Plant-based Beverages Market by Source (Almond, Soy, Coconut, and Rice), Type (Milk and Other Drinks), Function (Cardiovascular health, Cancer prevention, Lactose intolerance, and Bone health) and Region - Global Forecast to 2023

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Date: 19-Oct-2018
No. of pages: 138
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“The plant-based beverages market is projected to grow at a CAGR of 12.0%, in terms of value, during the forecast period.”

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 growth of the plant-based beverages market is attributed to the growing popularity of vegan diets, especially among millennials;r and the increasing demand for low-calorie options, amidst adaption of hectic lifestyles in developing countries. Additionally, companies are showing interest in the niche plant-based beverage segments by acquiring local players or investing in innovative products to tap consumer interests, which has also propelled the growth of this market. However, due to premium pricing of plant-based products in several countries, the cost of these products remains higher than dairy products. Therefore, Manufacturers are working on bringing down the prices of these products remains a challenge for the manufacturers in this market. Apart from this, in many emerging countries, there is a lack of awareness among consumers about the benefits of plant-based beverages over dairy beverages, owing to lack of proper promotional strategies. As a result, high reliance on dairy milk products is still prevalent in these regions.

“Almond milk: The largest segment in the plant-based beverages market, by source.”

The almond milk segment is estimated to be the largest market for plant-based beverages, by source. Almond milk has been gaining popularity across several coffee shops in the US. California, US, is the hub for almond production. Blue Diamond Growers (US) is a leading almond processing company, which offers almond-based products under its brand “Almond Breeze”. The brand represents almond milk made from California almonds.

“The milk segment, by type, is projected to be the larger segment of the plant-based beverages market by 2023”

The milk segment is estimated to be the larger segment in the plant-based beverages market in 2018. The demand for plant-based milk is higher compared to other drinks, as product offerings for plant-based milk are much higher compared to other drinks such as shakes, smoothies, and nogs. Companies are offering a wide variety of plant-based milk made from almond, soy, coconut, and rice. Apart from this, other milk sources such as cashew, oats, pea, and hemp are also gaining popularity in the market. Thus, with extensive range of plant-based milk options available in the market, the demand for plant -based beverages is expected to increase in coming years.

“Asia Pacific is projected to be the fastest-growing market for plant-based beverages during the forecast period.”

Asia Pacific is expected to be the fastest-growing regional market for plant-based beverages. The revenue from plant-based beverages is increasing in the Asia Pacific region, due to consumers seeking low- calorie options. The region is home to key revenue generating countries such as China and Thailand. In 2018, plant-based foods were one of the key trends in Thailand. Apart from this, the major dairy companies in China have been planning to penetrate the niche plant-based beverages market. Thus, there are high growth prospects for plant-based beverage manufacturers in this region. The main target group for these products is expected to be middle/high income groups in these countries, since plant-based beverages are premium priced.

Break-up of primaries:


  • By Company Type: Tier 1:45 %, Tier 2:35%, and Tier 3:20%

  • By Designation: C level:40%, D level:20%, and Others:40%

  • By Region: Asia Pacific:30%, South America: 15%, North America: 25%, Europe:15%, and RoW:15%


The plant-based beverages market is dominated by key players such as The White Wave Foods Company (US), Blue Diamond Growers (US), Pacific Foods (US), Hain Celestial (US), and SunOpta (Canada). Other players include 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).

Research Coverage:

The report analyzes the plant-based beverages market across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments such as source, type, function, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall plant-based beverages market and sub markets. This report will help the stakeholders to understand the competitive landscape better, to gain more insights to position their businesses better, and to make suitable go-to-market strategies. The report will also help them to understand the market and will provide them with information on the key market drivers, restraints, challenges, and opportunities.

Plant-based Beverages Market by Source (Almond, Soy, Coconut, and Rice), Type (Milk and Other Drinks), Function (Cardiovascular health, Cancer prevention, Lactose intolerance, and Bone health) and Region - Global Forecast to 2023

Table of Contents

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Study Scope
1.4 Periodization Considered
1.5 Currency Considered
1.6 Units Considered
1.7 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Research Assumptions
2.5 Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Plant-based Beverages Market
4.2 Plant-based Beverages Market, By Region
4.3 Plant-based Beverages Market, By Type
4.4 Asia Pacific: Plant-based Beverages Market, By Source & Country

5 Market Overview
5.1 Introduction
5.2 Regulatory Framework
5.2.1 Food and Drug Administration (FDA)
5.2.2 Food and Drug Regulations (FDR)
5.2.3 Food Standards Australia New Zealand (FSANZ)
5.2.4 European Court of Justice
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 Consumer Trends Inclined Toward Replacing Dairy Milk With Plant-Based Beverages
5.3.1.2 Globally Increasing Cases of Lactose Intolerance and Milk Allergies
5.3.1.3 Increasing Number of Product Launches and Investments By Major Players
5.3.1.4 Nutritional Benefits Offered By Plant-Based Dairy Alternative Beverages
5.3.1.5 Growing Consumer Inclination Toward Veganism
5.3.1.6 Rapidly Growing Beverage Industry
5.3.2 Restraints
5.3.2.1 Relatively High Prices of Plant-Based Beverages as Compared to Dairy Milk
5.3.3 Opportunities
5.3.3.1 Plant-Based Milk Products for Coffee and Tea
5.3.3.2 Integration of Value-Added Ingredients and Flavor Innovations in Dairy Alternative Beverages
5.3.3.3 Favorable Marketing and Correct Positioning of Plant-Based Beverages
5.3.4 Challenges
5.3.4.1 Lack of Awareness Among Consumers

