08 Aug 2022
Global Plant Based Beverage Market is valued at USD 12.88 Billion in 2020 and is expected to reach USD 28.12 Billion by 2027 with a CAGR of 11.8% over the forecast period.
Global Plant-Based Beverage Market: Global Size, Trends, Competitive, Historical & Forecast Analysis – Rising innovations in plant-based beverages and increasing consumption of plant-based beverages are the significant factors that are driving the growth of the Plant Based Beverage Market.
Scope of Global Plant Based Beverage Market Report:
Plant based beverages are the beverages produced by extraction of plant material such as seeds, grains in water. Plant based beverages include almond milk, soy milk, different types of fruit juices, oat milk, probiotic beverages, hemp milk and vegetable juices etc. These are generally used for alternative or replacement of dairy based beverages. The nutritional content of both dairy and plant based beverages are different. They are considered as healthy because it contains several essential vitamins and minerals. They are also low in fats, cholesterol and has zero concentration of lactose. The peoples having heart diseases and other chronic disorders prefer the plant based beverages because these beverages contain fewer amounts or no cholesterol. Also many people have food allergies and sensitivities so they prefer plant based beverages. The vegan peoples also prefer only plant based beverages. The soy milk was developed in China in 1365. In 1921, a company named Vita Rice Products produced first plant based beverage which was rice milk in San Francisco. Latter an entrepreneur named Kwee Seong Lo developed Soy Milk in 1930.
The COVID-19 outbreak has accelerated the demand for plant based food and beverages as people become more concerned regarding their health and immunity. ?However, ?supply chain and production network are disturbed due to the Covid-19 situation which have shown a gap in the demand and supply and affected the market growth.
Global plant based beverages market is divided into product source, types, flavor, distribution channel and regions & countries. Based on source of product, the market is divided into soy base, coconut base, almond base, rice base, hemp base, others. Based on type, the market is divided into RTD tea and coffee, plant based milk and juices. Based on flavor, the market is segmented into plain and flavored. Based on distribution channel, the market is segmented into hypermarkets and supermarkets, convenience stores, specialty stores and online.
Global Plant Based Beverages Market Segmentation:
- Soy base
- Coconut base
- Almond base
- Rice base
- Hemp base
- RTD tea and Coffee
- Plant based milk
By Distribution Channels:
- Hypermarkets and supermarkets
- Convenience stores
- Specialty stores
Key Players for Global Plant Based Beverages Market Report:
Some of the key players for global plant based beverages market are United Technologies, Daikin Industries, Ingersoll-Rand, China International marine Containers, Utility Trailer, Schmitz Cargobull, Singamas Container, Hyundai, Lamberet, Kogel Trailer, Fahrzeugwerk Bernard Krone, Webasto, Nestle, Wilhelm Schwarzmueller, Great Dane, WhiteWave Foods Company, Pacific Foods, Hain Celestial Group lnc., SunOpta lnc., PepsiCo lnc., Dr Pepper Snapple Group lnc. and others.
Increasing Number of Product Offerings and Growing Consumption of Plant-Based Beverages are Driving Market Growth
Increasing number of product offerings is one of the major driving factors for the global plant based beverage market. For instance; Nestle in April 2021, announced to launch ready to drink (RTD) Milo Cocoa beverage along with two plants based coffee. Also Moola in February 2021, launched Keto plant based immunity drink. So the many innovations by various plant based beverage industries promote the growth of plant based beverage market. In addition, increasing consumption of plant based beverages is responsible for the growth of plant based beverages market. The consumption of the plant based beverages is increasing due to consumer awareness about their health. Furthermore, rising number of innovative technologies like HPP, HPH and demand for alternative beverages are also fostering the growth of global plant based beverages market.
However, fluctuations in the prices of raw materials may hamper the growth of global plant based beverages market. In spite of that, growing vegan population may generate more opportunities for the further growth of the global plant based beverages market.
North America is Anticipated to Dominate the Global Plant-based beverage Market
Geographically; North America is expected to dominate the global plant-based beverage market over the forecast period due to increasing consumer preference for the vegan food. Europe is expected to witness a significant growth due to growing demand of plant based functional food products. For instance, according to ProVeg, an International food Awareness Organization 2020, three quarters (76%) of respondents were plant based eaters while 24% were so called reducing their meat consumption. As peoples are being more health conscious the demand for functional food is increasing. So that the growing demand of plant based functional food products is responsible for the growth of plant based beverages market in Europe. Asia Pacific is expected to witness a fastest growth in the global plant based beverage market owing to presence of large number of consumers for plant based products in this region.
The regions covered in this global plant-based beverage market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of ionic liquids is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.
Key Benefits of Global Plant Based Beverages Report:
- Global Plant Based Beverages Market report covers in-depth historical and forecast analysis.
- Global Plant Based Beverages Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
- Global Plant Based Beverages report helps to identify opportunities in marketplace.
- Global Plant Based Beverages Market report covers extensive analysis of emerging trends and competitive landscape.