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.
DRIVERS
- Growing beverage industry.
- Rising consumer preference for healthier beverages.
RESTRAINT
INDUSTRY UPDATE
- In June 2019, Blue Diamond Grower launched a new product, Almond Breeze Almond-Milk Horchata.
- In January 2019, The Coca-Cola company acquired Chi Ltd., a leading company in beverages like juices and value-added dairy.
- In January 2019, Blue Diamond, the world's leading almond marketer and processor, today announced two new Almond Breeze products, an Almond-Milk Creamer and Almond-Milk Blended with Real Bananas.
- In April 2017, Danone S.A. acquired WhiteWave a leading beverage manufacturing company. With this acquisition, Danone and WhiteWave combined their activities in North America and started operating under a single business unit, named DanoneWave.
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.
Segmentation
The Plant-Based Beverage markethas been analyzed through the following segments:
- By Source
- Almond
- Soy
- Coconut
- Rice
- Others
- By Product Type
- By Geography
- North America
- South America
- Europe
- Germany
- France
- United Kingdom
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Others
Frequently Asked Questions (FAQs)
Q1. What is the size of global plant-based beverages market?
A1. Plant-Based Beverages market was valued at US$9.080 billion in 2018.
Q2. What will be the plant-based beverages market size by 2024?
A2. The plant-based beverages market is projected to reach a total market size of US$12.105 billion by 2024.
Q3. What are the growth prospects for the plant-based beverages market?
A3. The global plant-based beverages market is projected to grow at a CAGR of 4.91% during the forecast period.
Q4. What factors are anticipated to drive the plant-based beverages market growth?
A4. The growing shift towards plant-based products from animal-based products is a major factor driving the plant-based beverage market.
Q5. Which region holds the largest market share in the plant-based beverages market?
A5. Geographically, Asia-Pacific is projected to hold a significant share in the plant-based beverages market owing to the presence of emerging countries like India and China which increasing investment in new manufacturing facilities and rising foreign investments.
