Plant-based Beverages Market Will Hit Big Revenues In Future

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 plant-based beverages market is driven by the growing popularity of vegan diets, especially in developed countries such as the US, the UK, and Germany. Apart from this, the adoption of hectic lifestyles in the Asia Pacific and South American regions has urged consumers in these regions to opt for low-calorie options, thus, increasing the demand for plant-based beverages.

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Based on type, the plant-based beverages market has been segmented into milk and other drinks. The milk segment is estimated to account for the larger share in the market for plant-based beverages in 2018. The increased demand for non-dairy milk, amidst the growing health concerns, has urged consumers to look out for alternate food options. Apart from this, the rising level of lactose intolerance, especially in the Asia Pacific population, is expected to be a major revenue pocket for plant-based beverage manufacturers in the coming years.

The key players in the global plant-based beverages market include The WhiteWave Foods Company (US), Blue Diamond Growers (US), Pacific Foods (US), Hain Celestial (US), SunOpta (Canada), 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). Expansions, acquisitions, and new product launches were the core strengths of the leading players in the plant-based beverages market. These strategies were adopted by the players to increase their market presence. They also helped them diversify their businesses geographically, strengthen their distribution networks, and enhance their product portfolios. Market leaders such as The WhiteWave Foods Company (US), Blue Diamond Growers (US), Pacific Foods of Oregon (US), SunOpta (Canada), and the Hain Celestial Group (US) successfully tapped the potential markets through expansions, new product launches, and acquisitions.

The WhiteWave Foods Company (US) is one of the leading players in the plant-based beverages market. The company offers almond milk, coconut milk, cashew milk, soy milk, rice milk, oat milk, and hazelnut milk under its plant-based beverages portfolio. In North America, the company distributes leading plant-based beverage brands such as Silk, So Delicious, and Vega. In Europe, WhiteWave’s popular plant-based beverage brands include Alpro and Provamel. In 2017, WhiteWave (US) was acquired by Danone (US). The company focuses on new product launches, as one of its key strategies, to expand its presence in the plant-based beverages market space. For instance, in 2018, the company launched 3 new almond milk products with cashew under its “So Delicious Dairy Free” brand. Apart from this, the company also adopted other strategies such as joint ventures, acquisitions, expansions, and partnerships.

Blue Diamond Growers (US) is one of the world’s largest almond processing companies. The company is engaged in the almond-based products business. It manufactures almond-based snacks, beverages, and ingredients. It operates in the plant-based beverages business through its brand, Almond Breeze, which represents almond milk made from California almonds and is marketed as an alternative to dairy and soymilk. The company sells its products in over 80 countries at a global level. It focuses on expansions, as one of its key strategies, to expand in the plant-based beverages market. For instance, in 2018, the company expanded its presence in the Brazilian plant-based beverages market with the launch of “Almond Breeze”.

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The Asia Pacific market accounted for the largest share in the plant-based beverages market, in terms of value, in 2017. The region consists of key revenue pockets in countries such as China & Thailand, which are some of the key consumers of plant-based diet products. China is one of the largest consumers of soy milk, which is considered the most suitable alternative to dairy milk. Furthermore, the country’s leading dairy products manufacturer, Want Want China Holdings Limited, is expanding its base in the plant-based beverages space. Apart from this, Thailand is expected to be a key revenue pocket in coming years, with plant-based diets being one of the key trends in the country in 2018 as per the US Department of Agriculture (USDA).