Plant-based Beverages Market is anticipated to grow at a CAGR of 12.2% from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Plant-based Beverages Market by Source, Type, and Region – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2030.” According to the report, the global plant-based beverages market is estimated to be ~ US$ 14 billion in 2019. It is anticipated to grow at a CAGR of 12.2% from 2019 to 2030.

The continual growth of the plant-based beverages market can be attributed to several factors, which have led to the wide scale adoption of these products.  Plant-based beverages are extensively useful for improving cardiovascular health, bone health, and good muscle & tissue development. Moreover, these beverages come with a plethora of advantages such as cancer prevention and serve as alternatives for lactose intolerant masses, which is expected to further fuel its demand in the coming years.

China is one of the major countries where large number of people suffer from lactose intolerance. Lactose intolerance is a condition in which a person is unable to digest lactose, the main carbohydrate in dairy products. This is due to the deficiency of lactase, an enzyme produced within the body to digest lactose. It may further result in skin rashes, bloating, diarrhea, abdominal cramps, etc. Plant-based beverages serve as worthy alternatives for people suffering from this condition. Moreover, they are rich in vitamins & minerals and easy-to-digest.

Browse key industry insights spread across 200 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:

The shifting preference of masses toward dairy-free products and inclination toward the vegan diet trend are also major factors that are expected to propel the growth of plant-based beverages. Veganism, in terms of diet, refers to the practice of abstaining from the consumption of animal flesh and animal-derived products (milk, eggs, etc.). It is believed that such diets reduce the risks associated with type 2 diabetes, high blood pressure, obesity, cardiovascular diseases, and others. Veganism is practiced across several parts of the world including the US, the UK, Australia, and India, among others. Recently, there has been an increased inclination of people across the globe toward this trend.

In spite of the aforementioned benefits, factors such as the availability of alternatives such as organic milk produced by cows grazing on pastures and affordability-related constraints in developing countries are expected to hamper the market growth to certain extent. Plant-based beverages are often sold at a higher price when compared with their animal-derived counterparts. The high prices may encourage masses to switch to alternatives that provide similar benefits at comparatively lower prices.

Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing population, growing disposable income of people and rising awareness regarding lifestyle changes is expected to drive growth in this region. Furthermore, the presence of key market players and the presence of a large customer base in the region is expected to further present attractive growth prospects for the market in years to come.

Great Dane, Utility Trailer, Kögel Trailer, Daikin Industries, China International Marine Containers, Singamas Container, United Technologies, Lamberet, and Wilhelm Schwarzmuëller are some of the key players operating in this market.

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