Plant-based beverages are prepared from dairy-free milk, extracted from various plant-based sources. Lactose intolerant and vegan individuals are increasingly consuming plant-based food and beverages. There are wide variety of food and beverages available in the market, prepared from milk, derived from sources such as almond, soy, rice, coconut, and others. Popularly consumed plant-based products are milk, ice cream, cheese, butter, and others.
Increase in awareness regarding the benefits of plant-based products and growth in vegan population are the major factors that boost the demand for the plant-based beverages and other products. In addition, increase in health consciousness, rise in disposable income, and growth in awareness toward chemical-free products are some of the major factors that fuel the market growth. However, higher cost compared to conventional milk and milk-based products as well as prominence of low-cholesterol and low-fat conventional milk and milk-based products restrain the market growth. Moreover, the market is anticipated to offer attractive business opportunities, owing to rise in lactose intolerance and an increase in demand for soy, rice, and almond milk proteins in the global market. Moreover, innovation in sources and flavors of plant-based food & beverages is to unfold opportunity for the players operating in the market.
The global plant-based beverages market is segmented on the basis of source, type, distribution channel, and region. By source, the market is categorized into four segments, which include fruits, nuts, rice, soy, and others. By type, the market is segmented into RTD tea & coffee, plant-based milk, and juices. Based on the distribution channel, it is divided into hypermarkets & supermarkets, convenience stores, specialty stores, and online. Regionally, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.
The companies profiled in the report include WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth’s Own Food Inc., Kikkoman Corporation, Rebel Kitchen, Panos Brands LLC, The Hain Celestial Group Inc., Eden Foods Inc, Coca-Cola Company, and PepsiCo. Inc.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTATION
By Source
By Type
By Distribution Channel
By Region
Increase in awareness regarding the benefits of plant-based products and growth in vegan population are the major factors that boost the demand for the plant-based beverages and other products. In addition, increase in health consciousness, rise in disposable income, and growth in awareness toward chemical-free products are some of the major factors that fuel the market growth. However, higher cost compared to conventional milk and milk-based products as well as prominence of low-cholesterol and low-fat conventional milk and milk-based products restrain the market growth. Moreover, the market is anticipated to offer attractive business opportunities, owing to rise in lactose intolerance and an increase in demand for soy, rice, and almond milk proteins in the global market. Moreover, innovation in sources and flavors of plant-based food & beverages is to unfold opportunity for the players operating in the market.
The global plant-based beverages market is segmented on the basis of source, type, distribution channel, and region. By source, the market is categorized into four segments, which include fruits, nuts, rice, soy, and others. By type, the market is segmented into RTD tea & coffee, plant-based milk, and juices. Based on the distribution channel, it is divided into hypermarkets & supermarkets, convenience stores, specialty stores, and online. Regionally, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.
The companies profiled in the report include WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth’s Own Food Inc., Kikkoman Corporation, Rebel Kitchen, Panos Brands LLC, The Hain Celestial Group Inc., Eden Foods Inc, Coca-Cola Company, and PepsiCo. Inc.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2018 to 2026 to identify the prevailing market 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 of the size and segmentation assists in determining the prevailing market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the global industry.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the plants industry.
KEY MARKET SEGMENTATION
By Source
- Fruits
- Nuts
- Rice
- Soy
- Others
By Type
- RTD Tea & Coffee
- Plant-Based Milk
- Juices
By Distribution Channel
- Hypermarkets & Supermarkets
- Convenience Stores
- Specialty Stores
- Online
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Rest of LAMEA
Table of Contents
Chapter 1: Introduction
Chapter 2: Market Overview
Chapter 3: Market Overview
Chapter 4: Plant Based Beverages Market, By Source
Chapter 5: Plant Based Beverages Market, By Type
Chapter 6: Plant Based Beverages Market, By Distribution Channel
Chapter 7: Plant Based Beverages Market, By Region
Chapter 8: Competitive Landscape
Chapter 9: Company Profiles
Executive Summary
According to the report, titled, “Plant-Based Beverage Market by Source, Type, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026,” the plant-based beverage market size was valued at $13.5 billion in 2018, and is estimated to reach $22.4 billion by 2026, registering a CAGR of 6.7% from 2019 to 2026.The plant-based beverage are plant-based natural and chemical free milk products derived through grains, seeds, or nuts. Plant-based beverage act as a substitute for consumers who are allergic to dairy products or people who are on a vegan diet. Some of the major alternatives to dairy are non-dairy milk, ice cream, cheese, yogurts, juice, energy drinks, and soft drinks.
The factors that drive the plant-based beverage market growth include health benefits associated with consuming plant-based milk as they are high in micro and macronutrient content as well as low in fat and cholesterol content. Moreover, rise in fitness concerns among people in different regions also boost the market growth. In addition, increase in the number of lactose intolerant population, growth in trend of veganism, and rise in disposable income drive the market growth. However, increase in cost of raw materials due to unpredictable weather and high cost of production are expected to hamper the growth of the market during the forecast period. Moreover, rise in demand for alternatives to dairy by health-conscious consumers and frequent introduction of new flavors & variety are expected to provide numerous opportunities for the expansion of 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 categorized into fruits, nuts, rice, soy, and others. By type, it is segmented into RTD tea & coffee, plant-based milk, and juices. Based on the distribution channel, the market is categorized into hypermarkets & supermarkets, convenience stores, specialty stores, and online. Regionally, the market is classified into North America, Europe, Asia-Pacific, and LAMEA.
According to the plant-based beverage market analysis by source, the fruits segment generated the highest revenue in 2018 and is expected to remain dominant throughout the forecast period. However, the nuts sources segment is expected to grow at the highest CAGR throughout the forecast period.
In 2018, the plant-based milk was the most prominent segment accounting for maximum share in the global plant-based beverage market. However, the others segment is expected to witness notable growth, with a CAGR of 3.7% from 2019-2026.
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. However, the online segment is expected to witness the fastest growth throughout the forecast period.
Based on the plant-based beverage market forecast, Asia-Pacific and North America accounted for the maximum share in the global market in 2018 and is expected to remain dominant during the forecast period. Asia-Pacific is expected to grow with the highest CAGR throughout the forecast period, owing to rise in adoption of veganism among consumers.
Key findings of the study
The plant-based beverage market was valued at $13,560 million in 2018, and is estimated to reach $22,448 million by 2026, growing at a CAGR of 6.7% throughout the forecast period.
Based on source, the nuts segment would witness the fastest growth, registering a CAGR of 8.1% during the forecast period.
In 2018, based on type, the plant-based milk segment held the highest share, in the plant-based beverage market.
In 2018, U.S. was the most prominent market in the North America and is expected to grow at a significant CAGR throughout the forecast period.
North America was the dominant region in 2018, accounting for 43.3% of the plant-based beverage market share.
The key players in the plant-based beverage industry 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.
Companies Mentioned
- 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.
- Eden Foods Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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