Plant-based Beverages Market is expected to reach USD 44.42 billion growing at a substantial CAGR of 12.20% in the forecast period of 2020-2029. The growth of this market is attributed to the growing awareness about healthy diet and wellness.
Plant-based beverages have created a huge gap for customers in their daily diets that need nutrients. It is understood that non-dairy drinks have a high quantity of minerals, vitamins, fibres and other phytonutrients, giving consumers all the nutritional benefits. Consumers who enjoy a variety of flavors and tastes in their milk use plant-based drinks extensively. There are also individuals who are intolerant or resistant to dairy milk due to the lack of dairy nutrients. Plant-based foods can be the best choice for them, supplying all the nutrients needed close to those of dairy products.
Plant-based Beverages Market Scope and Market Size
Plant-based Beverages Market has been segmented on the basis of source, type, function and distribution channel.
- On the basis of source, plant-based beverages market is segmented into fruits, almond, soy, coconut, vegetables, rice, soy, seeds & leaves and others. Almond is the dominating segment with the largest market share in the forecast period.
- On the basis of type, plant-based beverages market is segmented into milk and other drinks. Milk is the dominating segment in the forecast period.
- On the basis of function, plant-based beverages market is segmented into cardiovascular health, cancer prevention, lactose intolerance and bone health. Cardiovascular health is the dominating segment due to growing health concerns among consumers.
- On the basis of distribution channel, plant-based beverages market is segmented into store based and non-store based.
Country Level Analysis of Plant-based Beverages Market
- On the basis of region, the Plant-based Beverages Market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region. North America is one of the major markets for almond milk due to high almond production in this region
- Asia-Pacific is the dominating region with largest market share as this region have a large consumer base of plant-based beverages.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
- Growing inclination of consumer towards plant-based beverages replaces dairy milk, which drives the market growth
- Increasing number of product launches by major players is expected to drive the market growth
- Rapid increasing cases of lactose intolerance and milk allergies drives the market growth
- Rising beverages industry is expected to drive the market growth.
- Cost of plant-based beverages is high as compared to dairy milk, which hindering the market growth
Key Developments in the Market:
- In August 2019, Nestle has launched three lattes, a plant-based soluble coffees in almond, coconut and oat as part of its Nescafé gold brand. The lattes are being launched first in the UK and Ireland before being rolled out in several markets across Latin America, Asia, Europe and Oceania. This launch has been expand the customer base of the company.
- In August 2019, Live Real Farms, a Minnesota based milk company has launched a new milk product i.e. Dairy Plus Milk, which is 50% plant-based beverage and 50% lactose-free milk from cows. This new product is owned by Dairy Farmers of America. This new product launch has been increase the overall revenue of the company by growing sales.
Competitive Analysis and Plant-based Beverages Market Share Analysis:
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.
Plant-based beverages market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated and global presence. Plant-based beverages market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in global plant-based beverages market are The Coca-Cola Company, THE WHITEWAVE FOODS COMPANY, Blue Diamond Growers, PACIFIC FOODS OF OREGON, LLC, Hain Celestial, SunOpta, Want Want China Holdings Limited, Kikkoman Corporation, Califia Farms, Ripple Foods and Pureharvest among others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved