Plant-based Beverages Market Size, Share, Growth, Trends, and Forecast to 2023

(I-BusinessNews.Com, August 18, 2020 ) 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. Apart from this, consumers in emerging countries are adopting hectic lifestyles, which urge them to look out for low-calorie food options with high nutritional value. This has boosted sale of plant-based beverage products.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=34414144

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.

The plant-based milk segment is projected to dominate the plant-based beverages segment.

Based on type, the plant-based milk segment accounted for the larger share in the plant-based beverages market, in terms of value, in 2017. Manufacturers have been coming up with non-dairy alternatives such as almond milk, soy milk, and coconut milk in a variety of flavors, which has gained consumer interest. They are also introducing with new sources such as oat milk, cashew milk, rice milk, hemp milk, and pea milk. These alternative dairy sources are occupying spaces in supermarket shelves. The vegan trend is also gaining popularity, with millennials preferring it to traditional dairy beverages. Growing health concerns about the consumption of animal-based diets have led to consumers shifting toward plant-based diets.

Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=34414144

Asia Pacific dominated the global plant-based beverages market.

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.

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.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com

Source: EmailWire.Com