The global plant-based beverages market size is expected to reach US$ 474,666.1 million by the end of 2028. Rising focus on health and wellness is giving impetus to the market, finds Future Market Insights in a report, titled “Plant-Based Beverages Market – Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028.” According to the report, the market was valued at US$ 247,848.8 million in 2018. Between 2018 and 2028, the market is expected to report a CAGR of 6.7% CAGR. As leading companies focus on diversifying their product portfolio, consumers are likely to get spoilt with choices. This in turn would favour the market’s expansion over the course of the report’s forecast period.
The market for plant based beverages witnessed massive slowdown in its progress as a result of the spread of Covid-19 pandemic across the globe. The level of demand declined to the extreme level due to lockdown creating hurdles for the key players operating in this market. However as recovery commences in 2021, major players are recuperating their positions through production expansion, capacity utilizations and online selling in 2021 keeping in view the covid-19 norms.
Recognized companies such as The Coca-Cola Company, Del Monte Pacific Limited, PepsiCo, Inc, Dr Pepper Snapple Group, Inc and Pacific Foods of Oregon, Inc are focusing on the incorporation of tactics including partnership agreements, sales contracts, strategic alliances, diversifications, innovative launches, mergers & acquisitions, research and developments, technological upliftments, product line extensions, hiring technical expertise, joint ventures, collaborations, product approvals etc for gaining a competitive edge over others in the market.
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Some of the key takeaways from the market study are:
- The plant based beverages market is broadly classified under dairy alternatives, RTD drinks, and plant-based juices. Of these, dairy alternatives segment is expected to emerge as the most lucrative one.
- The rising prevalence of lactose intolerance among consumers is one of the chief drivers of this segment. In addition to this, the demand for healthy, nutritious, and tasty beverages will push demand in the plant-based beverages market.
- On the basis of nature, the market is split between organic and conventional. Among the course of the forecast period, the organic plant-based beverages category is likely to surpass conventional plant-based beverages segment to emerge as the most attractive category.
- Regionally, North America, Western Europe, and APEJ constituted the dominant share in the plant-based beverages market. In the coming years, APEJ is expected to emerge as one of the most attractive market for plant-based beverages.
- The rising disposable income and per-capita expenditure of consumers will support the expansion of the plant-based beverages market in Asia Pacific.
“Consumers around the world are increasingly adopting plant-based and restrictive diet, including plant-based beverages. The rising prevalence of food allergies, lactose intolerance, and other conditions is driving diets Paleo diet, flexitarian diets, and others,” said a leading FMI analyst.
Rising Awareness Pertaining to Health and Wellness among Consumers to Aid Growth
Concerns among consumers pertaining to food safety have skyrocketed. Recent incidents of food recalls and health hazards caused due to chemical additives used in food products have caused damage to consumer trust. However, manufacturers of the plant-based beverages are likely to gain against this backdrop. There is an evident rise in demand for foods and beverages derived from natural sources. In addition to this, economic uptick and increasing consumer spending on premium brands are aiding the expansion of the plant-based beverages market.
High Cost of Processing May Hinder Growth
On the downside, the cost incurred on processing plant-based beverages may hamper their sales average. Critics note that large investment in processing is particularly valid in case of plant-based dairy alternatives, because they often need oil, fats, and added nutrients in large quantities to replicate their taste of their animal-based counterparts. However, this limitation can be mitigated if manufacturers discover ways of limiting the resources and money spent on processing.
Who is Winning?
Some of the leading players operating in the plant-based beverages market are The Coca-Cola Company, The Hain Celestial Group, Inc., SunOpta Inc., PepsiCo, Inc., Dr Pepper Snapple Group, Inc., Del Monte Pacific Limited, Pacific Foods of Oregon, Inc., Döhler GmbH, Califia Farms LP, Good Karma Foods, Inc., The WhiteWave Foods Company, Ripple Foods, PBC, Koia, and Harmless Harvest Inc.
As a result of increasing competition, plant-based beverage manufacturers are focusing on expanding their product portfolio and improving sourcing process. Their expansion strategies are further aided by agreements between them and local players across emerging market. These companies are particularly focusing on catering to changing consumer preference across various applications.
- For instance, The Hain Celestial Group, Inc. entered into an agreement with Rosetto Foods in 2017 to establish a joint venture. Through this, the company intended to expand its product portfolio.
- In 2018 The Coca-Cola Company acquired Unilever’s AdeS plant-based beverage business to expand its portfolio consisting of functional drinks.
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Get Valuable Insights into Plant-based Beverages Market
Future Market Insights, in its new report, presents an unbiased analysis of the global plant-based beverages market, covering historical demand data and forecast figures for the period between 2019 and 2028. The study divulges compelling insights into growth witnessed in the market. In terms of source, the market can be segmented into dairy alternatives, RTD drinks, and plant-based juices. On the basis of nature, the market is bifurcated into organic and conventional. By format, it can be split between regular and flavored segments. Based on packaging, the key segments include glass bottles, plastic bottles and pouches, carton packaging, and cans. In terms of sales channel, the report covers hypermarkets/ supermarkets, HoReCa, independent small groceries, specialty stores, and online retailers. Regionally, North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and MEA constitute key segments in the global market.