(I-BusinessNews.Com, June 10, 2021 ) The report "Plant-based Beverages Market by Source (Almond, Soy, Coconut, and Rice), Type (Milk and Other Drinks), Function (Cardiovascular health, Cancer prevention, Lactose intolerance, and Bone health) and Region - Global Forecast to 2023", The plant-based beverages market is estimated at USD 11.16 billion in 2018 and is projected to reach USD 19.67 billion by 2023, growing at a CAGR of 12.0% from 2018 to 2023.
The growth of the plant-based beverages market is attributed to the rise in the number of companies penetrating this nascent market by adding plant-based beverage products based on almond milk, soy milk, and rice mik to their portfolio. In 2017, a major food manufcaturing company, Danone (US), acquired The WhiteWave Foods Company (US) to expand its presence in the plant-based beverages space. Apart from this, the rise in the trend of vegan diets, especially in countries such as the UK and the US, amidst the ethical concerns surrounding animal welfare, fats present in animal-based diets, and the usage ofantibiotics, has boosted the consumption of plant-based beverages in these countries.
Based on the source, the global market for plant-based beverages has been segmented into almond, soy, coconut, and rice. The almond segment dominated the market, in terms of value, in 2017. North America is one of the key markets for almond milk, owing to high almond production in this region. The Asia Pacific region is expected to be a major revenue-generating pocket for almond milk, owing to increased urbanization and the increasing number of high-income groups in the region. Consumers in this region are shifting toward natural and healthy food options to cope with their hectic lifestyles. This, in turn, has boosted the sales for plant-based beverages.
Based on type, the plant-based beverages market has been segmented into milk and other drinks. The milk segment is estimated to account for the larger share in the market for plant-based beverages in 2018. The increased demand for non-dairy milk, amidst the growing health concerns, has urged consumers to look out for alternate food options. Apart from this, the rising level of lactose intolerance, especially in the Asia Pacific population, is expected to be a major revenue pocket for plant-based beverage manufacturers in the coming years.
In 2018, Asia Pacific is estimated to occupy the largest share of the global plant-based beverages market, in terms of value and volume. The region consists of key revenue generating countries, China & Thailand, which have a large consumer base for plant-based beverages; with China having one of the largest lactose intolerant population.
The high price is one of the major challenges that manufacturers in the market face. Plant-based beverages can be easily purchased by consumers in developed countries; but in the developing countries, this remains a challenge.
The plant-based beverages market is dominated by key players such as United Technologies (US), Daikin Industries (Japan), Ingersoll-Rand (Ireland), China International Marine Containers (China), Utility Trailer (US). Other key players include Singamas Container (China), Hyundai (South Korea), Schmitz Cargobull (Germany), Fahrzeugwerk Bernard Krone (Germany), Lamberet (France), Kögel Trailer (Germany), Great Dane (US), Webasto (Germany), and Wilhelm Schwarzmuëller (Austria). Innovative new product launches, strategic acquisitions, expansions, joint ventures, and partnerships were the key strategies adopted by these players to enhance their product offerings and to capture a larger market share, which has increased the demand for plant-based beverages.
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