An Incisive, In-depth Analysis on the Plant Based Beverages Market
This study offers a comprehensive, 360 degree analysis on the Plant Based Beverages market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Plant Based Beverages market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Plant-based products are broadly classified into two categories, namely, 'plant-based alternatives' and 'plant focused'. The plant-based alternatives segment involves all products which replicate animal-based counterparts like milk, yogurt, meat, and ice cream. The second category is plant focused products, which includes fruits and vegetables. This category involves products like juices, dressings, spreads, toppings, and plant-based snacks.
Plant-based products include plant-based beverages that are further classified into plant-based dairy alternatives, juices, and ready-to-drink beverages. The plant-based beverages segment is expected to witness a growing CAGR of 6.7% by 2028, owing to the changing eating habits of consumers. Consumers are more conscious about health and wellness than before, and want to consume products that are healthy and natural without compromising on the taste and flavor of the product. Increasing concerns for health and wellness, and the spreading of obesity, diabetes, and cardiovascular diseases among consumers, have made consumers appreciate and incline towards plant-based beverages. Plant-based products including plant-based beverages contribute to healthy eating habits, and provide more nutritional value, vitamins, minerals, and healthy fats as compared to animal-derived alternatives. Besides, consumers are opting for safer plant-based beverages, due to the rising food safety concerns associated with the usage of hormones and antibiotics in dairy-based products. The growing popularity of plant-based beverages among consumers is leading to the increasing interest of big companies towards such products. Big companies are investing in and acquiring small plant-based beverage companies and brands to expand their offerings of plant-based beverages. Companies are well aware of the changing consumer trend and preference towards a healthier lifestyle and plant-based products, and hence, are trying to update their inventories with more and more plant-based products like plant-based beverages.
APEJ a Key Market for Global Plant-based Beverage Revenues
The global plant-based beverages market is expected to observe significant growth coming from the APEJ market. In terms of value, the plant-based beverages market in APEJ is expected to expand at a CAGR of 7.6% over the forecast period, to reach a market value of US$ 201,085.0 Mn by 2028. APEJ accounts for almost 39% of the total share of the global plant-based beverages market in terms of revenue, which is expected to increase significantly by 2028 end. Increasing awareness for health and wellness, and growing consumer per capita disposable income are expected to boost the growth of the plant-based beverages market in APEJ.
Asia Pacific Plant-based Beverages Market– Segment-wise Overview
By source type, the plant-based beverages market will witness a major contribution from the plant-based juices segment. In terms of value, the plant-based juices segment for Asia Pacific market holds the largest share, and accounts for over 65.8% of the total APEJ plant-based beverages market. However, in terms of value growth, the dairy alternatives segment of plant-based beverage is expected to register comparatively significant growth during the forecast period. Increasing consumer awareness about natural and plant-based products is the key driver for the growing market for plant-based beverages. Increasing per capita expenditure of the consumers in Asia Pacific is also resulting in changing consumer preferences towards healthier plant-based products including plant-based beverages.
Developed regions like North America and Europe will also face rapidly growing demand for plant-based beverages, with the plant-based juices and dairy alternatives segment being a prominent shareholder, due to the increasing prevalence of dietary restrictions among consumers resulting from lactose intolerance and food-allergies, and growing consumer inclination towards plant-based products. The other driver for the growing market for plant-based beverages is the growing consumer trend of vegan/vegetarian/flexitarian diets, which is rapidly increasing in North America and Western Europe. The populations in these regions are adopting a restrictive diet that focuses on the higher consumption of plant-based products, including plant-based beverages. While intolerances (e.g., lactose intolerance) or food allergies drive some of these diets, others such as flexitarian diets and the Paleo diet are consumer-made choices aimed at attaining greater well-being. North America and Asia Pacific, together, account for 56.6% of the market share for plant-based beverages.
Future Market Insights offers a 10-year forecast of the global plant-based beverages market between 2018 and 2028. In terms of value, the market is expected to register a CAGR of 6.7% during the forecast period. This study demonstrates the market dynamics and trends in the global plant-based beverages market that are expected to influence the current environment and future status of the plant-based beverages market over the forecast period.
Report Description for Plant-Based Beverages
This Future Market Insights report examines the global plant-based beverages market for the period 2018–2028. It provides historical data of 2013, along with estimated data for 2018, and forecast data up to 2028 in terms of value (US$ Mn) and volume (MT). The primary objective of the report is to offer insights into the developments in the market that are significantly influencing the demand for plant-based beverages. Increasing consumer consciousness and preference for plant-based and natural products is identified as the primary driver for plant-based beverages, globally. A few other market drivers for plant-based beverages include the growing prevalence of dietary restriction due to problems like lactose intolerance and food allergies, and the increasing global trend for vegan/vegetarian/flexitarian diets.
