Plant-based beverages market is projected to grow during the 2018-2023 period

The recent study by Knowledge Sourcing Intelligence, titled, “Plant-based beverages market - Forecasts from 2018 to 2023” on the Plant-based beverages market covers an in-depth analysis of the market on the basis of the source, product type, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. The report has segmented the plant-based beverages market by source (almond, soy, coconut, rice, other), product type (milk, other drinks) and geography (North America, South America, Europe, Middle East, and Africa, Asia Pacific). In today’s world, beverages are no longer considered as thirst quenchers, people look for certain functionality in these drinks which somehow forms the part of their lifestyle. Expanding the beverage industry and increasing consumer preference towards vegan foods is considered as the driving factor for the growth of the market during the forecast period. In addition, globally increasing cases of lactose intolerance and milk allergies coupled with the nutritional benefits associated with plant-based dairy alternative beverages propel the market growth opportunities in the coming years.

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Based on product type milk segment is showing an impressive year-on-year increase, and this trend is expected to continue over our forecast period.

By product type, milk as plant-based beverages is estimated to account significant market share and is expected to grow rapidly during the forecast period on account of increasing demand for non-dairy milk and rising cases of lactose intolerance and milk allergies.

The Asia Pacific is expected to account for a significant share in the market.

Asia Pacific Plant-based beverages market is estimated to have a significant share in terms of both value and volume in the global market, and the region is further anticipated to grow during the forecast period on account of rapid urbanization and increasing disposable income in the region. In addition, growing beverage industry and growing product launches in the region also drive the growth of the market during the forecast period. Moreover, growing awareness about the nutritional benefits associated with the plant-based beverages also widen ups the growth opportunities for vendors and manufacturers in the coming years.

Some of the major industry players profiled as part of the report are The Hain Celestial Group, Califia Farms, Pacific Foods of Oregon, The Whitewave Foods Company, Pureharvest, Blue Diamond Growers and Sunopta, among others.

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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.

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This release was published on openPR.