Plant-Based Beverages Market Expected to Reach US$34.8 Billion by 2026, Fueled by Growing Demand for Healthier Drink Alternatives
The global plant-based beverages market is on a trajectory of substantial growth, with a value of US$15.3 billion in 2019 and a projected valuation of over US$34.8 billion by the end of 2026. This remarkable expansion, characterized by a CAGR of 12.9% between 2021 and 2026, is driven by the increasing preference for healthier drink options and the rise of innovative beverage products.
Key Insights from the Report:
- Rising demand for healthy and plant-based food and beverages is a significant driver of growth in the plant-based beverages market, particularly in North America, Asia Pacific, and Europe.
- Non-dairy alternatives have gained favor among consumers, leading to a surge in plant-based beverages, especially those perceived as high in protein and nutrition.
- Challenges such as high manufacturing costs, regulatory variations, and the need for substantial investments in research and development (R&D) pose limitations for market players, particularly mid-sized companies.
Market Overview:
The global demand for plant-based beverages is increasing as consumers seek healthier and sustainable alternatives to traditional dairy and non-dairy products. The plant-based beverages market is experiencing substantial growth as consumers embrace a more health-conscious lifestyle.
Drivers of Market Growth:
Demand for Healthier Drink Alternatives: The global trend towards health-conscious eating and drinking habits is boosting the popularity of plant-based beverages. Consumers are increasingly looking for healthier drink options that are nutritious and innovative, which has led to the introduction of various plant-based drink ranges.
Growing Preference for Non-Dairy Products: Protein-rich plant-based beverages are a key trend in the market, providing an alternative to traditional dairy products. Consumers perceive non-dairy options as nutritious and high in protein, driving the adoption of plant-based beverages.
Challenges:
High Manufacturing Costs: The manufacturing and research and development (R&D) costs associated with plant-based beverages can be substantial, hindering the growth of mid-sized companies. These high initial investments can make it challenging for manufacturers to achieve an adequate return on investment.
Regulatory Variations: Regulations surrounding plant-based beverages vary between regions, and manufacturing processes, conditions, and ingredients play a crucial role in product characteristics. Lack of stringent regulations may result in products that differ significantly in terms of efficacy and safety from the original formulation.
Regional Growth:
- North America Leads: North America is expected to lead the global plant-based beverages market by the end of 2026. Continuous product launches and the demand for healthy drinks are driving growth in this region.
- Asia Pacific Rising: Asia Pacific is anticipated to be the fastest-growing market, with a high compound annual growth rate (CAGR). Factors such as a growing population, increased spending on staple foods, high demand for fast food, and rising disposable income are driving growth in the region.
Global Plant-based beverages Market: Competitive Landscape
The global plant-based beverages market is highly competitive, with a mix of local and international manufacturers. Prominent market players include Califia Farms LP, Good Karma Foods, Inc., Danone SA, Ripple Foods, PBC, Koia, Harmless Harvest Inc, Pureharvest, and Blue Diamond Growers. Many companies in the market are engaging in acquisitions and mergers to stay competitive and sustain growth.
Browse Global Plant-Based Beverages Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2026 By Sources Coverage: (Almond, Soy, Coconut, Rice, Others (cashew, oats, pea, and hemp)); By Functionality Coverage: (Cardiovascular health, Cancer prevention, Bone health, Lactose-free alternative, Qualitative segment): https://www.fairfieldmarketresearch.com/report/plant-based-beverages-market
Similar Reports:
Organic Food and Beverages Market: https://www.fairfieldmarketresearch.com/report/organic-food-beverages-market
Functional Beverages Market: https://www.fairfieldmarketresearch.com/report/functional-beverages-market
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This press release first seen on Brilad
COMTEX_440951918/2840/2023-09-26T03:10:31
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