(I-BusinessNews.Com, February 04, 2020 ) The global plant-based beverages market is estimated to be valued at USD 11.16 billion in 2018 and is projected to reach USD 19.67 billion by 2023, at a CAGR of 12.0% during the forecast period. The growth of the plant-based beverages market is attributed to the increasing demand for non-dairy alternatives across the globe, owing to the vegan trends and concerns about animal-based diets. Apart from this, the increase in the number of investments and new product launches by several major players; and rising lactose intolerance among consumers representing high growth prospects for plant-based beverage manufacturers are some of the factors that are expected to drive the market.
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By source, soy is projected to be one of the fastest-growing segments for the plant-based beverages market, owing to its nutrition value, which, according to nutritionists, complements dairy milk, Apart from this, soy milk is tradionally consumed in the Asia Pacific region in countries such as China, where, a large portion of the population is lactose intolerant. Thus, Asia Pacific is expected to be a key revenue pocket for soy milk manufacturers in coming years.
By type, the milk segment is expected to be the faster-growing segment for the plant-based beverages market. The milk segment is expected to witness high growth prospects in coming years, owing to companies penetrating this niche market. Want Want China Holdings Limited (China), a dairy giant in China, has been showing interest in the plant-based beverages segment. In 2017, Danone’s acquisition of WhiteWave (US) boosted the plant-based beverages market in North America.Manufacturers in this region are coming up with a variety of flavors in this category, which is expected to gain consumer attention in coming years.
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Asia Pacific is projected to be the fastest-growing market for plant-based beverages, growing at highest CAGR during the forecast period. Countries such as China and Thailand are traditional consumers of plant-based beverages such as soy milk, owing to a large portion of the population being lactose intolerant. As per Dairy Australia Annual Report 2016-2017, countries such as Australia have witnessed a decline in dairy milk sales over the past few years, due to reduced consumer confidence in dairy milk. On the other hand, the super-market shelves in the country are getting stacked with plant-based beverages such as soy milk, almond milk, and coconut milk. This positive trend in coming years is expected to make Australia a key revenue pocket in the Asia Pacific region.
The plant-based beverage manufacturers are coming up with flavor options to expand their consumer base in this space. For instance, players are introducing plant-based beverages with flavors such as popular chocolate and vanilla. The key players of this market include The WhiteWave Foods Company (US), Blue Diamond Growers (US), Pacific Foods (US), Hain Celestial (US), and SunOpta (Canada). Other players include 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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