ID: MRFR/F-B & N/5054-CR | February 2021 | Region: Global | 131 pages
Market Research Future (MRFR) asserts that the market for plant-based beverages is predicted to garner a market value of USD 388.42 Bn while expanding at a CAGR of 8.5% during the assessment timeframe.
COVID-19 has positively affected the plant-based beverages industry during the COVID era due to the surging requirement for a nutritional product. The plant-based beverages provide nutrition and boost immunity that is likely to favor the market growth. The plant-based beverage can reduce the impact of the virus which is expected to enhance demand for such beverages that can strengthen the market during the pandemic.
Growing Adoption of Non-Dairy Beverage to Boost the Market Growth during the Forecast Tenure
The surging animal activism and increasing demand for the non-dairy beverage are likely to be a significant factor during the assessment tenure. Besides, the growing prevalence of chronic ailments among the expanding populace is expected to grow the need for nutritional drinks that is likely to be another salient cause that can augment the market during the assessment tenure.
Plant-Based Beverages Market Opportunities
Growing Health Consciousness among the Expanding Populace to Boost the Market during the Review Timeframe
The increasing requirement for various healthy and non-dairy drinks and the expanding population is projected to offer a significant opportunity in strengthening the market during the forecast timeframe.
Fluctuation in Prices of Raw Material to Hinder the Market During the Review Period
The fluctuation in prices of raw materials is expected to affect the demand for non-dairy drinks that can hinder the market rise during the review timeframe.
Increasing Demand for Probiotic Drinks to Hamper the Market during the Assessment Timeframe
The increasing demand for probiotic drinks can pose a considerable challenge in market growth during the forecast timeframe.
Cumulative Market Growth Analysis
MRFR asserts that the global market for plant-based beverages is predicted to showcase a notable rise during the analysis timeframe due to the surging demand for non-dairy nutritional drinks. COVID-19 is expected to bring a positive impact on the market owing to the growing demand for nutritional drinks that can help to boost immunity.
The segmental assessment of the Global Market for Plant-Based is done by Distribution Channel, Source, and Type
By Distribution Channel
The distribution channel-based segments of the global market for plant-based are store-based and non-store based. The store-based segment is likely to make the most significant participation during the analysis timeframe due to the increasing inclination towards the one-stop-shopping preference.
The source-based segments of the global market for plant-based are soy, seeds and leaves, vegetables, fruits, nuts, and others. Among all, the seeds and leaves segment is expected to make the most significant contribution in strengthening the market during the forecast period.
The type-based segments of the global market for plant-based are juices, plant-based milk, RTD tea & coffee, and others. The juices segment has been estimated to reach a valuation of USD 222.5 Bn by 2023.
As per the analysis conducted by MRFR, the global market for a plant-based beverage is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Europe is Expected to Dominate the Global Market During the Analysis Timeframe
Europe is projected to lead the global market during the review timeframe owing to the growing adoption of a healthy lifestyle. The increasing adoption of veganism is anticipated to be another salient cause that can boost the demand for such beverages, thereby augmenting the market during the review period. In addition, the innovation of beverages is projected to enhance the market during the review timeframe.
North America to Acquire the Market Value of USD 111.4 Mn by 2023
As per the analysis by MRFR, North America is anticipated to acquire the market value of USD 111.4 million by 2023, owing to the growing demand for plant-based beverages. The increasing innovation by various key players is expected to strengthen the market during the forecast period. Also, the growing promotional activities undertaken by the industrialists is projected to boost the regional market during the evaluation tenure.
APAC to Expand at a CAGR of 9.22% during the Assessment Period
APAC is expected to grow at a CAGR of 9.22% during the forecast period owing to the rising per capita income of the middle-class population. The increasing demand for plant-based beverages and the growing awareness about veganism are other salient factors that are projected to augment the regional market during the review period. Also, the rising initiatives to innovate beverages is anticipated to strengthen the trade during the assessment period. In addition, the presence of developing countries such as India, China, and Japan are likely to make a significant contribution in the coming period.
Rest of the World (RoW) is Anticipated to Witness Steady Growth During the Forecast Period
The RoW is expected to witness steady growth during the forecast period owing to the growing awareness about plant-based beverages. The regional market is anticipated to grow at a CAGR of 8.75% by 2023. The region is likely to witness sluggish growth as compared to other regions. However, the Middle East can make a notable contribution in boosting the regional market growth during the forecast period.
