Plant-Based Beverage Market To Be Reach $22,448 million by 2026|Kikkoman Corporation, Rebel Kitchen, Organic Valley

According to a new report published by Allied Market Research, titled, “Plant-Based Beverage Market by Source, Type, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026,” the plant-based beverage market size was valued at $13.5 billion in 2018, and is estimated to reach $22.4 billion by 2026, registering a CAGR of 6.7% from 2019 to 2026.

Plant-based beverage are drinks that can be used as a substitute for dairy. These beverages are derived from plants and are considered a very healthy alternative to dairy. Soymilk, rice milk, and almond milk are among the most popular choice for plant-based beverages worldwide. They are considered healthy, owing to presence of several essential vitamins and minerals. They are also low on fats, cholesterol, and has zero concentration of lactose.

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The factors that drive the plant-based beverage market growth include health benefits associated with consuming plant-based milk as they are high in micro and macronutrient content as well as low in fat and cholesterol content. Moreover, rise in fitness concerns among people in different regions also boost the market growth. In addition, increase in the number of lactose intolerant population, growth in trend of veganism, and rise in disposable income drive the market growth.

The plant-based beverage market is segmented on the basis of source, type, distribution channel, and region. By source, the market is divided into fruits, nuts, rice, soy, and others. On the basis of type, it is fragmented into RTD tea & coffee, plant-based milk, and juices. By distribution channel, it is categorized into hypermarkets & supermarkets, convenience stores, specialty stores, and online. Regionally, the plant-based beverage market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on source, the fruits segment generated the highest revenue in 2018 and is expected to remain dominant throughout the forecast period. This can be attributed to increase in demand for products with high vitamins, zinc, and iron for proper body health, in countries such as India and China. Moreover, increase in penetration of high nutrition and cholesterol-free plant-based beverage products is expected to boost the demand for nuts-based beverage in the countries such as the U.S.

By type, the plant-based milk was the most prominent segment accounting for maximum share in the global market. This can be attributed to increase in demand for plant-based chemical-free milk by lactose intolerant population. However, the plant-based milk segment is expected to witness notable growth, with a CAGR of 5.8% from 2019–2026.

Based on the distribution channel, the speciality stores segment was the leading distribution channel with most of the plant-based beverage market share in 2018. The growth in the market can be attributed to increase in adoption of large retail formats such as supermarket and hypermarkets in both the mature and emerging markets.

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Key findings of the study
The plant-based beverage market was valued at $13,560 million in 2018, and is estimated to reach $22,448 million by 2026, growing at a CAGR of 6.7% throughout the forecast period.
Based on source, the nuts segment would witness the fastest growth, registering a CAGR of 8.1% during the forecast period.
In 2018, based on type, the plant-based milk segment held the highest share, in the plant-based beverage market.
In 2018, U.S. was the most prominent market in the North America and is expected to grow at a significant CAGR throughout the forecast period.
North America was the dominant region in 2018, accounting for 43.3% of the plant-based beverage market share.

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The key players in the plant-based beverage industry profiled in the report include WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth’s Own Food Inc., Living Harvest Foods Inc., Kikkoman Corporation, Rebel Kitchen, Organic Valley, Panos Brands LLC, The Hain Celestial Group Inc., and Eden Foods 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. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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