Growing Consumer Inclination Toward Veganism Drives the Plant-based Beverages Market
The plant-based beverages market was valued at USD 11.16 billion 2017 and projected to reach USD 19.67 billion by 2023, growing at a CAGR of 12.0% during the forecast period. The market for plant-based beverages is driven by factors such as the increased demand for vegan food options, amidst the growing health concerns about the consumption of animal-based diets. Apart from this, consumers in emerging countries are adopting hectic lifestyles, which urge them to look out for low-calorie food options with high nutritional value. This has boosted sale of plant-based beverage products.
Objectives of the study are as follows:
- To define, segment, and measure the plant-based beverages market with respect to its source, type, function (qualitative), and region
To provide detailed information about the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges) - To analyze the opportunities in the market for the stakeholders and provide details of the competitive landscape for market leaders
- To profile the key players and comprehensively analyze their core competencies
- To analyze the competitive developments—new product developments, mergers & acquisitions, expansions, joint ventures, and partnerships—in the plant-based beverages market
- To profile the key plant-based beverage companies, based on business overview, recent financials, segmental revenue mix, geographic presence, and information about the products & services
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The almond segment is projected to dominate the plant-based beverages market through the forecast period.
Based on source, the almond segment is projected to dominate the plant-based beverages market, in terms of value, through 2023. The increased demand for dairy-free alternatives; rise in the number of lactose intolerant individuals in major revenue-generating regions such as Asia Pacific and Africa; increase in the cases of lifestyle-related diseases such as heart diseases and cancer in the US; and rise in obesity cases in developing countries such as Argentina have boosted the almond milk sales, both in terms of value and volume. The almond milk segment has gained popularity in coffee shops and restaurants across US.
The plant-based milk segment is projected to dominate the plant-based beverages segment.
Based on type, the plant-based milk segment accounted for the larger share in the plant-based beverages market, in terms of value, in 2017. Manufacturers have been coming up with non-dairy alternatives such as almond milk, soymilk, and coconut milk in a variety of flavors, which has gained consumer interest. They are also introducing with new sources such as oat milk, cashew milk, rice milk, hemp milk, and pea milk. These alternative dairy sources are occupying spaces in supermarket shelves. The vegan trend is also gaining popularity, with millennials preferring it to traditional dairy beverages. Growing health concerns about the consumption of animal-based diets have led to consumers shifting toward plant-based diets.
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Asia Pacific dominated the global plant-based beverages market.
The Asia Pacific market accounted for the largest share in the plant-based beverages market, in terms of value, in 2017. The region consists of key revenue pockets in countries such as China & Thailand, which are some of the key consumers of plant-based diet products. China is one of the largest consumers of soymilk, which is considered the most suitable alternative to dairy milk. Furthermore, the country’s leading dairy products manufacturer, Want Want China Holdings Limited, is expanding its base in the plant-based beverages space. Apart from this, Thailand is expected to be a key revenue pocket in coming years, with plant-based diets being one of the key trends in the country in 2018 as per the US Department of Agriculture (USDA).
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as The WhiteWave Foods Company (US), Blue Diamond Growers (US), Pacific Foods (US), Hain Celestial (US), SunOpta (Canada), 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).
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