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Plant-based Beverages Market Projected to Hit $19.67 billion by 2023 | Key Players Include - Blue Diamond Growers, Pacific Foods, Hain Celestial, Califia Farms, WildWood Organic
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 plant-based beverages market was valued at USD 11.16 billion 2017 and projected to reach USD 19.67 billion by 2023, growing at a CAGR of 12.0% during the forecast period. The market for plant-based beverages is driven by factors such as the increased demand for vegan food options, amidst the growing health concerns about the consumption of animal-based diets.
The years considered for the study are as follows:
- Base year: 2017
- Estimated year: 2018
- Projected year: 2023
- Forecast period: 2018-2023
The almond segment is projected to dominate the plant-based beverages market through the forecast period.
Based on source, the almond segment is projected to dominate the plant-based beverages market, in terms of value, through 2023. The increased demand for dairy-free alternatives; rise in the number of lactose intolerant individuals in major revenue-generating regions such as Asia Pacific and Africa; increase in the cases of lifestyle-related diseases such as heart diseases and cancer in the US; and rise in obesity cases in developing countries such as Argentina have boosted the almond milk sales, both in terms of value and volume. The almond milk segment has gained popularity in coffee shops and restaurants across US.
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Asia Pacific dominated the global plant-based beverages market.
The Asia Pacific market accounted for the largest share in the plant-based beverages market, in terms of value, in 2017. The region consists of key revenue pockets in countries such as China & Thailand, which are some of the key consumers of plant-based diet products. China is one of the largest consumers of soy milk, which is considered the most suitable alternative to dairy milk. Furthermore, the country’s leading dairy products manufacturer, Want Want China Holdings Limited, is expanding its base in the plant-based beverages space.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as The WhiteWave Foods Company (US), Blue Diamond Growers (US), Pacific Foods (US), Hain Celestial (US), SunOpta (Canada), Want Want China Holdings Limited (China), Kikkoman(Japan), Califia Farms (US), The Coca-Cola Company (US), Ripple Foods (US), WildWood Organic (US), and Pureharvest (Australia).
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