Dublin, Oct. 26, 2018 (GLOBE NEWSWIRE) -- The "Plant-based Beverages Market by Source (Almond, Soy, Coconut, and Rice), Type (Milk and Other Drinks), Function (Cardiovascular health, Cancer prevention, Lactose intolerance, and Bone health) and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The global plant-based beverages market is estimated to be valued at USD 11.16 billion in 2018 and is projected to reach USD 19.67 billion by 2023, at a CAGR of 12.0% during the forecast period.

The growth of the plant-based beverages market is attributed to the growing popularity of vegan diets, especially among millennials. The increasing demand for low-calorie options, amidst adaption of hectic lifestyles in developing countries. Additionally, companies are showing interest in the niche plant-based beverage segments by acquiring local players or investing in innovative products to tap consumer interests, which has also propelled the growth of this market.

However, due to premium pricing of plant-based products in several countries, the cost of these products remains higher than dairy products. Therefore, Manufacturers are working on bringing down the prices of these products remains a challenge for the manufacturers in this market. Apart from this, in many emerging countries, there is a lack of awareness among consumers about the benefits of plant-based beverages over dairy beverages, owing to lack of proper promotional strategies. As a result, high reliance on dairy milk products is still prevalent in these regions.

Almond milk: The largest segment in the plant-based beverages market, by source.

The almond milk segment is estimated to be the largest market for plant-based beverages, by source. Almond milk has been gaining popularity across several coffee shops in the US. California, US, is the hub for almond production. Blue Diamond Growers (US) is a leading almond processing company, which offers almond-based products under its brand Almond Breeze. The brand represents almond milk made from California almonds.

The milk segment, by type, is projected to be the larger segment of the plant-based beverages market by 2023

The milk segment is estimated to be the larger segment in the plant-based beverages market in 2018. The demand for plant-based milk is higher compared to other drinks, as product offerings for plant-based milk are much higher compared to other drinks such as shakes, smoothies, and nogs. Companies are offering a wide variety of plant-based milk made from almond, soy, coconut, and rice. Apart from this, other milk sources such as cashew, oats, pea, and hemp are also gaining popularity in the market. Thus, with an extensive range of plant-based milk options available in the market, the demand for plant-based beverages is expected to increase in coming years.

Asia Pacific is projected to be the fastest-growing market for plant-based beverages during the forecast period.

Asia Pacific is expected to be the fastest-growing regional market for plant-based beverages. The revenue from plant-based beverages is increasing in the Asia Pacific region, due to consumers seeking low- calorie options. The region is home to key revenue generating countries such as China and Thailand. In 2018, plant-based foods were one of the key trends in Thailand. Apart from this, the major dairy companies in China have been planning to penetrate the niche plant-based beverages market. Thus, there are high growth prospects for plant-based beverage manufacturers in this region. The main target group for these products is expected to be middle/high-income groups in these countries since plant-based beverages are premium priced.

The plant-based beverages market is dominated by key players such as The WhiteWave Foods Company (US), Blue Diamond Growers (US), Pacific Foods (US), Hain Celestial (US), and SunOpta (Canada). Other players include Want Want China Holdings Limited (China), Kikkoman(Japan), Califia Farms (US), The Coca-Cola Company (US), Ripple Foods (US), WildWood Organic (US), and Pureharvest (Australia).

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Plant-based Beverages Market
4.2 Plant-based Beverages Market, By Region
4.3 Plant-based Beverages Market, By Type
4.4 Asia Pacific: Plant-based Beverages Market, By Source & Country

5 Market Overview
5.1 Introduction
5.2 Regulatory Framework
5.2.1 Food and Drug Administration (FDA)
5.2.2 Food and Drug Regulations (FDR)
5.2.3 Food Standards Australia New Zealand (FSANZ)
5.2.4 European Court of Justice
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 Consumer Trends Inclined Toward Replacing Dairy Milk With Plant-Based Beverages
5.3.1.2 Globally Increasing Cases of Lactose Intolerance and Milk Allergies
5.3.1.3 Increasing Number of Product Launches and Investments By Major Players
5.3.1.4 Nutritional Benefits Offered By Plant-Based Dairy Alternative Beverages
5.3.1.5 Growing Consumer Inclination Toward Veganism
5.3.1.6 Rapidly Growing Beverage Industry
5.3.2 Restraints
5.3.2.1 Relatively High Prices of Plant-Based Beverages as Compared to Dairy Milk
5.3.3 Opportunities
5.3.3.1 Plant-Based Milk Products for Coffee and Tea
5.3.3.2 Integration of Value-Added Ingredients and Flavor Innovations in Dairy Alternative Beverages
5.3.3.3 Favorable Marketing and Correct Positioning of Plant-Based Beverages
5.3.4 Challenges
5.3.4.1 Lack of Awareness Among Consumers

