Plant-based Beverages Market: Drivers, Restraint & Future Growth

12/mar/2019 08:14:34 MarketsandMarkets Contatta l'autore

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The plant-based beverage 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 based on the consumption of animal-based diets. They are adopting hectic lifestyles, which urges them to look out for low-calorie food options with high nutritional value. This has boosted the sale of plant-based beverage products.

The years considered for the study are as follows:

  • Base year: 2017
  • Estimated year: 2018
  • Projected year: 2023
  • Forecast period: 2018-2023

Plant-based Beverages Market

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 on the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To analyze the opportunities for market leaders
  • To profile the key players and comprehensively analyze their core competencies
  • To analyze 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.

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The growth of the plant is based on milk, soy milk, and rice mik to their portfolio. In 2017, a major food manufacturing company, Danone (US), acquired The WhiteWave Foods Company (US) to expand its presence in the plant-based beverages space. The trend of vegan diets, amidst ethical concern surrounding animal welfare, fats present in animal-based diets, and usage of antibiotics, has boosted the consumption of plant-based beverages in these countries.

The plan is to dominate the plant-based beverages market through the forecast period.

Based on source, the second segment is projected to dominate the plant-based beverages market, in terms of value, through 2023. The increased demand for dairy-free alternatives; he laughed in the number of lactose intolerant individuals in major revenue-generating regions such as Asia Pacific and Africa; increase in the case of lifestyle; and laughed in obesity cases in developing countries such as Argentina have boosted milk sales, both in terms of value and volume. The almond milk segment has gained popularity in coffee shops and restaurants across US.

Plant-based milk is projected to dominate the plant-based beverages segment.

Based on type, the plant-based milk segment accounted for the largest share in the plant-based beverages market, in terms of value, in 2017. They are also introducing with new sources , and pea milk. These alternative 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 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 based diet products. China is one of the largest consumers of milk, 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. From this, Thailand is expected to be in the country in 2018 as the US Department of Agriculture (USDA).

This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. 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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