The plant-based food & beverages alternatives market is expected to be valued at USD 32.29 billion in 2027 from USD 10.63 billion in 2019, registering a CAGR of 14.8% through the forecast period according to a recent report by Emergen Research. Increasing demand for plant-based meat & dairy alternatives among lactose intolerants & other patients associated with ailments that prohibit meat intake are the key factors influencing the market.
In addition, some of the reasons behind the colossal growth of the market were higher growth in the vegan population, increasing concerns about weight management and greater emphasis on weight loss. Some of the plant-based milk has been very effective in improving the level of antioxidants, providing exceptionally low sugar & calorie content, working as an effective bone calcium source and providing high bone density, digestive health & weight management.
Plant-based food & beverages alternatives’ market landscape is expected to remain a very competitive and highly fragmented environment consisting of a number of small start-ups, medium-sized enterprises, and large conglomerates. Increasing demand for technological development and greater diversification of products offered during the projected period ensure enormous potential for innovative players.
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Further key findings from the report suggest
- Blue Diamond Growers Inc., a U.S.-based cooperative, announced the launch of a new beverage portfolio consisting of almond extract in October 2019 and named it Almond Breeze Almond Milk in the flavour of Mexican Hot Chocolate.
- Plant-based dairy, which is the most widely used plant-based alternative and has a large number of food & beverage use cases, is expected to lead the market revenue share in the coming years. In the product type segment, the plant-based dairy sub-segment held a 65.7% market share in the year 2019. Various studies indicate that many of the plant-based milks are able to provide additional vitamin source for non-GMO and glutton-free diets to help create a higher rate of fat-soluble antioxidant and is also suitable for the vegan diet.
- North America is expected to significantly fuel regional market growth due to increasing penetration of its non-dairy or cereal products, particularly in the U.S. and Canada, along with a higher thrust on alternative meat products.
- Key players in the market include Blue Diamond Growers Inc., Before the Butcher LLC, Califia Farms LP, Daiya Foods Inc., Field Roast Grain Meat Co. Inc., Impossible Foods Inc., Amy’s Kitchen, Boca Foods Co., ConAgra Brands Inc., and Danone S.A., among others.
For the purpose of this report, Emergen Research has segmented the Global Plant-Based Food & Beverages Market on the basis of product type, source, distribution channel, and region:
- Product Type Outlook (Revenue: USD Billion; 2017-2027)
- Plant-Based Dairy
- Plant-Based Milk
- Plant-Based Cheese
- Plant-Based Creamers
- Plant-Based Butter
- Plant-Based Yogurt
- Plant-Based Meat
- Plant-Based Dairy
- Source Outlook (Revenue: USD Billion; 2017-2027)
- Distribution Channel Outlook (Revenue: USD Billion; 2017-2027)
- Convenience Stores
- Specialty Stores
- Online Stores
- Regional Outlook (Revenue: USD Billion; 2017-2027)
- North America
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/plant-based-food-and-beverages-alternatives-market