According to the current analysis of Reports and Data, the Plant-Based Beverages Market were valued at USD 15.69 Billion in 2020 and is expected to reach USD 39.94 Billion by year 2028, at a CAGR of 12.30%.
The market for plant-based beverages is divided into almond, soy, coconut, and rice. Over the last few years, the industry has taken a severe jump into the future by introducing a broad range of new, convenient, natural, and functional beverages. These beverages, often called health drinks, including teas and juices but also shake and “super drinks. Vegetarian diets have been widely promoted for cardiovascular disease (CVD) risk reduction, and according to the General Heart Association report published in 2019, Plant Based Diets are associated with a lower risk of cardiovascular disease. Based on type, the market has been distributed into milk and other drinks.
The report also sheds light on the factors influencing the growth of the market, particularly the ongoing COVID-19 pandemic. The report discusses in detail the extensive impact of the COVID-19 pandemic on the supply chain, demands, trends, and overall dynamics of the Plant-Based Beverages market. It also offers a futuristic growth outlook of the Plant-Based Beverages market in a post-COVID-19 scenario.
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Further key findings from the report suggest
- By function, bone health holds a market value of about 2.9 Billion in 2020. The high content of calcium in these products is foreseen to be the major driving factor for this market.
- By source, the market for plant-based beverages is divided into almond, soy, coconut, and rice. Soy segment is projected to grow at the highest CAGR of about 12.2% during the forecast period.
- The milk segment is estimated to account for the notable share in the market for plant-based beverages in 2020. A growing number of consumers opt for milk substitutes for medical reasons or as a lifestyle choice. Medical reasons include lactose intolerance with a worldwide prevalence of 75% and cow’s milk allergy, also, in countries where mammal milk is limited.
- The Asia Pacific is experiencing rapid growth in plant-based beverages market over the forecast timeline with a CAGR of about 12.7%. Increasing health concerns among the Japanese population projected to drive the Japanese plant-based beverages market.
Key Players Profiled in the Report are:
- 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)
The constant efforts of the prominent players to develop innovative products and technologies are driving the growth of the industry. Additionally, the market is witnessing numerous strategic collaborations and initiatives that are expanding the scope of the market. The report discusses in detail the factors and elements of the Plant-Based Beverages market that are positively influencing the growth of the market.
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Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2020 to 2028. For the purpose of this study, Reports and Data have segmented the plant-based beverages market on the basis of source, mode of type, function and region:
On the basis of source, (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Others (cashew, oats, pea, and hemp)
On the basis of type, (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Other drinks (smoothies, shakes, and nogs)
On the basis of function, (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Cardiovascular health
- Cancer prevention
- Bone health
- Lactose-free alternative
The report offers clear insights into the regional bifurcation of the market with regards to the regions where the market has already established its prominence. Furthermore, it analyzes the key regions for production and consumption ratio, import/export analysis, supply and demand dynamics, regional trends and demands, and the presence of prominent players in each region. The regional analysis segments also offer a country-wise analysis to offer a panoramic view of the market.
The regional analysis covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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The Plant-Based Beverages Market Report Offers:
- Deep insights into the Plant-Based Beverages market landscape
- Key details about the regional segmentation of the Plant-Based Beverages market
- Analysis of the crucial market trends with regards to both current and emerging trends
- Comprehensive impact analysis of COVID-19 pandemic on the Plant-Based Beverages industry
- Extensive overview of the key manufacturers and prominent players of the industry
- Comprehensive study of the market segmentation and recent developments
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