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2020
Plant-based Beverage Market

Plant-Based Beverage Market

by Source (Fruits, Nuts, Rice, Soy, and Others), Type (RTD Tea & Coffee, Plant-Based Milk, and Juices), and Distribution Channel (Hypermarkets & Supermarkets, Convenience Stores, Specialty Stores, and Online): Global Opportunity Analysis and Industry Forecast, 2019-2026
Update Available On-Demand

Report Code: A05402
Pages: 260
Jan 2020 | 11208 Views
Author(s) : Aniket K , Roshan D
Tables: 136
Charts: 87
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The plant-based beverage market size was valued at $13,560 million in 2018, and is estimated to reach $22,448 million by 2026, registering a CAGR of 6.7% from 2019 to 2026.

Plant-based beverage are drinks that can be used as a substitute for dairy. These beverages are derived from plants and are considered a very healthy alternative to dairy. Soymilk, rice milk, and almond milk are among the most popular choice for plant-based beverages worldwide. They are considered healthy, owing to presence of several essential vitamins and minerals. They are also low on fats, cholesterol, and has zero concentration of lactose.

Plant Based Beverage Market

Plant-based beverage has been very popular in the mature and emerging market. This can be attributed to rise in the number of people allergic to dairy. Furthermore, growth in health awareness and increase in disposable income fuel the growth of the plant-based beverage market. Moreover, introduction of additional healthy ingredients by different market players are some other factors that further drive the growth of the market. However, fluctuating prices of raw materials and high cost act as the major restraint for this market. On the contrary, growth in demand for plant-based beverage by vegan population and introduction of new flavor & variety of plant-based beverages are anticipated to provide lucrative growth opportunities for the plant-based beverage market.

The plant-based beverage market is segmented on the basis of source, type, distribution channel, and region. By source, the market is divided into fruits, nuts, rice, soy, and others. On the basis of type, it is fragmented into RTD tea & coffee, plant-based milk, and juices. By distribution channel, it is categorized into hypermarkets & supermarkets, convenience stores, specialty stores, and online. Regionally, the plant-based beverage market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Plant-Based Beverage Market
By Source

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Nuts segment would exhibit the highest CAGR of 8.1% during 2019-2026.

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Based on source, the fruits segment generated the highest revenue in 2018 and is expected to remain dominant throughout the forecast period. This can be attributed to increase in demand for products with high vitamins, zinc, and iron for proper body health, in countries such as India and China. Moreover, increase in penetration of high nutrition and cholesterol-free plant-based beverage products is expected to boost the demand for nuts-based beverage in the countries such as the U.S. However, the nuts segment is expected to grow at the highest CAGR throughout the forecast period, owing to better taste, low cholesterol, and low fat coupled with increase in demand for cholesterol-free products by consumers in countries such as Canada is expected to unfold attractive opportunities for the plant-based beverage market.

Plant-Based Beverage Market
By Type

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RTD Tea and Coffee segment would exhibit the highest CAGR of 9.9% during 2019-2026.

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By type, the plant-based milk was the most prominent segment accounting for maximum share in the global market. This can be attributed to increase in demand for plant-based chemical-free milk by lactose intolerant population. However, the plant-based milk segment is expected to witness notable growth, with a CAGR of 5.8% from 2019–2026.

Plant-Based Beverage Market
By Distribution Channel

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Online segment would exhibit the highest CAGR of 9.1% during 2019-2026.

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Based on the distribution channel, the speciality stores segment was the leading distribution channel with most of the plant-based beverage market share in 2018. The growth in the market can be attributed to increase in adoption of large retail formats such as supermarket and hypermarkets in both the mature and emerging markets. Moreover, the one stop solution provided by these retail formats makes it a very popular option for shopping for consumers. However, the online segment is expected to witness the fastest growth throughout the forecast period, owing to rapid internet and smartphone penetration.

Plant-Based Beverage Market
By Region

2019
North America 
Europe
Asia-pacific
Lamea

North America would exhibit the highest CAGR of 4.3% during 2019-2026.

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By region, North America was the most prominent regional market in 2018. This can be attributed to increase in trend of veganism and rise in consumers’ awareness regarding health and fitness in the region.

The players in the plant-based beverage industry have adopted product launch and acquisition as their key development strategy to increase profitability and improve stance in the dairy alternatives market. The key players have also relied on business expansion to stay relevant in the global market. The key players profiled in the report include WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth’s Own Food Inc., Living Harvest Foods Inc., Kikkoman Corporation, Rebel Kitchen, Organic Valley, Panos Brands LLC, The Hain Celestial Group Inc., and Eden Foods Inc.

