Worldwide Demand for Plant-Based Beverages is Anticipated to Reach US$ 34.8 Billion by 2026
Global Plant-Based Beverages Market Set to Reach a Valuation of US$34.8 Billion by 2026, Reports Confirm
The global plant-based beverages market is experiencing
rapid growth, with a projected valuation of US$34.8 billion by the end of 2026,
according to recent reports. The market, valued at US$15.3 billion in 2019, is
anticipated to register a remarkable compound annual growth rate (CAGR) of
12.9% during the forecast period from 2021 to 2026.
The surge in demand for healthier drink options is
identified as a key driver propelling the growth of the plant-based beverages
market. Consumers worldwide are increasingly seeking low-calorie and nutritious
alternatives in their food and beverage choices, leading manufacturers across
various sectors to utilize plant-based beverages in the development of such
products. The trend towards health-conscious foods and beverages, particularly
in North America, Asia Pacific, and Europe, is expected to further fuel the
expansion of the plant-based beverages market.
Access full report: https://www.fairfieldmarketresearch.com/report/plant-based-beverages-market
A significant factor contributing to the market's growth is
the growing preference for non-dairy products. Protein-rich plant-based
beverages have gained traction among consumers who follow a plant-based or
meat-free lifestyle. With the emergence of alternative sources of high-quality
protein, consumers are reassured that non-dairy options can be as healthy and
nutritious as animal protein sources. Notably, over 45% of US consumers opt for
non-dairy milk due to its nutritional benefits, while more than 35% consider it
a good protein source. This creates a considerable opportunity for
manufacturers to introduce new products with added protein in the
ready-to-drink plant-based beverages category.
However, despite the promising growth prospects, the plant-based beverages market
faces certain challenges. High manufacturing costs and the need for extensive
research and development (R&D) pose limitations, particularly for mid-sized
companies. The development of plant-based beverages necessitates substantial
investments in R&D activities, laboratories, research equipment, and
skilled professionals. Such initial investments can make it difficult for
manufacturers to achieve adequate returns, given the competitive landscape and
the market's demand for health benefits associated with plant-based beverages.
In terms of regional markets, North America is poised to
lead the global plant-based beverages market, driven by continuous product
launches and increasing demand for healthy drinks. Rapidly changing lifestyles
and the prevalence of unhealthy habits have raised health concerns among
consumers, resulting in a shift towards healthier food options. Meanwhile, the
Asia Pacific region is anticipated to be the fastest-growing market, exhibiting
a high CAGR. Factors such as a growing population, rising disposable incomes,
and increased spending capacity on staple food and fast food contribute to the
region's potential for future growth.
The global plant-based beverages market showcases a highly
competitive landscape, featuring a diverse range of local and international
manufacturers. Key market players identified in the industry include Califia
Farms LP, Good Karma Foods, Inc., Danone SA, Ripple Foods, PBC, Koia, Harmless
Harvest Inc, Pureharvest, and Blue Diamond Growers. The market has witnessed
intense competition, prompting numerous mergers and acquisitions as companies
strive to secure their positions in the plant-based beverages market.
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