With the growing trend of vegan diets, vegetarianism, or adoption of flexitarian eating habits, there arises the need for dairy alternatives and plant based products have gained immense popularity among such population. A wide range of plant based beverages is available ranging from pea protein milk to luxury botanical water.
The rise in the number of people living with lactose intolerance is one of the crucial factors that is augmenting the growth of the global plant based beverages market. Further, the availability of diet-friendly & allergen-free plant protein milk, heavy investments by the key manufacturers in expensive marketing campaigns, and large food companies entering the plant based beverages market are some of the key aspects that are fostering the growth of the global market. In addition to this, a large volume of population is shifting their preference towards plant based beverages over high calorie carbonated drinks. Also, there is growing awareness of health benefits related to plant based beverages. All such factors coupled with vegan population growing at a rapid pace are combinedly contributing to the overall market growth. Furthermore, growing investment in product innovation may have several opportunities for the growth of the global plant based beverages market over the forecast period.
The global plant based beverages market is segregated based on nature, product, packaging, flavor, sales channel, and region. Based on the nature, the global plant based beverages market is split into conventional and organic. Hemp base, oats base, rice base, almond base, coconut base, soy base, and others are the different types of products available in the market. The packaging used for plant based beverages includes cans, carton packaging, plastic bottles & pouches, and glass bottles. Based on the flavor, the global market is fragmented into flavored and plain. Independent small groceries, online retailers, specialty store, and hypermarket/ supermarkets are the sales channels of the global market.
Geographically, Asia Pacific is predicted to be the dominating region and is expected to retain its dominance in the global plant based beverages market over the forecast period. Factors such as growing vegan population and large number of population living with allergies & lactose tolerance are boosting the growth of the market in this region. The market in Europe is also expected to grow significantly due to growing trend of veganism and vegetarian diet. North America is anticipated to be the most lucrative market.
The key players operating in the global plant based beverages market include Dr Pepper Snapple Group, Inc., PepsiCo, Inc, Del Monte Pacific Limited, Pacific Foods of Oregon, Inc, The Coca-Cola Company, BORGES INTERNATIONAL GROUP, S.L., Troll Bridge Creek, Pulmuone Foods USA, Inc., Ripple Foods, and DANONE SA, among others. In January 2021, Danone debuts a new protein-packed, plant-based beverage for athletes.
Having a Master’s Degree in Brewing Technology and overall experience of 6 years in the field of writing, Jerri has been one of the most workaholic and dedicated team members of thefoodbeveragenews.com portal. She has been a part of this portal for 4 years now. Jerri started a career in writing with freelancing and the journey has been worth watching and appraising. She handles the Beverage Industry domain of the portal and along with her team provides all the vital and up-to-the-minute news and reports to the readers in a simple and comprehensible manner.