Key Benefits for Stakeholders:

  • The report provides a quantitative analysis of the current dairy alternatives market trends, estimations, and dynamics of the market size from 2018 to 2026 to identify the prevailing opportunities.
  • Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis and the market size and segmentation assists in determining the prevailing plant-based beverage market opportunities.
  • The major countries in each region are mapped according to their revenue contribution to the global market. 
  • The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.

Plant-Based Beverage Market Report Highlights

Aspects Details
By Source
  • Fruits
  • Nuts
  • Rice
  • Soy
  • Others
By Type
  • RTD Tea & Coffee
  • Plant Based Milk
  • Juices
  • Others
By Distribution Channel
  • Hypermarkets & Supermarkets
  • Convenience Stores
  • Specialty Stores
  • Online
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, France, The Netherlands, Germany, Turkey, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, United Arab Emirates, Rest of LAMEA)
Key Market Players Archer Daniels Midland Company, BLUE DIAMOND GROWERS, HAIN CELESTIAL GROUP, INC., LIVING HARVEST FOODS INC., ORGANIC VALLEY CROPP COOPERATIVE, PANOS BRANDS LLC (KONINKLIJKE WESSANEN N.V.), Pepsico, Inc., SUNOPTA INC., The Coca-Cola Company, WHITEWAVE FOODS COMPANY INC. (DANONE)
 

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Over the past few years, the plant-based beverage market has witnessed a notable growth. The developing countries such as India and China have witnessed an increase in demand for these beverages. Furthermore, rise in demand for innovative products with vegan addition is an important factor that boost the growth of the global plant-based beverage market. Moreover, increase in demand for energy drinks is one of the major factors for expansion of this market in countries such as Brazil and Africa.

The almond milk is the fastest growing segment, followed by other sources such as coconut, hemp, oat, cashew nut, and hemp milk. The others segment is expected to face prominent growth in the global market, owing to consumers’ movement toward product with a new taste and a different flavor.

Leading companies in the plant-based beverages market such as WhiteWave Foods Company, Sunopta Inc., and Hain Celestial Group have witnessed a significant growth in the past few years. Wide varieties of food and beverage products, launched by these players, have increased their overall consumer base. Moreover, other players operating in the market such as Panos Brands LLC, Living Harvest Foods Inc, Pascual Group, and others are expected to strengthen their product line with higher quality innovative products to meet the increase in demands of the consumers. Players operating in the plant-based beverages market have focused on the development and launch of high-quality products, depending on the needs and preferences of consumers. They are regularly engaged in manufacturing of differentiated products with new taste, formulation, and flavor. Moreover, innovative marketing and positioning strategies of players have helped increase the overall market size.

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FREQUENTLY ASKED QUESTIONS?

A. The size of the global Plant-Based Beverage Market was $14,232 million in 2019. North America was the highest revenue contributor in 2018. This was attributed to increase in the obesity in this region.

A. The Plant Based Beverages Market is expected to reach up to $22,448 million in 2026. This is anticipated to rising demand for plant-based milk due to the factors, such as individuals’ preferences and endorsements from health & nutrition professionals across all the regions.

A. The sample of the report will shared by clicking onto the link - https://www.alliedmarketresearch.com/request-toc-and-sample/5767

A. WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth’s Own Food Inc., Living Harvest Foods Inc., Kikkoman Corporation, Rebel Kitchen, Organic Valley, Panos Brands LLC, The Hain Celestial Group Inc., and Eden Foods Inc., are the active players in plant based beverages market.

A. The soy segment is expected to lead the Plant-Based Beverage Market during the forecast period.

A. Most of the consumers select these beverages because of intolerances or allergies to cow’s milk while others choose them for taste. Therefore, increase in dairy allergic consumers will act as an opportunity for plant based beverages market across the globe.

A. Rise in the number of people allergic to dairy products, growth in health awareness and increase in disposable income fuel the plant-based beverages market growth. However, fluctuating prices of raw materials and high cost act as the major restraint for this market.

A. WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth’s Own Food Inc., Living Harvest Foods Inc., Kikkoman Corporation, Rebel Kitchen, Organic Valley, Panos Brands LLC, The Hain Celestial Group Inc., and Eden Foods Inc., are the top 10 competitiors in plant based beverages market.

A. North America region is expected to hold the highest market share in the global Plant-Based Beverage Market. This was attributed to increase in the obesity in this region.

A. Rise in the number of people allergic to dairy products, growth in health awareness and increase in disposable income fuel the plant-based beverages market growth.

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