Rise in demand for plant-based milk, increase in disposable income, and rise in vegan population drive the growth of the global plant-based beverage market.The market across Asia-Pacific is projected to portray the highest CAGR of 9.0% during the forecast period.The nuts segment is projected to register the highest CAGR of 8.1% during the forecast period.

Portland,OR, May 12, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global plant-based beverage market $13.56 billion in 2018 and is projected to reach $22.44 billion by 2026, growing at a CAGR of 6.7% from 2019 to 2026.

Rise in demand for plant-based milk, increase in disposable income, and rise in the vegan population drive the growth of the global plant-based beverage market. However, high price of the product and advent of low cholesterol and low-fat conventional milk hamper the market growth. On the contrary, surge in consumers who are allergic to dairy products would open new opportunities in the coming years.

The global plant-based beverage market is divided on the basis of source, type, distribution channel, and geography. Based on source, the market is segmented into fruits, nuts, rice, soy, and others. The nuts segment is projected to register the highest CAGR of 8.1% during the forecast period. However, the fruits segment dominated the market in 2018, accounting for more than one-fourth of the market.

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On the basis of type, the market is categorized into RTD tea & coffee, plant-based milk, and juices. Based on distribution channel, the market is divided into hypermarkets & supermarkets, convenience stores, specialty stores, and online. The online segment is anticipated to manifest the highest CAGR of 9.1% during the study period. However, the specialty stores segment held the largest share in 2018, contributing to more than two-fifths of the market.

The global plant-based beverage market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across Asia-Pacific is projected to portray the highest CAGR of 9.0% during the forecast period. However, the market across North America held the largest share in 2018, accounting for two-fifths of the market.

The global plant-based beverage market report includes an in-depth analysis of the major market players such as Blue Diamond Growers, Eden Foods Inc., WhiteWave Foods Company, Earth's Own Food Inc.,Rebel Kitchen, SunOpta Inc., Living Harvest Foods Inc., Kikkoman Corporation, Organic Valley, Panos Brands LLC, and The Hain Celestial Group Inc.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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