, inspection and testing, certification and accreditation, etc.
The self-regulatory organizations of the plant-based protein beverage industry mainly include China Food Industry Association, China Beverage Industry Association, etc. China Food Industry Association is an industry organization of the national food industry, which carries out service, coordination, self-discipline and supervision for the national food industry. Its main responsibilities include: carrying out investigation, analysis and research in the food industry, making suggestions to the national government departments on the planning, guidelines, industrial policies and regulations for the development of the food industry in the mainland, strengthening self-discipline in the plant protein beverage industry, creating and maintaining a level playing field in the plant protein beverage industry, participating in the formulation and revision of relevant standards in the food industry, and promoting the improvement of the quality level of food industry products. China Beverage Industry Association is a national first-class association approved by the Ministry of Civil Affairs, with self-discipline, non-profit, national and other characteristics, the main functions: to implement the relevant national policies, put forward the development plan of the plant protein beverage industry, to provide industry opinions and suggestions on national laws, fiscal and taxation policies, import and export policies, industrial guidance catalogues, etc. Guide enterprises to compete in the market in an orderly manner and promote common development.
2. Relevant policies
In recent years, China's plant-based beverage industry has been highly valued by the government. The state has successively introduced a number of policies to encourage the development of plant-based protein beverages. For example, the "Catalogue of Encouraged Foreign Investment Industries (2022 Edition)" includes the development and production of protein drinks and plant-based beverages in the national catalogue of encouraged industries for foreign investment, attracting foreign investors to increase investment in the field of plant-based protein beverages, introducing foreign capital, technology and management experience, and promoting the industrial upgrading and technological progress of the plant-based protein beverage industry.
Fourth, industry barriers
1. Technical barriers
Technology is one of the core competencies of the plant-based beverage industry. New entrants must master advanced production processes and technologies to ensure that the quality and taste of products can meet the needs of consumers. In addition, as consumers pay more attention to health and environmental protection, companies also need to develop healthier and more environmentally friendly plant-based protein beverage products. This requires enterprises to invest a lot of R&D resources and carry out continuous technological innovation and product upgrades to maintain their technological leadership. Therefore, in terms of technology, there is a certain barrier to new entrants in the plant-based beverage industry.
2. Brand barriers
Well-known brands tend to gain the trust and recognition of consumers, resulting in higher market share and stronger pricing power. New entrants need to spend a lot of time and resources to build their brand image and consumer perception, which requires continuous investment in marketing and branding. In addition, the establishment of the brand also requires the enterprise to have a good reputation and reputation, which requires the company to continuously improve its performance in terms of product quality and customer service. As a result, branding is a difficult barrier for new entrants to break.
3. Raw material wall
Raw materials are the basis of plant-based protein beverages, and high-quality raw materials are the key to producing high-quality products. However, the supply of high-quality plant-based protein raw materials may be limited by geography, season and other factors, and new entrants may face the problem of unstable raw material supply. In addition, some high-quality raw materials may be monopolized by large enterprises, and it is difficult for new entrants to obtain sufficient raw material supply. This requires new entrants to establish a stable raw material supply chain to ensure the quality and supply stability of raw materials.
4. Financial barriers
The initial investment and operating costs of the plant-based beverage industry are relatively high, and new entrants need sufficient financial support to cover the expenses of equipment purchase, raw material procurement, production and operation, brand promotion, etc. In addition, with the intensification of market competition, enterprises need to continuously invest in technological innovation and product upgrades to remain competitive. This requires enterprises to have strong financial strength and financing capabilities.
Fifth, the industrial chain
1. Analysis of the industry chain
The upstream of the industrial chain of the plant-based protein beverage industry is the raw material industry, and the main raw materials are soybeans, almonds, coconut, walnuts and peanuts. The middle reaches of the industrial chain are mainly the production and manufacturing of plant-based protein beverages. The downstream is sold to consumers through major sales channels. The industrial chain of China's plant-based protein beverage industry is shown in the following figure:
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