The plant-based beverages market is segmented as follows:
This report covers the global plant-based beverages market performance in terms of value and volume contribution. The report for plant-based beverages also includes FMI’s analysis of key trends, drivers, and restraints in each of the seven regions/countries which are currently influencing the plant-based beverages market. Furthermore, the report gives a complete region/country-wise analysis of 2018 & 2028 estimates of the total revenue and consumption of plant-based beverages. Value chain analysis, opportunity analysis, and scenario forecast of every region/country is included in this plant-based beverages report to better equip clients with crystal-clear decision-making insights.
Based on source segmentation, the plant-based beverages market is segmented into dairy alternatives, RTD drinks, and plant-based juices. The plant-based juice segment of plant-based beverages is predicted to dominate the market in terms of value and volume contribution throughout the forecast period, due to increasing health awareness among population. The Dairy alternatives include plant-based milk like soy milk, almond milk, rice milk, oats milk, cashew milk, seed milk, and others is anticipated to resister highest growth over the forecast years.
Based on nature segmentation, the plant-based beverages market is further categorized into organic and conventional plant-based beverages. The conventional segment is predicted to dominate the market in terms of value and volume contribution throughout the forecast period however will have a declining market till 2028.
Based on format segmentation, the plant-based beverages market is divided into regular and flavored drinks. Manufacturers are offering innovative and different flavors of plant-based beverages to attract larger consumer bases.
Based on packaging segmentation for plant-based beverages, the market is further segmented into glass bottles, plastic bottles & pouches, carton packaging, and cans.
Based on regional segmentation for plant-based beverages, Asia Pacific and North America are estimated to collectively account for more than half of the total share of the global plant-based beverages market, which is expected to increase potentially by 2028 end. Latin America and Eastern Europe are other significant regional markets, which are projected to register the highest CAGRs in terms of value and volume among other regions in the global plant-based beverages market during the forecast period.
For analyzing market size for plant-based beverages in terms of volume, segmentation by source is considered. The dairy alternatives and RTD drinks markets are analyzed by the per capita consumption of plant-based non-dairy beverages in major consuming regions. The market for fruit and vegetable juices is considered by calculating the production of major fruits and vegetable offered as juices, and thereby, the amount of fruits and vegetables for juice processing is calculated. The penetration of plant-based beverages is benchmarked for key target countries in each region. The data modeling approach has been carried out by analyzing the total acreage of source crop/feedstock planted, average yield, amount consumed directly v/s amount used for processing into plant-based beverages, etc. Weighted average selling price for plant-based beverages was considered to estimate the market size of plant-based beverages in major consuming countries. These prices were captured in their respective countries, and then converted into USD to offer forecasts in one consistent currency standard.
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, and Hoovers, and company annual reports and publications. The report provides the detailed competitive and company profiles of key participants operating in the global market.
Some of the key market players covered in plant-based beverages report 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. Plant-based beverage manufacturers are looking towards improving their collection and sourcing processes. This is further supported by agreements with local participants producing plant-based beverages across different regions. Also, companies are focused towards proliferating product portfolios in accordance with the customers of varied applications. Nowadays, consumers are becoming increasingly inclined towards products that impart looks along with better taste and nutrition content. Thus, in order to drive the attention of consumer towards plant-based beverages, manufacturers are increasingly developing blended solutions, which offer both, better taste and nutritional content.
Plant Based Beverages Market Reports - Table of Contents
1. Executive Summary
2. Market Introduction
3. Plant-Based Beverages Market Background
4. Global Plant-Based Beverages Market Analysis 2013–2017 and Forecast 2018–2028
5. Global Plant-Based Beverages Market Pricing Analysis
6. Global Plant-Based Beverages Market Analysis 2013–2017 and Forecast 2018–2028, by Source
7. Global Plant-Based Beverages Market Analysis 2013–2017 and Forecast 2018–2028, by Nature
8. Global Plant-Based Beverages Market Analysis 2013–2017 and Forecast 2018–2028, by Format
9. Global Plant-Based Beverages Market Analysis 2013–2017 and Forecast 2018–2028, by Packaging
10. Global Plant-Based Beverages Market Analysis 2013–2017 and Forecast 2018–2028, by Sales Channel
11. Global Plant-Based Beverages Market Analysis and Forecast, By Region
12. North America Plant-Based Beverages Market Analysis 2013–2017 and Forecast 2018–2028
13. Latin America Plant-Based Beverages Market Analysis 2013–2017 and Forecast 2018–2028
14. Western Europe Plant-Based Beverages Market Analysis 2013–2017 and Forecast 2018–2028
15. Eastern Europe Plant-Based Beverages Market Analysis 2013–2017 and Forecast 2018–2028
16. APAC Plant-Based Beverages Market Analysis 2013–2017 and Forecast 2018–2028
17. Japan Plant-Based Beverages Market Analysis 2013–2017 and Forecast 2018–2028
18. Middle East & Africa Plant-Based Beverages Market Analysis 2013–2017 and Forecast 2018–2028
20. Competition Analysis
21. Research Methodology