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 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.
For more details on this research, Request Free Sample Report
The years considered for the study are as follows:
- Base year: 2017
- Estimated year: 2018
- Projected year: 2023
- Forecast period: 2018-2023
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
- The market has been covered by mapping plant-based beverage products only. Yogurt has been excluded from the plant-based beverages market scope, as it falls under the food category.
The research methodology used to estimate and forecast the plant-based beverages market begins with the capturing of data on the key players and their revenues through secondary sources such as the Plant Based Foods Association (PBFA), Food and Drug Administration (FDA), US Department of Agriculture (USDA), and European Food Safety Authority (EFSA). The overall market size was arrived after validating with primary interviews; and secondary research, which includes publications and statistics. Both the “top-down” and “bottom-up” approaches were used to estimate and validate the total size of the market. These approaches were also used extensively to estimate the market size of various dependent submarkets in the overall plant-based beverages market. These submarkets were verified through primary research by conducting extensive interviews with key people such as CEOs, VPs, directors, and executives. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments.
The key players in the plant-based beverages market include 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).
The report is targeted toward the existing players in the industry, which include:
- Beverage manufacturers & processors
- Traders & retailers
- Regulatory bodies and associations, which include the following:
- The Plant Based Foods Association (PBFA)
- The Food and Drug Administration (FDA)
- The United States Department of Agriculture (USDA)
- The European Food Safety Authority (EFSA)
- The Soyfoods Association of North America (SANA)
- The Specialty Food Association (SFA)
- The British Dietetic Association (BDA)
- The National Recreation and Park Association (NRPA)
- Dietitians of Canada (DC)
- National Milk Producers Federation (NMPF)
- Dietitians Association of Australia (DAA)
“The study answers several questions for the stakeholders; primarily, which market segments to focus on in the next 2 to 5 years for prioritizing efforts and investments.”
To know about the assumptions considered for the study, download the pdf brochure
Scope of the Report
On the basis of source, the plant-based beverages market has been segmented into:
- Others (cashew, oats, pea, and hemp)
On the basis of mode of type, the plant-based beverages market has been segmented into:
- Other drinks (smoothies, shakes, and nogs)
On the basis of function*, the plant-based beverages market has been segmented into:
- Cardiovascular health
- Cancer prevention
- Bone health
- Lactose-free alternative
- *Qualitative segment
On the basis of region, the plant-based beverages market has been segmented into:
- North America
- Asia Pacific
- South America
- Rest of the World (RoW)
With the given market data, MarketsandMarkets offers customizations according to client-specific needs.
The following customization options are available for the report:
- Product matrix, which gives a detailed comparison of the product portfolio of each company
- Further breakdown of the Rest of European plant-based beverages market into Belgium, The Netherlands, Sweden, and Portugal.
- Further breakdown of the Rest of Asia Pacific plant-based beverages market into South Korea, Taiwan, and the Philippines.
- Further breakdown of the RoW plant-based beverages market into the Middle East and Africa.
- Detailed analysis and profiling of additional market players (up to 5)
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. Plant-based beverages provide consumers with options that are low in cholesterol and calories. . The growth of the plant-based beverages market is attributed to the shift in preference towards vegan diets among consumers at a global level. Apart from this, major food companies such as Danone (US) have been showing interest in plant-based beverages; this is expected to give the market a boost.
For more details on this research, Request Free Sample Report
Based on source, the plant-based beverages market has been segmented into almond, soy, coconut, and rice. The almond segment dominated the plant-based beverages market, in terms of value, in 2017. North America is one of the key markets for almond milk, owing to high almond production in this region. The Asia Pacific region is expected to be a major revenue generating pocket for almond milk, owing to increased urbanization and the increasing number of high income groups in the region. Consumers in this region are shifting toward natural and healthy food options to cope with their hectic lifestyles. This, in turn, has boosted the sales for plant-based beverages.
Based on type, the plant-based beverages market has been segmented into milk and other drinks. The milk segment is estimated to account for the larger share in the plant-based beverages market in 2018. The increased demand for non-dairy milk, amidst the growing health concerns, has urged consumers to look out for alternate food options. Apart from this, the rising level of lactose intolerance, especially in the Asia Pacific population, is expected to be a major revenue pocket for plant-based beverage manufacturers in coming years.
In 2018, Asia Pacific is estimated to occupy the largest share of the global plant-based beverages market, in terms of value and volume. The region consists of key revenue generating countries, China & Thailand, which have a large consumer base for plant-based beverages; with China having one of the largest lactose intolerant population.
High price is one of the major challenges that manufacturers in the plant-based beverages market face. Plant-based beverages can be easily purchased by consumers in developed countries; but in the developing countries, this remains a challenge.
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).