The rising acquisitions and the increasing partnerships among the established key players are projected to intensify the market competition. The accelerating requirement for nutritional beverages is likely to encourage players to produce innovative products that are expected to increase the number of new players entering the market. The surging demand for such a drink is likely to offer profitable opportunities for market growth and thereby accelerating the competition in the coming period.
The report comprises an exhaustive study of the global market for plant-based beverages. The report is an extensive study of the market, consisting of Porter’s Five-Factor analysis and supply chain analysis. The report highlights the manufacturing technology and the applications that describe market growth. Based on this information, the market is evaluated into various segments, which informs about the market share during the analysis timeframe. The other market dynamics have also been analyzed across an array of developments, which provides a solid hold of the market in the assessment period.
Plant-Based Beverages Market, By Distribution Channel
Plant-Based Beverages Market, By Source
Plant-Based Beverages Market, By Type
Frequently Asked Questions (FAQ) :
plant-based beverages market is projected to grow at approximately 8.50% CAGR during the assessment period (2018-2023).
plant-based beverages market is estimated to reach a valuation of approx. USD 388.42 BN by the end of 2023.
Based on source, the seeds & leaves segment, based on the type, the juices segment, and based on the distribution channel, the store based segment holds majority shares in the global plant-based beverages market.
North America holds the largest share in the global plant-based beverages market, followed by the Asia Pacific and the rest-of-the-world, respectively.
PepsiCo, Inc., SunOpta Inc., Campbell Soup Company, Koia, Hain Celestial Group, Keurig Dr. Pepper Inc., Danone SA, Califia Strategies, Fresh Del Monte Produce Inc., and The Coca-Cola Company, are some of the top players operating in the global plant-based beverages market.
Plant-based Beverages Market - Summary
Plant-based beverages have witnessed a steady rise in demand over the past years and the trend is likely to continue throughout the assessment period (2018-2023). There is a tremendous market opportunity for plant-based beverages. It is projected that the global plant-based beverage market will surge at a robust 8.50% CAGR between 2018 and 2023 to reach a valuation of USD 388.42 Bn. Focus towards R&D and product innovation has led to introduction of a wide-range of plant-based beverages.
Demand for these beverages has also increased due to their healthcare benefits. Consumers are inclining towards plant-based beverages as they are healthy and have high nutritional value. Moreover, they have emerged as suitable alternative for consumers who are lactose intolerant and do not have appetite for milk-based beverages. Most plant-based beverages do not pose any risk of allergic reactions and can be consumed all age group. This give plant-based beverages a competitive advantage. At the same time, widespread availability of raw ingredients used for production of plant-based beverage have led to development of a robust supply chain.
Rising number of health-conscious consumers is also reflecting favorably on the market. However, the arrival of probiotic drinks and functional beverages that do contain plant-based ingredients may hinder the market’s growth in the forthcoming year. Plant-based beverages may lose some percentage of their market to probiotic drinks. A number of brands have launched probiotics beverages realizing the market opportunity in these products. This is likely to have a ramification on the global plant-based beverage market.
Segmental Analysis of the global plant-based beverage market is conducted on the basis of source, type, and distribution channel.
Based on source, the market has been segmented into fruits, vegetables, nuts, seeds & leaves, soy and others. The fruits segment is expected to remain highly lucrative during the forecast period. The segment reached a market valuation of USD 119 Bn in the years 2027. Fruits are one of the key sources of plant-based beverages. Further, the availability of a wide variety of fruits, which includes apples, grapes pineapple, mango, citrus fruits, banana, and pomegranate is supporting the growth of the segment. Among all the major fruits used for producing plant-based beverages, orange is the most widely used fruit.
Based on type, the market has been segmented into RTD tea & coffee, juices, plant-based milk and others. The juices segment currently accounts for the largest market share and likely to retain its dominant position beyond 2019. The segment is projected to witness a strong growth during the forecast period and reach a valuation in excess of USD 222 Bn. This is primarily owing to the high consumption of fruit juice all over the world. Proponents believe that regular consumption of vegetable and fruit juice can help in maintaining a good health. Juice is common part of diet for individuals who are focused on improving their physical attributes and religious follow a healthy diet.
