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Plant-based Beverages Market by Source, Type, Function and Region - Global Forecast to 2023

Plant-based Beverages Market: Global Forecast until 2023

  • October 2018
  • 139 pages
  • ID: 5601834
In this report:
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The plant-based beverages market is estimated to rise at a compound annual growth rate of 12.00 percent, in terms of value importance, during the estimate period.

The overall plant-based beverages market is expected to be valued at ~$11.2B in 2018 and is projected to extend ~$19.7B by 2023, at a compound annual growth rate (CAGR) of 12.0% during the forecast horizon. The rise of the plant-based beverages market is assigned to the increasing popularity of vegan diets, especially among millennials; r and the growing demand for low-calorie options, amidst adaption of hectic lifestyles in developing countries. On top of, corporations are showing interest in the niche plant-based beverage segments by acquiring local actors or investing in innovative products to tap consumer interests, which has also propelled the increase of this market. Nevertheless, due to premium pricing of plant-based products in various countries, the cost of these products remains higher than dairy products. Accordingly, Manufacturers are working on bringing down the prices of these products remains a challenge for the manufacturers in this industry. Apart from this, in many emerging countries, there is a lack of awareness among consumers about the benefits of plant-based beverages over dairy beverages, owing to lack of proper promotional strategies. As a result, high reliance on dairy milk products is still prevalent in these regions.

Almond milk: The biggest segment in the plant-based beverages market, by source.

The almond milk segment is intended to be the biggest market for plant-based beverages, by source.Almond milk has been gaining popularity across different coffee shops in the US.

California (US-CA), US, is the hub for almond production.Blue Diamond Growers is a leading almond processing company, which offers almond-based products under its brand "Almond Breeze".

The brand represents almond milk made from California almonds.

The milk segment, by category, is intended to be the larger segment of the plant-based beverages market by 2023

The milk segment is forecasted to be the larger segment in the plant-based beverages market in 2018.The market demand for plant-based milk is higher compared to other drinks, as product offerings for plant-based milk are much higher compared to other drinks including shakes, smoothies, and nogs.

Firms are offering a wide variety of plant-based milk made from almond, soy, coconut, and rice.Apart from this, other milk sources including cashew, oats, pea, and hemp are also gaining popularity in the sector.

Therefore, with extensive range of plant-based milk options available in the market, the industry demand for plant -based beverages is anticipated to growth in coming years.

APAC is forecasted to be the quickest developing market for plant-based beverages during the outlook period.

Asia-Pac is anticipated to be the quickest-increasing regional market for plant-based beverages.The income from plant-based beverages is rising in the Asia Pacific area, due to consumers seeking low- calorie options.

The territory is home to top revenue generating countries including China and Thailand (TH).In 2018, plant-based foods were one of the main trends in Thailand (TH).

Apart from this, the main dairy firms in China (CN) have been planning to penetrate the niche plant-based beverages market.Therefore, there are high increase prospects for plant-based beverage manufacturers in this area.

The main target group for these products is anticipated to be middle/high income groups in these countries, since plant-based beverages are premium priced.

Distribution of primaries:

• By Company category: Tier 1: 45 %, Tier 2: 35.0 percent, and Tier 3: 20.0 percent

• By Description: C-suite: 40.0 percent, D-suite: 20.0 percent, and Others: 40.0 percent

• By Area: Asia Pacific (APAC): 30.0 percent, South America region: 15.0 percent, North America continent: 25.0 percent, Europe (EU): 15.0 percent, and RoW: 15.0 percent

The plant-based beverages market is leaded by, is monopolized by top players including The WhiteWave Foods Company, Blue Diamond Growers, Pacific Foods, Hain Celestial, and SunOpta. Other actors contain Want Want China Holdings Limited, Kikkoman, Califia Farms, The Coca-Cola Company, Ripple Foods, WildWood Organic, and Pureharvest.

Segment Research

The industry report examines the plant-based beverages market across various industry verticals and localities.It aims at evaluating the market value and upcoming growth potential of this market across distinct segments including source, category, function, and area.

Moreover, the study also comprises a detailed competitive analysis of the top players in the industry together with their company descriptions, recent evolutions, and key industries strategies.

Main highlights

The analysis will facilitate the market top players/new sector entrants in this sector by providing them the closest approximations of the revenue numbers for the global plant-based beverages market and submarkets.This industry report will facilitate the partners to apprehend the competitive landscape better, to benefit additional insights to position their businesses better, and to make suitable go-to-market approaches.

The market research will also assist them to comprehend the sector and will provide them with info on the main market drivers, market restraints, opportunities, and alternatives.

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