Market Definition: Plant-based Beverages Market
Global Plant-based Beverages Market’s rise in market value can be attributed to the increasing preference of consumers to switching from dairy to non-dairy products. This has induced a rise in market value from an estimated value of USD 11.91 billion in 2018 to an estimated value of USD 27.17 billion by 2026, registering a CAGR of 10.85% in the forecast period of 2019-2026.
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Plant-based beverages are beverages produced with having non-dairy ingredients like soy, almond and others for their production. They are produced due to the increasing adoption of non-dairy beverage products and increasing cases of lactose intolerance. These beverages are produced when the proteins and other nutrients are grinded out from these nuts or ingredients and mixed with water and other minerals.
Key Market Competitors: Plant-based Beverages Market
Few of the major competitors are Blue Diamond Growers, THE WHITEWAVE FOODS COMPANY, PACIFIC FOODS OF OREGON LLC, Hain Celestial, SunOpta, Want Want China Holdings Limited, Kikkoman Corporation, Califia Farms, THE COCA-COLA COMPANY, Ripple Foods, Pulmuone Foods USA Inc., Pureharvest, Rosa Food Products Co. Inc., Troll Bridge Creek, World Waters LLC, Campbell Soup Company, and PepsiCo Inc.
Global plant-based beverages market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of plant-based beverages market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Major Market Drivers & Restraints are as follows:
- Increasing adoption and preference of non-dairy beverages over dairy beverages is expected to drive the market growth
- Increased cases of lactose intolerance and adoption of veganism is also expected to drive the market growth for plant-based beverages
- Higher prices in comparison to diary beverages is expected to restrain the market growth
- Side effects associated with non-dairy milk on the body and its organs is expected to restrain the market growth
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Market Segmentation: Plant-based Beverages Market
- By Source
- By Type
- By Function
- Cardiovascular Health
- Cancer Prevention
- Bone Health
- Lactose-Free Alternative
- Qualitative Preference
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
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