Based on distribution channel, the market has been segmented into store based and non-store based. In 2017, the store-based segment accounted for the lion’s share of the market. This can be attributed to the massive network of store-based distribution channels that covers supermarket/hypermarket, convenience stores, and specialty stores. Proliferation of such stores in emerging nation such as China, India and Mexico is also providing an impetus to the segment.
The market has been covered across region such as Europe, North America, Asia Pacific (APAC), Latin America and the Middle East & Africa. Of these, the Europe currently accounts for the largest market share. In 2017, the plant-based beverage market in Europe stood at a valuation of USD 76.43 Bn and is projected to exhibit a CAGR of 8.09% till 2023. North America has emerged as the second larges market for plant-based beverage. The region’s market currently values at over USD 69 Bn and is expected to remain high profitable in 2019 and beyond. Meanwhile, the market in Asia-Pacific is expected to register the highest CAGR of 9.22% during the forecast period.
Some of the top companies operating in the global plant-based beverages market include the Coca-Cola Company, PepsiCo, Inc., Hain Celestial Group, Danone SA, Fresh Del Monte Produce Inc., Campbell Soup Company., Califia Strategies, Koia, Keurig Dr Pepper Inc. and SunOpta Inc.
Rising demand for natural and clean label drinks among the consumers is encouraging the key players of plant-based beverages market to expand their business portfolio in the global market
Major key players listed in the plant-based beverages market include PepsiCo, Inc. (US), The Coca-Cola Company (US), Hain Celestial Group (US), Danone SA (France), Fresh Del Monte Produce Inc. (US), Campbell Soup Company (US), Califia Farms (US), Koia (US), Keurig Dr Pepper Inc. (US), and SunOpta Inc. (Canada), among others. Plant-based beverages have an established market throughout the globe. Increasing health conscious population, growing prevalence of lactose-intolerance, and high rising demand for natural and clean labeled drinks are some of the factors driving the growth of the market. Also, the growth in the marketing strategies adopted by the key players acts as a driver for the growth of the global plant-based beverages market. These listed players account for the major developmental share in the global plant-based beverages market. To compete with the new players entering the plant-based beverages market, the established players follow certain strategies to sustain their consumer base.
Danone SA is witnessed to account for the highest market share in terms of development and is projected to constitute 20.3% of the developmental share in the global plant-based beverages market. The company is majorly focusing on product launch and offering more options to the consumers through its wide range of product offerings. For instance, the company launched Caava, an RTD tea in Indonesia on March 2018; also, it launched a new Mizone with taurine and green tea and ginseng extract in China on March 2017. Moreover, the company is also investing in increasing its production capacity to fulfill the increasing demand for which it expanded its plant-based beverage production facility and warehouse in Mt Crawford, Virginia, US with an investment of USD 60 million on October 2017.
The Coca-Cola Company accounted for a share of 16.5% of the overall development in the global plant-based beverages market. This company is involved into diversified strategic developments. It is highly investing into R&D and launch of new products widening their product portfolio. The company is focusing into new product launches offering a wide range of products to the consumers and is also undergoing acquisitions and business expansion to have a sustainable growth. For instance; the company acquired Ades which is a plant-based beverage from Unilever on March 2017. Moreover, on May 2018, the company opened two production lines at Kyje, Prague, to manufacture plant-based drinks.
PepsiCo Inc. also holds a prominent place in the market with strong focus on new product launches and business expansion. The company has a broad range of product offerings and is further involved into R&D for innovative product launch. For instance, the company expanded its R&D at its New York campus on February 2017. Moreover, it launched a new plant-based drink, Quaker Oat Beverage, in the US under its Quaker brand on November 2018.
The other key players are also found to have a high focus on strategic product launch to seek consumers’ attention towards their product range. They are also involved in the strategic agreement which will further support the company to expand and reach out to consumers across the regions. Acquisitions are also made to mark the company’s presence and expand their business line. Additionally, the companies are inclined towards product promotions and strengthening their marketing base. The promotional strategy aids in retaining the existing customers and to regenerating new customer base.