Plant-based Beverages Market by Source (Almond, Soy, Coconut, Cashew, Flax, Rice, and Oats), Type (Milk, Smoothies, and Shakes), Function (Cardiovascular Health, Cancer Prevention, Bone Health) and Region (North America, Europe, Asia Pacific, and the Rest of the World (RoW)) - Global Analysis & Forecast 2019-2030
Report ID : 124 | Published Date : May 2020 | Pages : 200 | Region : Global | Report Code : FB-4
Plant-based Beverages Market Overview and Introduction
Plant-based Beverages Market is estimated to be over US$ 14 Billion in 2019. It is anticipated to grow at a CAGR of 12.2% from 2019 to 2030.
Plant-based beverages include almond milk, soy milk, coconut milk, cashew milk, flax milk, rice milk, and oat milk, among others. Such beverages come with a plethora of advantages including rich vitamin & mineral contents, low calories, easy-to-digest, and others. Moreover, they are preferred by masses that have to follow dietary restrictions (primarily vegans), suffer from lactose intolerance & cardiovascular diseases or simply those that prefer the taste of such beverages over milk products.
The global plant-based beverages market is driven by factors such as the shifting preference of masses toward dairy-free products and inclination toward the vegan diet trend. High number of people suffering from lactose intolerance and growing awareness regarding health concerns are other critical factors that are expected to drive its demand in the coming years. However, availability of alternatives such as organic milk produced by cows grazing on pastures and affordability-related constraints in developing countries are some of the major factors that might hamper market growth to certain extent.
Plant-based Beverages Market By Source, By Type & By Function
The global plant-based beverages market is segmented by source, type, function, and region. Based on source, the market has been segmented into almond, soy, coconut, cashew, flax, rice, and oats. The almond segment is expected to dominate the market owing to the high preference of the North American population for almond-based products, which has further resulted in increased production of almonds in the region. Based on type, the market has been segmented into milk, smoothies, and shakes. The milk segment is anticipated to dominate the market share due to the increased demand for non-dairy milk from vegans and masses that are lactose intolerant.
Plant-based Beverages Market By Regions
The global plant-based beverages market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America is expected to witness tremendous growth in the almond milk segment. The Asia Pacific region is also expected to reap revenue from almond milk owing to the increasing disposable income of people in the region. Moreover, consumers in these regions are shifting toward natural & healthy food options, which is expected to further boost the sale of plant-based beverages.
Plant-based Beverages Market Prominent Players
Some of the prominent market players operating in the market are China International Marine Containers, Singamas Container, United Technologies, Great Dane, Utility Trailer, Daikin Industries, Lamberet, Kögel Trailer, and Wilhelm Schwarzmuëller, among others.