Plant-Based Beverages Market Revenue Likely to Exceed US$34.8 Bn Through 2026

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Global Plant-Based Beverages Market Was Valued at US$15.3 Bn in 2019 and Will Reach past the Valuation of US$34.8 Bn by 2026 end, Registering a CAGR of 12.9 % Between the Forecast Years of 2021 to 2026

London, Nov. 21, 2022 (GLOBE NEWSWIRE) — Estimated to exhibit a stupendous CAGR of around 12.9% between 2021 and 2026, global plant-based beverages market is expected to gain significantly from the soaring worldwide popularity of plant-based healthier trend across F&B. The market according to a new report of Fairfield Market Research attained the revenue worth of around US$15.3 Bn in 2021, which has been projected to reach the valuation of US$34.8 Bn toward the end of forecast year, 2026. Rising consumer proclivity for natural, healthy, innovative, plant-based drink products will continue to drive the plant-based beverages market forward. While the thriving non-dairy and vegan trends provide the strongest impetus to market growth, the report forecasts that the ready-to-drink category will unlock a highly lucrative whitespace for the participants in plant-based beverages market.

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Key Research Insights

  • Global plant-based beverages market size is poised for over 2x expansion in revenue through 2026
  • North America remains the spearheading market for plant-based beverage sales, estimated to thrive at around 12.7% CAGR by the end of forecast
  • Almond milk is likely to remain the most sought-after non-dairy plant-based milk alternative

Insights into Segmental Analysis

The success of non-dairy has been playing out as a major catalyst for plant beverage sales. In addition to the rising consumer fondness for health foods and beverages. Veganism has been one strong wave trend that stimulated a mass consumer shift toward plant-based, away from dairy, rather animal-based products. This has been further receiving tailwinds from an increasing number of claims on the equivalent nutrition profile of plant-based products as that of their conventional counterparts. Based on the source, market analysis shows that almonds will remain the most sought-after category when compared with rice, coconut, and soy. In terms of functionality, cardiovascular health is expected to be of prime importance for consumers, followed by bone health, and cancer prevention.

Key Report Highlights

  • The US remains the prime market. Over 50% consumers in the US alone admit being exclusively fond of plant-based milk alternatives over conventional dairy
  • Several plant-based beverage manufacturers are likely to eye the opportunity residing in an untapped whitespace in the ready-to-drink category
  • Although plant beverages are subject to regulated as supplements, lack of standardization prevails as a major challenge facing rapid penetration. Moreover, the exorbitant R&D costs and initial capital investments continue to restrict the entry of several potential participants in plant-based beverages space

Insights into Regional Analysis

The report reveals continued dominance of North American in global plant-based beverages market and highlights the fact that the market expects its next leg of growth in Asia Pacific. While the former has been in the bandwagon with the highest number of launches in plant beverage categories, the report findings indicate proliferating demand coming in from health-conscious consumer clusters that frequently purchase health drinks. North America’s plant-based beverages market is further likely to benefit from the flourishing sports nutrition sector. On the other hand, Asia Pacific has been projected as a high growth potential market for plant beverage manufacturing brands, clearly attributing it to the consistently improving affordability, and accessibility of specialty products across retail stores. The market for plant-based beverages will thus experience the fastest growth prospects in Asia Pacific through the end of 2026, says the report.

Plant-based Beverages Market – Key Competitors

Pureharvest, Danone SA, Califia Farms LP, Harmless Harvest Inc., Good Karma Foods, Inc., Koia, PBC, Ripple Foods, Blue Diamond Growers

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REPORT SCOPE

Report Attributes Details
Base Year 2020  
Forecast Year 2021 – 2026
Market Size in 2019 US$15.3 Bn
Estimated Market Size in 2026 US$34.8 Bn
CAGR 12.9%  
Key Players Pureharvest, Danone SA, Califia Farms LP, Harmless Harvest Inc., Good Karma Foods, Inc., Koia, PBC, Ripple Foods, Blue Diamond Growers

Market Segmentation

Sources Coverage

  • Almond
  • Soy
  • Coconut
  • Rice
  • Others (cashew, oats, pea, and hemp)

Functionality Coverage

  • Cardiovascular health
  • Cancer prevention
  • Bone health
  • Lactose-free alternative
  • Qualitative segment

Geographical Coverage

  • North America
  • Europe
  • Latin America
  • Middle East & Africa
  • Asia Pacific

Leading Companies

  • Califia Farms LP
  • Good Karma Foods, Inc.
  • Danone SA
  • Ripple Foods, PBC
  • Koia
  • Harmless Harvest Inc
  • Pureharvest
  • Blue Diamond Growers

Report Inclusions

  • Market Estimates and Forecast
  • Market Dynamics
  • Industry Trends
  • Competition Landscape
  • Source-wise Analysis
  • Functionality-wise Analysis
  • Region-wise Analysis
  • Country-wise Analysis
  • Key Trends Analysis
  • COVID-19 Impact Analysis

About Us

Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

Contact

Fairfield Market Research
London, UK
UK +44 (0)20 30025888   
USA (Toll-free) +1 (844) 3829746 
Web: https://www.fairfieldmarketresearch.com/
Email: sales@fairfieldmarketresearch.com

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