The plant-based beverages market was valued at USD 11.16 billion 2017 and projected to reach USD 19.67 billion by 2023, growing at a CAGR of 12.0% during the forecast period. The market for plant-based beverages 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 sale of plant-based beverage products.

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Based on source, the global market for plant-based beverages has been segmented into almond, soy, coconut, and rice. The almond segment dominated the market, in terms of value, in 2017. North America is one of the key markets for almond milk, owing to high almond production in this region. The Asia Pacific region is expected to be a major revenue generating pocket for almond milk, owing to increased urbanization and the increasing number of high income groups in the region. Consumers in this region are shifting toward natural and healthy food options to cope with their hectic lifestyles. This, in turn, has boosted the sales for plant-based beverages.

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 coming years.

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).

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This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as 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).