Plant-Based Beverages Market By Source (Almond, Soy, Coconut, and Rice), By Type (Milk and Others), and By Function (Cardiovascular Health, Cancer Prevention, Lactose Intolerance, and Bone Health): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025
— Zion Market Research has published a new report titled “Plant-Based Beverages Market By Source (Almond, Soy, Coconut, and Rice), By Type (Milk and Others), and By Function (Cardiovascular Health, Cancer Prevention, Lactose Intolerance, and Bone Health): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global plant-based beverages market was valued approximately USD 11.16 billion in 2018 and is expected to generate USD 20.25 billion by 2025, at a CAGR of around 12% between 2019 and 2025.
Plant-based beverages are broadly categorized into two major categories—plant-based alternative and plant-focused beverages. The plant-focused products include fruits and vegetables along with juices, dressings, spreads, toppings, and plant-based snacks.
The change in the eating habits of consumers and the rise in consumer consciousness about healthy eating and wellness are major factors supporting the growth of the global plant-based beverages market. The consumer wants products that are healthy and natural without compromising on the taste and flavor. This has inclined them toward plant-based beverages, as they contribute to healthy eating habits and provide more nutrition. The increase in popularity of these beverages has led to various big beverage providers to manufacture plant-based drinks. For instance, PepsiCo, one of the oldest beverages manufacturers and suppliers, is branching into plant-based beverages. However, a relatively high price of plant-based beverages as compared to dairy milk is affecting the plant-based beverages market growth. On the other hand, the integration of value-added ingredients and flavor innovations in dairy alternative beverages is projected to contribute toward the growing demand of plant-based beverages, which is expected to provide new growth opportunities for the plant-based beverages market.
Based on the source, the plant-based beverages market is segmented into almond, soy, coconut, and rice. The soy-based source is likely to be a rapidly growing segment in the future, due to the source’s wide popularity among the end-users. By type, the plant-based beverages market is categorized into milk and others. By function, the plant-based beverages market is categorized into cardiovascular health, cancer prevention, lactose intolerance, and bone health. The cardiovascular health segment is expected to hold a higher market share in the years ahead, due to an increase in the health consciousness among consumers.
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By region, Asia Pacific was the largest region in the global plant-based beverages market in 2018. This can be attributed to the presence of countries like China and Thailand, which are some key consumers of plant-based diet products. The North American plant-based beverages market is expected to witness significant growth over the forecast timeline, due to the various key developments that have increased the regional demand for plant-based beverages products. Europe showed a moderate growth rate in the global plant-based beverages market in 2018. The region is expected to witness a high demand for plant-based beverages in the future due to increasing consumer preference toward healthy products with less fat and the rising popularity of dietary restrictions among consumers due to food allergies.
Some key players operating in the global plant-based beverages market include Coca-Cola, PepsiCo, Inc., Hain Celestial Group, Danone SA, Fresh Del Monte Produce Inc., Campbell Soup Company, Califia Strategies, Koia, Keurig Dr Pepper Inc., and SunOpta Inc., among others.
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This report segments the global plant-based beverages market into:
Global Plant-Based Beverages market: Source Analysis
Global Plant-Based Beverages Market: Type Analysis
Global Plant-Based Beverages Market: Function Analysis
Global Plant-Based Beverages Market: Regional Analysis
Middle East and Africa
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