The global plant-based beverages market was valued at US$15.3 Bn in 2019 and will reach a valuation of US$34.8 Bn by 2026, at a healthy pace of 12.9 % CAGR.
The growing boom around health food sector, and rampant rise in preference for low-calorie, plant-based F&B products collectively drive the growth of plant-based beverages market. The publisher provides an insightful view of global plant-based beverages market in a report to reveal how the market growth will unfold over the period of forecast, 2021 - 2026.
To leverage the flourishing popularity of plant-based beverage products, brands focus on innovative launches in addition to emphasizing product-based models, says the report. The exorbitant initial R&D investments, and the lack of standardisation however remain a major challenge for market players, especially mid-sized potential participants in plant-based industry.
Key Insights and Trends Across Global Plant-based Beverages Market
Plant-based beverages continue to witness surging demand for their rich nutrition profile, as well as the ability to render the desired textures as dairy products
Ready-to-drink category as a highly untapped white space for manufacturers of plant-based beverages
North America, the dominant plant-based beverages market, will remain the top consumer region projected to thrive at a CAGR of around 12.7% through 2026
More than half the consumers in the US alone tend to exclusively purchase plant-based milk alternatives that are free from artificial ingredients
Plant-based Beverages Market Receives Strong Tailwinds from the Flourishing Non-dairy Category
Although vegetarianism and veganism remain the massive trend waves driving a mass consumer shift away from dairy, the high-quality protein source continues to be among the most significant concerns associated with these trends. However, the same protein requirement is fuelling demand for plant-based products, in turn fostering the growth of plant-based beverages market.
The market is expected to flourish further as there has been an increasing number of claims regarding the equivalent quality of green (plant-based) protein when compared with conventional animal protein sources. Leveraging the growing consumer perception of non-dairy as a viable protein source, plant-based beverage sales are likely to rise high in the next few years. The report highlights the US to be developing a strong breeding ground for the market as over 45% of the US consumers currently consume non-dairy milk alternatives.
Plant-based Beverages Market Finds its Next Leg of Growth in Asia Pacific
While the North American plant-based beverages market continues to be at the forefront on the back of the highest number of product launches in the category, solid consumer inclination toward health drinks will largely be responsible for the market proliferation here. Notable demand coming from the sports nutrition sector is likely to further push the market prospects here according to the report.
Moreover, rising consumer awareness regarding the significantly prevalent conditions like obesity, and inflammatory bowel disease (IBD) are expected to further heighten the growth outlook. Asia Pacific on the other hand continues to represent a high-potential plant-based beverages market based on the rapidly evolving consumer lifestyles, and the consistently improving accessibility and affordability of speciality products across retail.
Leading Competitors in Plant-based Beverages Market
Some of the most significant players driving the competition landscape of global plant-based beverages market include Pureharvest, Califia Farms LP, Danone SA, Good Karma Foods, Inc., Ripple Foods, Koia, PBC, Blue Diamond Growers, and Harmless Harvest Inc.
