Pune, India, April 17, 2019 (GLOBE NEWSWIRE) -- Global Plant-based Beverages Market is expected to exhibit a strong 8.5% CAGR over the forecast period from 2018 to 2023, growing to a value of USD 388.42 bn by 2023, according to a new research report from Market Research Future (MRFR).
Growing Health-consciousness among Consumers Drives Plant-based Beverages Market
The global plant-based beverages market is mainly driven by the growing demand for healthy alternatives to conventional aerated drinks and sugary drinks, as the growing volume of health-conscious consumers has forced a revolution in the beverage industry to favor the production of healthier products that add value to the lives of the customers.
Competitive Analysis:
Leading players in the global plant-based beverages market include the Coca-Cola Company, Hain Celestial Group, Fresh Del Monte Produce Inc., Califia Strategies, Keurig Dr. Pepper Inc., SunOpta Inc., Koia, Campbell Soup Company, Danone SA, and PepsiCo Inc.
Segmentation:
The global plant-based beverages market is segmented on the basis of source, type, distribution channel, and region.
By source, the global plant-based beverages market is segmented into fruits, seeds and leaves, nuts, vegetables, soy, and others. The fruits segment dominates the global plant-based beverages market and is expected to reach a valuation of USD 119 bn by 2023. Among fruits, oranges dominate the global plant-based beverages market.
On the basis of type, the global plant-based beverages market is segmented into juices, RTD coffee and tea, plant-based milk, and others. The fruit juices segment currently dominates the global plant-based beverages market and is likely to remain the leading contributor over the forecast period due to the growing popularity of fruit juices across the world.
Industrial Updates:
In April 2019, Elemental Beverage Company announced the release of a new cold brew coffee production method called SnapChill.
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Growing Spread of Veganism Crucial for Plant-based Beverage Market
The growing popularity of the vegan movement is likely to play a crucial role in the development of the plant-based beverages market over the forecast period. Vegans do not consume animal products such as milk, leaving them in need of plant-based alternatives such as soy or almond milk. Such products have heralded a new age for the plant-based beverages market, which has for the first time gone beyond tea and coffee to establish a real presence in the global food and beverage market. The growing populist support for the veganism movement is likely to be a major driver for the global plant-based beverages market over the forecast period.
Growing Emphasis on New Product Development and R&D could Drive Plant-based Beverages Market
Due to the growing popularity of plant-based beverages, major established players in the global beverage industry have tried to get in on the act by introducing herbal drinks and other plant-based beverages in the market. This has led to players competing on the basis of product diversity, which has resulted in extensive product innovation in the market. The rising efforts by manufacturers to come up with new flavors and new formulations are likely to be crucial for the market over the forecast period.
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Regional Analysis:
The global Plant-based Beverage Market is segmented on the basis of region into North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific. Europe is likely to hold the dominant share in the global plant-based beverages market over the forecast period due to the growing demand for plant-based milks and fruit juices in the region. Even without extensive growth in the number of the vegan population, the Europe market has seen an increase in the demand for soy and almond milk, among others, which has resulted in a steady increase in the plant-based beverages market in the region. The plant-based beverages market in Europe stood at a valuation of USD 76.43 billion in 2017 and is likely to exhibit a progressive 8.09% CAGR over the forecast period from 2018 to 2023.
North America is the second largest regional market for plant-based beverages due to the growing demand for vegan alternatives to milk. The growing popularity of the vegan movement in North America is likely be the major factor in extending the plant-based beverages market’s growth prospects over the forecast period from 2018 to 2023.
Asia Pacific is likely to exhibit steady growth over the forecast period due to the growing popularity of fruit juices, plant milks, and RTD coffee and tea products in the region. The growing urban population in the region has led to a growth in the demand for RTD tea and coffee, which is likely to remain a key driver for the plant-based beverages market in Asia Pacific over the forecast period. The growing demand for fruit juices is also likely to remain a key feature of the plant-based beverages market’s growth in Asia Pacific over the forecast period, as fruit juices are likely to become increasingly popular over the forecast period. The Asia Pacific plant-based beverages market is expected to register a strong 9.22% CAGR over the forecast period.
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