According to the current analysis of Reports and Data, the plant-based beverages Market were valued at USD 15.69 Billion in 2020 and is expected to reach USD 39.94 Billion by year 2028, at a CAGR of 12.30%.
Plant-based beverages or non-dairy milk alternative is the fast-growing segment in the newer food product development category of functional and specialty plant-based beverages across the globe. Cow milk allergy, lactose intolerance, calorie intake, and occurrence of hypercholesterolemia, more preference to vegan food has attracted the consumers towards looking for cow milk alternatives. Plant-based beverages alternatives are an emerging trend, which provides an adequate alternate where cow’s milk supply is inadequate. Though various types of innovative beverages from plant sources are being exploited for a cow milk alternative, many of these face some/any technological issues, either related to processing or preservation. The majority of these plant-based beverages lack nutritional balance when compared to bovine milk; however, they contain functionally active components with health-promoting properties that attract health-conscious consumers.
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Top Companies Operating in the Global Plant-Based Beverages Market Report:
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).
Further key findings from the report suggest
- By function, bone health holds a market value of about 2.9 Billion in 2020. The high content of calcium in these products is foreseen to be the major driving factor for this market.
- By source, the market for plant-based beverages is divided into almond, soy, coconut, and rice. Soy segment is projected to grow at the highest CAGR of about 12.2% during the forecast period.
- The milk segment is estimated to account for the notable share in the market for plant-based beverages in 2020. A growing number of consumers opt for milk substitutes for medical reasons or as a lifestyle choice. Medical reasons include lactose intolerance with a worldwide prevalence of 75% and cow’s milk allergy, also, in countries where mammal milk is limited.
- The Asia Pacific is experiencing rapid growth in plant-based beverages market over the forecast timeline with a CAGR of about 12.7%. Increasing health concerns among the Japanese population projected to drive the Japanese plant-based beverages market.
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The global Plant-Based Beverages market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further market segmentation
Source Outlook (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Almond
- Soy
- Coconut
- Rice
- Others (cashew, oats, pea, and hemp)
Type Outlook (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Milk
- Other drinks (smoothies, shakes, and nogs)
Function Outlook (Volume Metric Tons, Revenue, USD Million; 2020-2028)
- Cardiovascular health
- Cancer prevention
- Bone health
- Lactose-free alternative
- Others
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