New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Plant-Based Beverages Global Market Report 2023" - https://www.reportlinker.com/p06479784/?utm_source=GNW
, Premier Nutrition Company LLC, Mead Johnson & Company LLC, Danone S.A. and Blue Diamond Growers.
The global plant-based beverages market is expected to grow from $21.88 billion in 2022 to $24.31 billion in 2023 at a compound annual growth rate (CAGR) of 11.07%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The plant-based beverages market is expected to reach $37.53 billion in 2027 at a CAGR of 11.47%.
The plant-based beverages market consists of sales of macadamia drinks, quinoa drinks, pea beverages, and others.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Plant-based beverages refer to beverages that are obtained from plant materials such as seeds, grains, and others that are used as a replacement for beverages made with milk.
Asia-Pacific was the largest region in the plant-based beverages market in 2022.Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of plant-based beverages are RTD tea and coffee, plant-based milk, juices, and others.RTD tea and coffee refer to plant-based coffee and tea that offer a wide variety of flavors for consumers.
They are organic and conventional in nature and are available in plain and different flavors for cardiovascular health, cancer prevention, bone health, lactose-free alternative, and other functions.
The increasing trend of veganism is expected to propel the growth of the plant-based beverages market going forward.Veganism refers to giving up all products derived partially or fully from animals.
Veganism promotes plant-based drinks that can improve heart rates and protect people against cancer and other diseases.For instance, according to an article published by the Food Revolution Network, a US-based organization that promotes healthy, ethical, and sustainable food, plant-based dairy and meat sales were more than $29 billion in 2020.
For another instance, according to an article published by The Guardian, a UK-based daily newspaper, there are approximately 1.5 million vegans in the world, and that number has increased by 40% in the year 2020. Therefore, the increasing trend of veganism is driving the growth of the plant-based beverages market.
Product innovation is a key trend gaining popularity in the plant-based beverage market.Major companies operating in the plant-based beverages market are introducing new and innovative products to strengthen their position in the market.
For instance, in July 2022, Danone S.A., a France-based food production corporation, launched the first plant-based baby formula with a dairy blend. The new baby formula was created specifically to provide a vegetarian diet for babies.
In February 2021, Danone S.A., a France-based food-products corporation acquired Follow Your Heart for an undisclosed amount. This acquisition will help increase the plant-based offerings of Danone and will also help the company increase its capabilities in the plant-based items market. Follow Your Heart is a US-based vegan and vegetarian food and beverage company operating in plant-based beverages market.
The countries covered in the plant-based beverages market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The plant-based beverages market research report is one of a series of new reports that provides plant-based beverages market statistics, including the plant-based beverages industry’s global market size, regional shares, competitors with a plant-based beverages market share, detailed plant-based beverages market segments, market trends, and opportunities, and any further data you may need to thrive in the plant-based beverages industry. This plant-based beverages market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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