Plant-Based Beverages Market is estimated to reach USD 31,395 million by 2027, increasing at 12.4% CAGR during 2020-2027 | Size, Growth & Trends

Plant-Based Beverages Market

The Plant-Based Beverages Market is expected to reach USD 31,395 million by 2027, growing at a CAGR of 12.4% over the forecast period (2020-2027).

For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/plant-based-beverages-market/

The factors driving the growth of Plant-Based Beverages Market includes rise in the lactose intolerant population, growing prevalence of diabetes, obesity and cardiovascular diseases, trending concept of veganism, increasing popularity of hemp-based drinks and improvements in the living standards. As per the study conducted by Vegan Society in partnership with Vegan Life magazine, in 2016, number of people identifying as vegans in the United Kingdom has increased by 360%, which will boost the demand for plant-based beverages in the approaching years. Moreover, rise in the launch of innovative flavors by manufacturers, growing awareness about the health benefits of consuming plant-based beverages, increasing availability of wide range of plant-based beverages at online platforms and rapid urbanization, are some of the additional factors supplementing the Plant-Based Beverages Market size. In addition, the increasing investments by leading players on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Plant-Based Beverages Market is hindered because plant-based beverages are comparatively expensive than dairy products.

The prominent players operating in the market are SunOpta Inc., Pacific Foods of Oregon, Inc., Kikkoman Corporation, The Coca-Cola Company, Blue Diamond Growers, The Hain Celestial Group, Inc., Want Want China Holdings Limited, Califia Farms LP, Koia and Dohler GmbH, among others.

Based on Source, the Coconut segment is predicted to grow at a significant CAGR during the forecast period

Coconut beverages are highly beneficial for patients recovering from kidney stones and blood pressure related problems, is the major factor pushing growth of the segment. 

Based on Type, the Milk segment is projected to expand at a remarkable CAGR over the forecast period

Rise in the launch of innovative flavors and increasing lactose intolerant population across the glob, are propelling segment's growth.

Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period

As per the Plant-Based Beverages Market Forecast, increasing consumers inclination towards adopting healthy lifestyles, rising acceptance towards plant-based drinks, rapid urbanization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

In 2020, Califia Farms LP announced to expand its plant-based beverages portfolio and provide high nutritional beverages options to consumers.
In 2019, Koia introduced three plant-based beverage lines named Koia Core, Koia, and Koia Coffee, which are made from plant-based protein, coconut milk, and MCT oil. The Koia coffee is available in flavors such as Vanilla Latte, Mocha Latte, and Salted Caramel.

Market Segmentation

Segmentation by Source

Almond
Soy
Coconut
Rice
Others

Segmentation by Type

Milk
Other Drinks

Segmentation by Function

Cardiovascular health
Cancer prevention
Lactose intolerance
Bone health

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate, Dublin D18 Y3X2, Ireland

GMI Research's leadership team with extensive experience in research and consulting together with our research and domain expertise creates a strong value proposition to create solutions that addresses our clients business problems and add significant value to long lasting relationship.

This release was published on openPR.