Plant-based beverages are beverages that can be used as an alternative to dairy. These beverages are produced from plants and are believed to be a much healthier alternative to dairy. Soymilk, rice milk, and almond milk are among the most popular plant-based beverages around the world. Consumers' preferences for vegan foods and beverages have shifted as their health concerns have grown. Because of the rising prevalence of lactose intolerance and food allergies, the vegan population is rapidly growing. Soy milk is commonly used in a variety of applications, including bakeries and confectioneries. Soy milk is also high in protein, vitamin A, vitamin B-12, potassium, and isoflavones. It is also regarded as the best substitute for lactose-intolerant consumers. Because of their health benefits and pain relief properties, hemp-based drinks are gaining popularity among consumers. Furthermore, governments all over the world are removing CBD and Hemp from illegal drugs and promoting these drinks. These favorable policies encourage beverage companies to introduce new products to the market. Furthermore, the growing demand for organic agro products, which are free of harmful chemicals, is compelling beverage manufacturers to use plant-based raw materials.
The dairy industry is also known to have adverse environmental impacts, which is compelling a growing number of consumers to switch to non-dairy alternatives. Greenhouse Gas (GHG) emissions from dairy cows and their manure contribute to climate change. Poor manure and fertilizer management can degrade local water resources, and unsustainable dairy farming and feed production can result in the loss of ecologically important areas like prairies, wetlands, and forests. Plant-based milk is the most prominent segment, accounting for the largest share of the global market. Consumers are focusing on improving their immunity and overall health by eating simple and nutritious vegetarian and plant-based foods and beverages. Consumers in both developed and developing countries are willing to pay a premium for beverages with superior nutritional and medicinal properties. Soy-based beverages are expected to grow steadily over the forecast period, owing to rising consumer demand for nutritional and allergy-free beverages. The increase in the adoption of large retail formats such as supermarkets and hypermarkets in both mature and emerging markets can be attributed to market growth. However, due to rapid internet and smartphone penetration, the online segment is expected to grow the fastest over the forecast period.
Due to premium pricing in several countries, plant-based products continue to be more expensive than dairy products. As a result, manufacturers are attempting to lower the prices of these products, which continue to be a challenge for manufacturers in this market. Aside from that, a lack of proper promotional strategies has resulted in a lack of consumer awareness in many emerging countries about the benefits of plant-based beverages over dairy beverages. As a result, these areas remain heavily reliant on dairy milk products.
The Global Plant Based Beverages Market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Archer Daniels Midland Company, BLUE DIAMOND GROWERS, Califia farms, HAIN CELESTIAL GROUP, INC., Kikkoman, LIVING HARVEST FOODS INC., ORGANIC VALLEY CROPP COOPERATIVE, PANOS BRANDS LLC, Pepsico, Inc., Pacific Foods of Oregon, Pureharvest, SUNOPTA INC, The Coca-Cola Company, The Hain Celestial Group, The Whitewave Foods Company, Want Want China Holdings Limited, Wildwood Organic.
SPER Market Research study aims to provide market dynamics, demand and supply with yearly forecast to 2030. This report provides data for growth estimates and forecasts for product type segment – By Type {RTD Tea & Coffee (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Juices (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Plant Based Milk (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Others (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region)}, By Source {Fruits (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Nuts (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Rice (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Soy (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Rice (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Others (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region)}, By Function (Cardiovascular Health, Cancer Prevention, Lactose Intolerance, Bone Health), By Distribution Channel {Convenience Store (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Hypermarkets & Supermarket (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Specialty Stores (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Online (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region)}.
This report also provides the data for key regional segments of North America, Europe, Asia-Pacific and Rest of the World.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.