Plant-based Beverages Market by Source (Almond, Soy, Coconut, and Rice), Type (Milk and Other Drinks), Function (Cardiovascular health, Cancer prevention, Lactose intolerance, and Bone health) and Region - Global Forecast to 2023
“The plant-based beverages market is projected to grow at a CAGR of 12.0%, in terms of value, during the forecast period.”
The global plant-based beverages market is estimated to be valued at USD 11.16 billion in 2018 and is projected to reach USD 19.67 billion by 2023, at a CAGR of 12.0% during the forecast period. The growth of the plant-based beverages market is attributed to the growing popularity of vegan diets, especially among millennials; r and the increasing demand for low-calorie options, amidst adaption of hectic lifestyles in developing countries. Additionally, companies are showing interest in the niche plant-based beverage segments by acquiring local players or investing in innovative products to tap consumer interests, which has also propelled the growth of this market. However, due to premium pricing of plant-based products in several countries, the cost of these products remains higher than dairy products. Therefore, Manufacturers are working on bringing down the prices of these products remains a challenge for the manufacturers in this market. Apart from this, in many emerging countries, there is a lack of awareness among consumers about the benefits of plant-based beverages over dairy beverages, owing to lack of proper promotional strategies. As a result, high reliance on dairy milk products is still prevalent in these regions.
“Almond milk: The largest segment in the plant-based beverages market, by source.”
The almond milk segment is estimated to be the largest market for plant-based beverages, by source. Almond milk has been gaining popularity across several coffee shops in the US. California, US, is the hub for almond production. Blue Diamond Growers (US) is a leading almond processing company, which offers almond-based products under its brand “Almond Breeze”. The brand represents almond milk made from California almonds.
“The milk segment, by type, is projected to be the larger segment of the plant-based beverages market by 2023”
The milk segment is estimated to be the larger segment in the plant-based beverages market in 2018. The demand for plant-based milk is higher compared to other drinks, as product offerings for plant-based milk are much higher compared to other drinks such as shakes, smoothies, and nogs. Companies are offering a wide variety of plant-based milk made from almond, soy, coconut, and rice. Apart from this, other milk sources such as cashew, oats, pea, and hemp are also gaining popularity in the market. Thus, with extensive range of plant-based milk options available in the market, the demand for plant -based beverages is expected to increase in coming years.
“Asia Pacific is projected to be the fastest-growing market for plant-based beverages during the forecast period.”
Asia Pacific is expected to be the fastest-growing regional market for plant-based beverages. The revenue from plant-based beverages is increasing in the Asia Pacific region, due to consumers seeking low- calorie options. The region is home to key revenue generating countries such as China and Thailand. In 2018, plant-based foods were one of the key trends in Thailand. Apart from this, the major dairy companies in China have been planning to penetrate the niche plant-based beverages market. Thus, there are high growth prospects for plant-based beverage manufacturers in this region. The main target group for these products is expected to be middle/high income groups in these countries, since plant-based beverages are premium priced.
Break-up of primaries:
By Company Type: Tier 1: 45 %, Tier 2: 35%, and Tier 3: 20%
By Designation: C level: 40%, D level: 20%, and Others: 40%
By Region: Asia Pacific: 30%, South America: 15%, North America: 25%, Europe: 15%, and RoW: 15%
The plant-based beverages market is dominated by key players such as The WhiteWave Foods Company (US), Blue Diamond Growers (US), Pacific Foods (US), Hain Celestial (US), and SunOpta (Canada). Other players include Want Want China Holdings Limited (China), Kikkoman(Japan), Califia Farms (US), The Coca-Cola Company (US), Ripple Foods (US), WildWood Organic (US), and Pureharvest (Australia).
The report analyzes the plant-based beverages market across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments such as source, type, function, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall plant-based beverages market and submarkets. This report will help the stakeholders to understand the competitive landscape better, to gain more insights to position their businesses better, and to make suitable go-to-market strategies. The report will also help them to understand the market and will provide them with information on the key market drivers, restraints, challenges, and opportunities.