Market Size – USD 15.69 Billion in 2020, Growth – CAGR of 12.30%, Market Trends – Relatively high prices of plant-based beverages as compared to dairy milk
NEW YORK CITY, NEW YORK, UNITED STATES, October 11, 2021 /EINPresswire.com/ — According to the current analysis of Reports and Data, the plant-based beverages Market were valued at USD 15.69 Billion in 2020 and is expected to reach USD 39.94 Billion by year 2028, at a CAGR of 12.30%.
Plant-based beverages or non-dairy milk alternative is the fast-growing segment in the newer food product development category of functional and specialty plant-based beverages across the globe. Cow milk allergy, lactose intolerance, calorie intake, and occurrence of hypercholesterolemia, more preference to vegan food has attracted the consumers towards looking for cow milk alternatives. Plant-based beverages alternatives are an emerging trend, which provides an adequate alternate where cow’s milk supply is inadequate. Though various types of innovative beverages from plant sources are being exploited for a cow milk alternative, many of these face some/any technological issues, either related to processing or preservation. The majority of these plant-based beverages lack nutritional balance when compared to bovine milk; however, they contain functionally active components with health-promoting properties that attract health-conscious consumers.
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Food consumption patterns have changed significantly in many industrialized countries in recent years. There has been an increase in the consumption of grain products, fruits and vegetables, and a decline in the use of flesh foods, especially red meats. Such changes have often been advocated because of their association with a reduced risk for certain chronic diseases. In young women, in particular, there has been an increasing trend towards adopting vegetarian-type dietary patterns for ethical, ecological, philosophical, and economic reasons as well as for their perceived health benefits. Adolescent women are also attracted to a vegetarian diet or including plant-based beverages in the diet because of their desire to be slender
The market for plant-based beverages is divided into almond, soy, coconut, and rice. Over the last few years, the industry has taken a severe jump into the future by introducing a broad range of new, convenient, natural, and functional beverages. These beverages, often called health drinks, including teas and juices but also shake and “super drinks. Vegetarian diets have been widely promoted for cardiovascular disease (CVD) risk reduction, and according to the General Heart Association report published in 2019, Plantâ€Based Diets are associated with a lower risk of cardiovascular disease. Based on type, the market has been distributed into milk and other drinks.
The key players in the market includes The WhiteWave Foods Company (US), Blue Diamond Growers (US), Pacific Foods (US), Hain Celestial (US), SunOpta (Canada), Want Want China Holdings Limited (China), Kikkoman (Japan), Califia Farms (US), The Coca-Cola Company (US), Ripple Foods (US).
Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the plant-based beverages market on the basis of source, type, function and region:
On the basis of source, (Volume Metric Tons, Revenue, USD Million; 2020-2028)
• Others (cashew, oats, pea, and hemp)
On the basis of type, (Volume Metric Tons, Revenue, USD Million; 2020-2028)
• Other drinks (smoothies, shakes, and nogs)
On the basis of function, (Volume Metric Tons, Revenue, USD Million; 2020-2028)
• Cardiovascular health
• Cancer prevention
• Bone health
• Lactose-free alternative
Regional Outlook (Volume Metric Tons, Revenue, USD Million; 2020-2028)
• North America
• Asia Pacific
• Middle East & Africa
• Latin America
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Further key findings from the report suggest
• By function, bone health holds a market value of about 2.9 Billion in 2020. The high content of calcium in these products is foreseen to be the major driving factor for this market.
• By source, the market for plant-based beverages is divided into almond, soy, coconut, and rice. Soy segment is projected to grow at the highest CAGR of about 12.2% during the forecast period.
• The milk segment is estimated to account for the notable share in the market for plant-based beverages in 2020. A growing number of consumers opt for milk substitutes for medical reasons or as a lifestyle choice. Medical reasons include lactose intolerance with a worldwide prevalence of 75% and cow’s milk allergy, also, in countries where mammal milk is limited.
• The Asia Pacific is experiencing rapid growth in plant-based beverages market over the forecast timeline with a CAGR of about 12.7%. Increasing health concerns among the Japanese population projected to drive the Japanese plant-based beverages market.
• To match up with the new sustainability commitments, The WhiteWave Foods Company who is a top consumer packaged food and plant-based beverages company developed in accordance with Global Reporting Initiative (GRI) G4 Sustainability Reporting Guidelines and diverted 78 percent of its waste from landfills through recycling in 2015.
Table of Content
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020 – 2028
Chapter 3. Indicative Metrics
3.1. Macro-Economic Indicators
3.1.1. Global food and beverages: Industry Snapshot
3.1.2. Demand from emerging economies
3.1.3. Rise in per capita disposable income
Chapter 4. Plant-Based Beverages Market Segmentation & Impact Analysis
4.1. Plant-Based Beverages Segmentation Analysis
4.2. Plant-Based Beverages Market Impact Analysis
4.2.1. Market driver analysis
184.108.40.206. Consumer trends inclined toward replacing dairy milk with plant-based beverages
220.127.116.11. Globally increasing cases of lactose intolerance and milk allergies
18.104.22.168. Increasing number of product launches and investments by major players
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Source: EIN Presswire