Market Overview:
Plant-based beverages are derived from all sorts of plant sources such as nuts, seeds, and grains. Due to their high nutrition content, plant-based beverages are considered a suitable alternative to cow’s milk. The global plant-based beverages market is expected to grow significantly during the forecast period owing to changing lifestyle choices and increasing health concerns such as food intolerance and allergies. Plant-based beverages provide antioxidants and phytonutrients, which help in reducing inflammation, strengthening the immune system, and improving skin radiance. These factors are leading to the increased demand for plant-based beverages across the globe.
Plant-based beverages are made from several plant sources such as soy, rice, almond, coconut, oat, and potato. Plant-based beverages are favored by vegans and lactose-intolerant consumers.
Based on source, the global plant-based beverages market has been segmented into fruits, vegetables, nuts, and others. The vegetables segment accounted for the maximum share of the market in 2017 owing to the high nutrition content of vegetables, especially protein, and technological advancements to enhance taste, color, and shelf life. The fruits segment is expected to record the highest CAGR due to the high fiber content and health benefits awarded to patients suffering from heart disease, obesity, and type 2 diabetes.
The global plant-based beverages market has been divided, by packaging type, into bottles, pouches, cartons cans, and others. The bottles segment accounted for the largest share of the global plant-based beverages market in 2017 as bottles are easy to carry, reusable, and cost-effective. However, the cartons segment is expected to grow rapidly during the review period due to the materials used in the inner lining of cartons that prevent loss of nutrients and increase shelf life.
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The market for plant-based beverages has also been classified, by distribution channel, as store-based and non-store-based. The store-based segment generated the higher revenue in 2017 owing to the strong vendor networks of manufacturers. However, in the coming years, the non-store-based distribution channel segment is projected to grow at a faster rate during the forecast period due to technological advances and improvements in distribution networks of the e-commerce industry.
Key Players Review:
Some of the key players in the global plant-based beverages market are the Coca-Cola Company (US), Hain Celestial (US), SunOpta (Canada), PepsiCo Inc. (US), Keurig Dr Pepper, Inc. (US), Del Monte Pacific Ltd (Singapore), Pacific Foods of Oregon, Inc. (US), Dohler Group (Germany), Califia Farms (US), Good Karma Foods, Inc. (US), the Whitewave Foods Company (US), Ripple Foods (US), Koia (US), and Harmless Harvest (US).
Regional Analysis:
The European plant-based beverages market is expected to be the fastest-growing regional market during the forecast period due to the increasing adoption of healthy eating habits. Along with the growing number of vegans, the demand for plant-based beverages is increasing due to their unique taste and nutritional benefits. Manufacturers have introduced various beverages based on seeds, oats, soy, rice, and almonds to cater to this rising demand.
North America is expected to dominate the global plant-based beverages market during the review period owing to the rising health concerns and a growing demand for plant-based nutrition in the region. Rising health concerns about allergies to dairy products is also projected to boost the growth of the regional plant-based beverages market.
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Segmentation:
The global plant-based beverages market has been segmented based on source, packaging type, distribution channel, and region.
Based on source, the global plant-based beverages market has been segmented into fruits, vegetables, nuts, and others.
The packaging type segments of the global plant-based beverages market are bottles, pouches, cartons, cans, and others.
By distribution channel, the global plant-based beverages market has been divided into store-based and non-store-based.
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