The plant-based beverages market is projected to grow at a CAGR of 4.91% to reach US$12.105 billion by 2024, from US$9.080 billion in 2018. The growing shift towards plant-based products from animal-based products is a major factor driving the plant-based beverage market. Further, the rapidly expanding beverage industry and increasing consumer preference towards vegan foods are boosting the market growth. Moreover, nutritional benefits associated with the plant-based beverages coupled with increasing health consciousness among the population is fueling the plant-based beverage market further. Additionally, increasing investment and product innovation by major players is propelling the market growth for plant-based beverages. The plant-based beverage market has been segmented on the basis of source, product type, and geography. In the source segment almond is anticipated to grow at a substantial rate. In the product type, Milk is projected to hold a significant share on account of the growing health concerns. Geographically, Asia-Pacific is projected to be a prominent region due to the presence of emerging countries like India and China which increasing investment in new manufacturing facilities and rising foreign investments. Additionally, the rising beverage consumption in the region is also contributing to the growth of plant-based beverage market during the forecast period.
The major players profiled in the Plant-Based Beverage market include Danone S.A., The Hain Celestial Group, Califia Farms, Pacific Foods of Oregon, Pureharvest, Sunopta, Blue Diamond Growers, Ripple Foods, The Coca Cola Company, and Pulmuone Foods USA Inc.
The Plant-Based Beverage markethas been analyzed through the following segments: