Of late, consumers across the globe are undergoing a massive shift to adopt green and ethical food sources. Such trends are driven by various factors namely, environmental concerns, animal rights, a greater focus on healthcare, and a high prevalence of cardiovascular diseases. It is believed that adopting a low-fat, low-calorie, and low-cholesterol diet derived from plant-based food sources is inherently healthier. The growth of social media and e-commerce platforms has immensely enhanced the discoverability of plant-based food alternatives. Furthermore, the incidence of several food allergies and lactose intolerance is also pursuing many individuals to adopt cleaner and non-diary diets. The global plant-based beverages market is set to grow at breakneck speeds in such market conditions. The influence of these factors and rapidly changing consumer perception are expected to steer the plant-based beverages market to fruition during the forecast period of 2019 to 2026.
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According to Fairfield Market Research, the global plant-based beverages market is poised to reach US$34,806 million by 2026, growing at a CAGR of 12.9%. Since this valuation was US$15,309 million in 2019, the projected value suitably points to remarkable growth possibilities residing in the global plant-based beverages market.
Growing Consumer Demand for Alternatives to Dairy Enhances Product Differentiation in Plant-based Beverages Market
The robust increase in the demand for plant-based beverages has created an incentive for market players to intensify their research and development efforts. Since a significant proportion of this demand is generated by healthy and fitness-oriented individuals, the sales of plant-based nutritional supplements are reaching recording-breaking numbers. Several market players are focusing on product-based models to improve sales. The current regulatory framework governing plant-based beverages has tremendous scope for improvement, allowing manufacturers to promote their products flexibly. The market players are working to improve the efficacy of dietary supplements that aim to replace conventional food items. RD investments are being directed to set up laboratories, procure research equipment, and hire professionals to boost the performance of plant-based beverages. Such trends are facilitating the development of plant-based alternatives that resemble meat and dairy in terms of taste and nutritional value. This favourable focus on RD is poised to aid in the expansion of the plant-based beverages market in future.
Robust Adoption of Healthier Lifestyles Enables North America to Sustain Market Lead
Sound healthcare awareness and the presence of prominent market players are expected to aid North America’s dominance over the plant-based beverages market. Consumers in the region are developing a propensity to adopt cruelty-free and ethical food products. Vegan and vegetarian lifestyles are gaining traction in major economies such as the USA and Canada. The number of health and fitness-focused individuals is also increasing in this region. Moreover, the prevalence of several cardiovascular diseases and food allergies is creating an incentive for consumers to adopt plant-based diets and supplements. The presence of such factors is expected to facilitate growth across North America’s plant-based beverages market at a healthy value CAGR of 12.7%.
Key Market Players
Some of the prominent market entities in the global plant-based beverages market include Good Karma Foods, Inc., Ripple Foods, Califia Farms LP, Koia, Harmless Harvest Inc., Danone SA, Blue Diamond Growers, PBC, and Pureharvest. The market players are expected to intensify their research and development efforts to develop more effective supplements.
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