The global Plant-Based Beverages Market Size2020 is projected that the global plant-based beverage market will surge at a robust 8.50% CAGR to reach a valuation of USD 388.42 billion by 2023.
As they are nutritious and have good nutritional value, customers are drawn towards plant-based drinks. Also, consumers who are lactose intolerant and do not have an appetite for milk-based drinks have arisen as a viable substitute. The bulk of plant-based beverages carry no risk of allergic reactions and should be drunk in all age ranges. This provides a significant edge to plant-based drinks. Around the same time, the growth of a stable supply chain has contributed to the widespread availability of raw materials used for the manufacture of plant-based beverages market size.
The growing number of health-conscious customers often reflects favourably on the industry. The introduction of probiotic drinks and nutritional beverages containing plant-based ingredients, however, could impede the growth of the market in the coming year. Probiotic drinks can lose any proportion of their market to plant-based beverages. Probiotic drinks have been introduced by a variety of brands to understand the business demand for these products. This is going to have implications for the wider demand for plant-based beverages.
Confidence among the global population has been increased by the large-scale occurrence of chronic disorders, thereby encouraging them to alter diets and food habits. This, in essence, has opened new opportunities for market players to expand by fueling demand for plant-based beverages. Key players concentrate on robust branding campaigns to improve their global industry footholds. Nonetheless, growth in the markets for alternative products such as probiotic drinks and sugar-free carbonated drinks is expected to influence the development of the demand for plant-based beverages in the coming years.
Segmental analysis of the global demand for plant-based beverages is carried out based on the source, form and medium of distribution.
The industry has been segmented into fruits, vegetables, nuts, seeds & leaves, soy and others depending on sources. During the forecast era, the fruit segment is projected to remain extremely lucrative. Over the analysis period, the segment achieved a USD 119 billion market value.
The market has been segmented into plant-based milk, RTD tea & coffee, juices, and others based on form. Currently, the juices category has the highest market share and is expected to hold its dominant position through 2019. During the forecast period, the segment is expected to experience high growth and hit a valuation of over USD 222 billion.
The industry has been segmented into store-based and non-store-based, depending on the distribution channel. The store-based portion accounted for the lion's share of the market in 2017.
The report comprises of analysis from Europe, North America, Asia Pacific (APAC), Latin America and the Middle East & Africa.
Of these, the highest market share is accounted for by Europe. The plant-based beverage industry in Europe secured a USD 76.43 billion valuations in 2017 and is anticipated to mature at a CAGR of 8.09 per cent by 2023.
The second-largest demand for plant-based drinks has arisen in North America. At present, the region's industry is worth over USD 69 billion and is projected to remain highly lucrative in 2019. The Asia-Pacific sector, meanwhile, is predicted to post the highest CAGR of 9.22 per cent during the forecast period.
Some of the major companies operating in the global Plant-Based Beverages Market Sizeinclude the Coca-Cola Company, 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.
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