6 Plant-based Beverages Market, By Source
6.1 Introduction
6.2 Almond
6.2.1 Consumer Perception About Almond Milk as A Healthy to Drive the Demand During the Forecast Period
6.3 Soy
6.3.1 Soy Segment is Projected to Grow at the Highest CAGR During the Forecast Period
6.4 Coconut
6.4.1 Rise in the Awareness About Health Benefits of Coconuts-Based Products to Drive the Growth During the Forecast Period
6.5 Rice
6.5.1 Improved Textural and Nutritional Properties Offered By Rice Projected to Drive the Rice Milk Segment During the Forecast Period
6.6 Others
6.6.1 Variety of Blends and Flavors of Cashew, Oat, Hemp, and Pea Milk Projected to Grow the Demand

7 Plant-based Beverages Market, By Type
7.1 Introduction
7.2 Milk
7.2.1 Milk is Projected to Be the Largest Product Type Segment During the Forecast Period
7.3 Other Drinks
7.3.1 Shakes, Smoothies, and Nogs are Gradually Gaining Popularity and are Projected to Experience Potential Opportunities in Developing Economies

8 Plant-based Beverages Market, By Function
8.1 Introduction
8.2 Cardiovascular Health
8.3 Cancer Prevention
8.4 Lactose Intolerant
8.5 Bone Health

9 Plant-based Beverages Market, By Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 US is Projected to Be the Largest Market for Plant-Based Beverages in North American Market
9.2.2 Canada
9.2.2.1 Canada is Projected to Be the Fastest Growing Market During the Forecast Period in North American Region
9.2.3 Mexico
9.2.3.1 Rise in Number of Health-Conscious Consumers in Mexico Leading to Increased Demand for Plant-Based Products
9.3 Europe
9.3.1 Germany
9.3.1.1 Inclination of Consumers Towards Plant-Based Milk From Dairy Milk to Drive the Growth of the Plant-Based Beverage Market
9.3.2 France
9.3.2.1 Factors Such as Lactose Intolerance, and Calorie Concerns to Drive the Growth During the Forecast Period for Plant-Based Beverages
9.3.3 UK
9.3.3.1 UK is Projected to Be the Largest and Fastest Growing Market in Europe for Plant-Based Beverages
9.3.4 Italy
9.3.4.1 the Large Vegetarian Population and Growth in Adoption of Plant-Based Food to Drive the Growth of the Market
9.3.5 Spain
9.3.5.1 Rise in the Inclination of Consumers Toward Healthy and Low-Fat Beverages to Drive the Market
9.3.6 Rest of Europe
9.3.6.1 Rise in Health Concerns, and the Growth of Vegan Population to Drive the Market
9.4 Asia Pacific
9.4.1 China
9.4.1.1 China is Projected to Be the Fastest Growing Market During the Forecast Period
9.4.2 Thailand
9.4.2.1 Thailand Projected to Be the Second Largest Market During the Forecast Period
9.4.3 Japan
9.4.3.1 Increasing Health Concerns Among the Japanese Population is Projected to Drive the Japanese Plant-based Beverages Market
9.4.4 Vietnam
9.4.4.1 Rising Trend of Adopting Plant-Based Food & Beverage Products to Drive During the Forecast Period
9.4.5 Australia
9.4.5.1 Growing Inclination Towards Nutritional Beverages to Drive the Market During the Forecast Period
9.4.6 Rest of Asia Pacific
9.4.6.1 Increasing Demand for Nutrient-Rich Beverage Products to Drive the Market During the Forecast Period
9.5 South America
9.5.1 Brazil
9.5.1.1 Brazil Accounted for the Largest Market for Plant-Based Beverages in the South American Region
9.5.2 Argentina
9.5.2.1 Health Concerns as Well as Major Developments in Argentina Plant Based Beverages Industry to Drive the Market Drying the Forecast Period
9.5.3 Rest of South America
9.5.3.1 the Market is Expected to Become High Growth Prospects for the Manufacturers in the Coming Years
9.6 RoW
9.6.1 Middle East
9.6.1.1 Middle East is Projected to Be the Largest Market During the Forecast Period
9.6.2 Africa
9.6.2.1 Large Number of Lactose Intolerant Population Along With Rising Health Concern to Drive the Market During the Forecast Period

10 Competitive Landscape
10.1 Overview
10.2 Market Ranking
10.2.1 Key Market Strategies
10.3 Competitive Scenario
10.3.1 Joint Ventures& Partnerships
10.3.2 New Product Launches
10.3.3 Expansions
10.3.4 Acquisitions

11 Company Profiles
11.1 Introduction
11.2 The Whitewave Foods Company
11.3 Blue Diamond Growers
11.4 Pacific Foods of Oregon
11.5 The Hain Celestial Group
11.6 Sunopta
11.7 Califia Farms
11.8 Want Want China Holdings Limited
11.9 Kikkoman
11.10 The Coca Cola Company
11.11 Ripple Foods
11.12 Wildwood Organic
11.13 Pureharvest

For more information about this report visit https://www.researchandmarkets.com/research/zg8d63/global?w=12

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