PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1119516
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1119516
The growing boom around health food sector, and rampant rise in preference for low-calorie, plant-based F&B products collectively drive the growth of plant-based beverages market. Fairfield Market Research provides an insightful view of global plant-based beverages market in a report to reveal how the market growth will unfold over the period of forecast, 2021 - 2026. Up from the market size of US$15.3 Bn recorded in 2019, global plant-based beverages space is poised to exhibit over 12% growth by the end of 2026. Toward the end of forecast year, global plant-based beverages market will most likely reach US$34.8 Bn in revenue.
To leverage the flourishing popularity of plant-based beverage products, brands focus on innovative launches in addition to emphasizing product-based models, says the report. The exorbitant initial R&D investments, and the lack of standardisation however remain a major challenge for market players, especially mid-sized potential participants in plant-based industry.
Although vegetarianism and veganism remain the massive trend waves driving a mass consumer shift away from dairy, the high-quality protein source continues to be among the most significant concerns associated with these trends. However, the same protein requirement is fuelling demand for plant-based products, in turn fostering the growth of plant-based beverages market. The market is expected to flourish further as there has been an increasing number of claims regarding the equivalent quality of green (plant-based) protein when compared with conventional animal protein sources. Leveraging the growing consumer perception of non-dairy as a viable protein source, plant-based beverage sales are likely to rise high in the next few years. The report highlights the US to be developing a strong breeding ground for the market as over 45% of the US consumers currently consume non-dairy milk alternatives.
While the North American plant-based beverages market continues to be at the forefront on the back of the highest number of product launches in the category, solid consumer inclination toward health drinks will largely be responsible for the market proliferation here. Notable demand coming from the sports nutrition sector is likely to further push the market prospects here according to the report. Moreover, rising consumer awareness regarding the significantly prevalent conditions like obesity, and inflammatory bowel disease (IBD) are expected to further heighten the growth outlook. Asia Pacific on the other hand continues to represent a high-potential plant-based beverages market based on the rapidly evolving consumer lifestyles, and the consistently improving accessibility and affordability of speciality products across retail.
Some of the most significant players driving the competition landscape of global plant-based beverages market include: Pureharvest, Califia Farms LP, Danone SA, Good Karma Foods, Inc., Ripple Foods, Koia, PBC, Blue Diamond Growers, and Harmless Harvest Inc.
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