The plant-based beverages market size was valued at USD 11.16 billion in 2018 and is projected to reach USD 19.67 billion by 2023, growing at a CAGR of 12.0% during the forecast period. The plant-based beverages market is driven by factors such as the increased demand for vegan food options, amidst the growing health concerns about the consumption of animal-based diets. Apart from this, consumers in emerging countries are adopting hectic lifestyles, which urge them to look out for low-calorie food options with high nutritional value. This has boosted the sale of plant-based beverage products.
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The research methodology used to estimate and forecast the plant-based beverages market begins with the capturing of data on the key players and their revenues through secondary sources such as the Plant Based Foods Association (PBFA), Food and Drug Administration (FDA), US Department of Agriculture (USDA), and European Food Safety Authority (EFSA). The overall market size was arrived after validating with primary interviews; and secondary research, which includes publications and statistics. Both the “top-down” and “bottom-up” approaches were used to estimate and validate the total size of the market. These approaches were also used extensively to estimate the market size of various dependent submarkets in the overall plant-based beverages market. These submarkets were verified through primary research by conducting extensive interviews with key people such as CEOs, VPs, directors, and executives. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments.
The key players in the 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).
The report is targeted toward the existing players in the industry, which include:
“The study answers several questions for the stakeholders; primarily, which market segments to focus on in the next 2 to 5 years for prioritizing efforts and investments.”
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What is the leading type in the plant-based beverages market?
The milk segment was the highest revenue contributor to the market, with USD 8,629.5 million in 2017, and is estimated to reach USD 17,072.5 million by 2023, with a CAGR of 12.1%.
What is the estimated industry size of plant-based beverages?
The global plant-based beverages market was valued at USD 9,964.8 million in 2017, and is projected to reach USD 19,668.7 million by 2023, registering a CAGR of 12.0% from 2018 to 2023.
What is the leading source of plant-based beverages market?
The almond segment was the highest revenue contributor to the market, with USD 4,860.0 million in 2017, and is estimated to reach USD 9,341.6 million by 2023, with a CAGR of 11.4%. .
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