Plant-Based Beverage Market by Type (Milk, Other drinks), Distribution Channel (Convenience stores, Hypermarkets and Supermarkets, Specialty Stores, and Others), Source (Coconut, Rice, Fruits, Soy, Nuts, Almond), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast to 2027
Newark, NJ, May 26, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global plant-based beverage market is expected to grow from USD 14.46 billion in 2019 to USD 24.30 billion by 2027, at a CAGR of 6.7% during the forecast period 2020-2027. North America region dominates the market, owing to the increase in trend of veganism and growing consumer awareness regarding health and fitness. The Asia-Pacific region is projected to show a significant growth, owing to the rising disposable income, and willingness to spend on healthier food. In the region, Thailand and China are the major consumers of plant-based beverages. Europe shows moderate growth and is expected to witness higher growth, owing to the rising popularity of dietary restrictions among consumers due to food allergies and consumer preference towards health products. Latin America and Eastern Europe are anticipated to possess significant growth for the manufacturers of plant-based beverages.
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Some of the notable players in the market are Want Want China Holdings Limited, The WhiteWave Foods Company, Califia Farms, Ripple Foods, Pureharvest, WildWood Organic, Blue Diamond Growers, SunOpta, The Coca-Cola Company, Kikkoman, and Hain Celestial.
Based on type, the market is segmented into milk and other drinks. The milk segment dominates the market growth, owing to the increased demand for non-dairy milk, growing health awareness, increasing demand for plant-based chemical-free milk by lactose intolerant population, and consumers to look out for substitute food options. The distribution channel segment includes convenience stores, hypermarkets and supermarkets, speciality stores, and others. The speciality stores are the leading segment in the distribution channel, attributing to the increase in adoption of large retail formats. The online distribution channel segment is also expected to witness significant growth due to the rapid internet and smartphone penetration. The source segment includes coconut, rice, fruits, soy, nuts, and almond. The fruit segment holds the largest market share, owing to the increase in demand for products with high zinc, vitamins, and iron for appropriate body health, increase in penetration of high nutrition and cholesterol-free plant-based beverages. The nuts segment is also anticipated to witness significant growth due to low cholesterol, better taste, and low fat.
The factors driving the market growth are growing awareness about the health benefits of consuming plant-based beverages, rising number of people allergic to dairy, growing health awareness, and rapid gravitation towards vegan and flexitarian lifestyle choices. Factor hindering the market growth is the high price of the plant-based beverages. Increasing popularity of plant-based beverages possess great opportunity for market growth. Thus, the market is expected to witness significant growth, due to the increasing awareness and consciousness about the health benefits derived from the plant-based beverages.
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The global plant-based beverage market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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