Plant-Based Beverages Market to Incur Rapid Extension During 2028
XploreMR 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 XploreMR 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.
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The plant-based beverages market is segmented as follows:
- Sales Channel
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 XploreMR’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.
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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.