Zion Market Research has published a new report titled “Plant-Based Beverages Market By Source (Almond, Soy, Coconut, and Rice), By Type (Milk and Others), and By Function (Cardiovascular Health, Cancer Prevention, Lactose Intolerance, and Bone Health): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global plant-based beverages market was valued approximately USD 11.16 billion in 2018 and is expected to generate USD 20.25 billion by 2025, at a CAGR of around 12% between 2019 and 2025.
Plant-based beverages are broadly categorized into two major categories—plant-based alternative and plant-focused beverages. The plant-focused products include fruits and vegetables along with juices, dressings, spreads, toppings, and plant-based snacks.
Browse through 136 Tables & 27 Figures spread over 110 Pages and in-depth TOC on “Global Plant-Based Beverages Market: By Type, Size, Share, Industry Trends, Segments, Analysis and Forecast 2018–2025”.
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The change in the eating habits of consumers and the rise in consumer consciousness about healthy eating and wellness are major factors supporting the growth of the global plant-based beverages market. The consumer wants products that are healthy and natural without compromising on the taste and flavor. This has inclined them toward plant-based beverages, as they contribute to healthy eating habits and provide more nutrition. The increase in popularity of these beverages has led to various big beverage providers to manufacture plant-based drinks. For instance, PepsiCo, one of the oldest beverages manufacturers and suppliers, is branching into plant-based beverages. However, a relatively high price of plant-based beverages as compared to dairy milk is affecting the plant-based beverages market growth. On the other hand, the integration of value-added ingredients and flavor innovations in dairy alternative beverages is projected to contribute toward the growing demand of plant-based beverages, which is expected to provide new growth opportunities for the plant-based beverages market.
Based on the source, the plant-based beverages market is segmented into almond, soy, coconut, and rice. The soy-based source is likely to be a rapidly growing segment in the future, due to the source’s wide popularity among the end-users. By type, the plant-based beverages market is categorized into milk and others. By function, the plant-based beverages market is categorized into cardiovascular health, cancer prevention, lactose intolerance, and bone health. The cardiovascular health segment is expected to hold a higher market share in the years ahead, due to an increase in the health consciousness among consumers.
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The North American plant-based beverages market is expected to witness significant growth over the forecast timeline, due to the various key developments that have increased the regional demand for plant-based beverages products. Moreover, various key players in the region are engaged in various developments, such as mergers, acquisition, and product launches, which are also projected to support the market growth in this region in the years ahead.
Europe showed a moderate growth rate in the global plant-based beverages market in 2018. The region is expected to witness a high demand for plant-based beverages in the future due to increasing consumer preference toward healthy products with less fat and the rising popularity of dietary restrictions among consumers due to food allergies.
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The Asia Pacific plant-based beverages market is expected to register the highest CAGR over the forecast time period. The region consists of Japan, China, and Thailand, which have a large consumer base for the plant-based products. Moreover, China has the largest lactose-intolerant population, which is likely to support this regional market’s growth over the estimated time period.
Latin America and the Middle East and Africa are expected to witness moderate growth in the global plant-based beverages market over the forecast time period, owing to an increase in the demand for plant-based beverages in both the regions.
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Some key players operating in the global plant-based beverages market include Coca-Cola, PepsiCo, Inc., Hain Celestial Group, Danone SA, Fresh Del Monte Produce Inc., Campbell Soup Company, Califia Strategies, Koia, Keurig Dr Pepper Inc., and SunOpta Inc., among others.
This report segments the global plant-based beverages market into:
Global Plant-Based Beverages market: Source Analysis
Global Plant-Based Beverages Market: Type Analysis
Global Plant-Based Beverages Market: Function Analysis
- Cardiovascular Health
- Cancer Prevention
- Bone Health
- Lactose Intolerance
Global Plant-Based Beverages Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa