Plant-based Beverages Market to surpass US$ 266.16 Bn in 2019
The plant-based beverages market, which was valued at US$ 266.16 Bn in 2019 is expected to show a steady growth. Exhibiting a CAGR of 6.7% between 2019 and 2028, the market is expected to reach US$ 474.66 Bn by the end of 2028. Consumption of plant-based beverages is expected to surge in Asia Pacific excluding Japan. In addition to this, the demand witnessed in matured markets of North America and Western Europe is expected to remain high through the forecast period. In order to gain a competitive edge, leading market players are focusing on diversifying their product portfolio and upgrading their production facilities. Among various segments, the demand witnessed in the dairy alternatives category is expected to rise at the highest rate.
Key Highlights
Who are some of the leading brands in the plant-based beverages market?
Some of the leading brands operating in the plant-based beverages market are:
- The Coca-Cola Company
- Del Monte Pacific Limited
- PepsiCo, Inc
- Dr Pepper Snapple Group, Inc
- Pacific Foods of Oregon, Inc
Which is the most popular source of plant-based beverages?
Currently plant-based juices are witnessing considerably high demand. Over the course of the forecast period, the market is expected to witness rising demand for dairy alternatives.
Which region exhibits high demand for plant-based beverages?
North America and Western Europe are leading markets, exhibiting high demand for plant-based beverages. Besides this, Asia Pacific holds considerable share. In the coming years, the demand from Asia Pacific excluding Japan and the Middle East and Africa is expected to increase.
What are the key challenges restricting widespread uptake of plant-based beverages?
Increasing awareness pertaining to health and wellness is encouraging consumers to choose healthier food. This is a key factor aiding the expansion of the plant-based beverages market. The market is also expected to benefit from the rising preference for vegan diet.
Are there any negative effects of vegan cheese?
Despite positive growth opportunities, market players are finding it difficult to match the nutrient value of their animal-based counterparts. In addition to this, the high price of plant-based beverages is restricting their penetration in underdeveloped regions since affordability becomes a key concern for consumers.
Plant-based Juices to Lead Accounting for the Dominant Share
Among sources, the demand in the dairy alternative segment is expected to rise considerably in the forthcoming years. Dietary restrictions imposed on lactose intolerant population will make them favour dairy-based alternatives. However, over the course of the forecast period the plant-based juices segment will continue holding a relatively higher volume of share. By the end of 2019, the plant-based juices segment was predicted to hold the dominant 68.4% of the global market in terms of value. Meanwhile, the dairy alternative segment is expected to register a higher growth at 8.3% CAGR between 2019 and 2028.
North America, Western Europe, and APEJ Emerge as Leading Regional Markets
North America, Western Europe, and APEJ cover the majority of the plant-based beverages market. Together these regions held approximately 80% of the overall market. Among the, APEJ is expected to offer the most lucrative growth opportunities to the plant-based beverages market players. The rising disposable income of consumers, coupled with their willingness to spend on healthier food will bode well for the market in the region. Prevailing opportunities in the region are attracting manufacturers from across the globe. Furthermore, APEJ and MEA are relatively less-penetrated markets and therefore have opportunities abound for the market players.
Focus on Health and Wellness Facilitates Growth
The rising focus on health and wellness among consumers will aid the expansion of the plant-based beverages market. Factors such as the rising incidence of diabetes, cardiovascular diseases and the increasing prevalence of obesity have compelled consumers look for healthier alternatives of their favourite meals. In addition to this, innovative packaging solutions introduced by manufacturers will enable them attract an increasing number of consumers. For instance, plant-based beverages are now available in glass bottles, pouches, cartons, and cans. These packaging trends offer ease of use and better convenience to consumers.
Plant-based juices segment holds leading market share
Dairy Alternatives to exhibit growth at a higher CAGR
Convention segment holds majority market share
Organic segment to rise at a higher rate of growth
Regular segment holds dominant market share
Flavoured segment to grow at a higher rate
How Growth will Unfold
The reports of antibiotics and hormones administered to livestock are doing rounds. Such information has rendered customers highly skeptical. As a result an increasing number of them are in favor of healthier plant-based alternatives. Impelled by ongoing trends, some of the leading names in the food and beverages industry are enacting policies to eradicate to lessen if not completely eradicate the use of one of both in supply chains. Bolstered by this factor, the plant-based beverages market will exhibit strong growth over the course of the forecast period.
Despite witnessing considerable growth opportunities, manufacturers in the plant-based beverages market are faced with the challenge of ensuring the same amount of nutritional content in their products as compared to their counterparts. This is proving to be a crucial restraint leaving little choice among manufacturers but to look for ways of improving plant-based offerings to guarantee equivalent nutritional benefits.
* This data is only a representation. Actual data may vary and will be available in report.
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Overview
Plant-Based Beverages Market - Global Industry Analysis 2013-2018 and Opportunity Assessment 2019-2028
The report on the global plant-based beverages market is intended to offer global industry assessment for 2013-2018 and 2019-2028. In this study, Future Market Insights (FMI) identifies chief factors impacting the demand and supply of plant-based beverages. It includes a detailed review of growth drivers, challenges, opportunities, and prevailing trends in the market. It therefore presents crucial information intended to help readers get a comprehensive overview of the plant-based beverages market.
Plant-based Beverages Market Taxonomy
The report segments the global plant-based beverages market in detail to present an executive-level blueprint to the reader
Source
- Dairy Alternatives
- RTD Drinks
- Plant-based Juices
Nature
- Organic
- Conventional
Format
- Regular
- Flavoured
Packaging
- Glass Bottles
- Plastic Bottles & Pouches
- Carton Packaging
- Cans
Sales Channel
- Hypermarket/ Supermarkets
- Specialty Store
- Online Retailers
- HoReCa
- Independent Small Groceries
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- MEA
What's Included
The executive summary of the report covers country analysis, proprietary wheel of fortune, demand-side and supply-side trends, and opportunity assessment. Also, it offers recommendations to help companies establish a foothold in the global plant-based beverages market.
Readers can find a detailed segmentation of the overall plant-based beverages market share in this chapter. This section also highlights inclusions and exclusions to help readers understand the scope of the report.
Readers can find valuable information on the key segments within the market, besides relevant definitions in this chapter. Associated industry assessment is also carried out to study the plant-based beverages market trends, prevailing dynamics, trade analysis, and supply and value chain. Consumers’ perception about plant-based beverages is explained in consumer survey analysis and social media sentiment analysis included in this chapter.
This chapter studies the growth trajectory exhibited by the plant-based beverages market across various segments. It segments the market in terms of various criteria. In terms of source, the market can be segmented into dairy alternatives, RTD drinks, and plant-based juices. On the basis of nature, the market is bifurcated into organic and conventional. By format, it can be split between regular and flavored segments. Based on packaging, the key segments include glass bottles, plastic bottles and pouches, carton packaging, and cans. In terms of sales channel, the report covers hypermarkets/ supermarkets, HoReCa, independent small groceries, specialty stores, and online retailers. Regionally, North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and MEA constitute key segments in the global market.
This chapter includes a detailed analysis of the growth exhibited by the market in North America. It also offers country-wise assessment of the market that covers growth exhibited in the U.S. and Canada. Readers can also find information on prevalent trends and regulations in the North America market for plant-based beverages.
The chapter discusses various factors driving the market across Germany, France, U.K., Spain, Italy, NORDIC, BENELUX, Rest of Western Europe.
The chapter discusses various factors driving the market across CIS, Rest of Eastern Europe.
This chapter includes a detailed analysis of the growth of the market in Asia Pacific, along with a country-wise assessment that covers China, India, Indonesia, Philippines, Australia & New Zealand, and the Rest of Asia Pacific. Readers can also find regional trends and regulations, affecting growth in countries across Asia Pacific.
This chapter provides information about how the market is anticipated to grow in major countries in the MEA region such as GCC Countries, South Africa, Turkey, and the Rest of MEA, during the forecast period 2019 - 2028.
In this chapter, readers can find detailed tier analysis and information on concentration of key players in the plant-based beverages market along with their presence analysis by region and product portfolio. Readers can also find a comprehensive list of all leading stakeholders in the market, along with detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the leading companies operating in the market are The Coca-Cola Company, The Hain Celestial Group, Inc., SunOpta Inc., PepsiCo, Inc., Dr Pepper Snapple Group, Inc., Del Monte Pacific Limited, Pacific Foods of Oregon, Inc., Döhler GmbH, Califia Farms LP, Good Karma Foods, Inc., The WhiteWave Foods Company, Ripple Foods, PBC, Koia, and Harmless Harvest Inc.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the plant-based beverages market report.
This chapter is intended to help readers understand the research methodology followed to reach conclusions and derive important qualitative and quantitative information, about the plant-based beverages market.
How the research was conducted?
Primary Research
- C - Level Executives
- Marketing Directors
- Sales Heads
- Production Managers
- Distributors Heads
- Sales Executives
- Product Manufacturers
- Distributors
- Traders
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near-term and Long-term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity Of Assumptions
Secondary Research
- Industry Publications
- Industrial Week
- Industrial Product Review
- Industrial Magazine
- Industry Associations
- Dieticians Association
- Food and Agriculture Organization
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
Primary Interview Splits
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