6 Plant-based Beverages Market, By Source
6.1 Introduction
6.2 Almond
6.2.1 Consumer Perception About Almond Milk as A Healthy to Drive the Demand During the Forecast Period
6.3 Soy
6.3.1 Soy Segment is Projectd to Grow at the Highest CAGR During the Forecast Period
6.4 Coconut
6.4.1 Rise in the Awareness About Health Benefits of Coconuts-Based Products to Drive the Growth During the Foecast Period
6.5 Rice
6.5.1 Improved Textural and Nutritional Propertiesn Offered By Rice Projected to Drive the Rice Milk Segment During the Forecast Period
6.6 Others
6.6.1 Variety of Blends and Flavors of Cashew, Oat, Hemp, and Pea Milk Ptojrcetd to Grow the Demand

7 Plant-based Beverages Market, By Type
7.1 Introduction
7.2 Milk
7.2.1 Milk is Projected to Be the Largest Product Type Segment During the Forecaste Period
7.3 Other Drinks
7.3.1 Shakes, Smoothies, and Nogs are Gradually Gaining Popularity and are Projecetd to Expeprience Potential Opprtunities in Developing Economies

8 Plant-based Beverages Market, By Function
8.1 Introduction
8.2 Cardiovascular Health
8.3 Cancer Prevention
8.4 Lactose Intolerant
8.5 Bone Health

9 Plant-based Beverages Market, By Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 US is Projected to Be the Largest Market for Plant Based Beverages in North American Market
9.2.2 Canada
9.2.2.1 Canada is Projected to Be the Fastest Growing Market During the Forecast Period in North American Region
9.2.3 Mexico
9.2.3.1 Rise in Number of Health-Conscious Consumers in Mexico Leading to Increased Demand for Plant Based Products
9.3 Europe
9.3.1 Germany
9.3.1.1 Inclination of Consumers Towards Plant-Based Milk From Dairy Milk to Drive the Growth of the Plant-Based Beverage Market
9.3.2 France
9.3.2.1 Factors Such as Lactose Intolerance, and Calorie Concerns to Drive the Growth During the Forecast Period for Plant Based Beverages
9.3.3 UK
9.3.3.1 UK is Projected to Be the Largest and Fastest Growing Martket in Europe for Plant Based Beverages
9.3.4 Italy
9.3.4.1 the Large Vegetarian Population and Growth in Adoption of Plant-Based Food to Drive the Growth of the Market
9.3.5 Spain
9.3.5.1 Rise in the Inclination of Consumers Toward Healthy and Low-Fat Beverages to Drive the Market
9.3.6 Rest of Europe
9.3.6.1 Rise in Health Concerns, and the Growth of Vegan Population to Drive the Market
9.4 Asia Pacific
9.4.1 China
9.4.1.1 China is Projected to Be the Fastest Growing Market During the Forecast Period
9.4.2 Thailand
9.4.2.1 Thailand Projected to Be the Second Largest Market During the Forecast Period
9.4.3 Japan
9.4.3.1 Increasing Health Concerns Among the Japanese Population is Projected to Drive the Japanese Plant-based Beverages Market
9.4.4 Vietnam
9.4.4.1 Rising Trend of Adopting Plant-Based Food & Beverage Products to Drive During the Forecast Period
9.4.5 Australia
9.4.5.1 Growing Inclination Towards Nutritional Beverages to Drive the Market During the Forecast Period
9.4.6 Rest of Asia Pacific
9.4.6.1 Increasing Demand for Nutrient-Rich Beverage Products to Drive the Market During the Forecast Period
9.5 South America
9.5.1 Brazil
9.5.1.1 Brazil Accounted for the Largest Market for Plant-Based Beverages in the South American Region
9.5.2 Argentina
9.5.2.1 Health Concerns as Well as Major Developments in Argentina Plant Based Beverages Industry to Drive the Market Drying the Forecast Period
9.5.3 Rest of South America
9.5.3.1 the Market is Expected to Become High Growth Prospects for the Manufacturers in the Coming Years
9.6 RoW
9.6.1 Middle East
9.6.1.1 Middle East is Projected to Be the Largest Market During the Forecast Period
9.6.2 Africa
9.6.2.1 Large Number of Lactose Intolerant Population Along With Rising Health Concern to Drive the Market During the Forecast Period

10 Competitive Landscape
10.1 Overview
10.2 Market Ranking
10.2.1 Key Market Strategies
10.3 Competitive Scenario
10.3.1 Joint Ventures& Partnerships
10.3.2 New Product Launches
10.3.3 Expansions
10.3.4 Acquisitions

11 Company Profiles
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
11.1 Introduction
11.2 The Whitewave Foods Company
11.3 Blue Diamond Growers
11.4 Pacific Foods of Oregon
11.5 The Hain Celestial Group
11.6 Sunopta
11.7 Califia Farms
11.8 Want Want China Holdings Limited
11.9 Kikkoman
11.10 The Coca Cola Company
11.11 Ripple Foods
11.12 Wildwood Organic
11.13 Pureharvest

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix
12.1 Discussion Guide
12.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
12.3 Available Customizations
12.4 Related Reports
12.5 Author Details

List of Tables

Table 1 USD Exchange Rates Considered, 2012–2017
Table 2 Lactose Intolerance Rate, By Ethnicity
Table 4 Plant-based Beverages Market Size, By Source, 2016–2023 (USD Million)
Table 5 Plant-based Beverages Market Size, By Source, 2016–2023 (KT)
Table 6 Almond: Plant-based Beverages Market Size, By Region, 2016–2023 (USD Million)
Table 7 Almond: Plant-based Beverages Market Size, By Region, 2016–2023 (KT)
Table 8 Soy: Plant-based Beverages Market Size, By Region, 2016–2023 (USD Million)
Table 9 Soy: Plant-based Beverages Market Size, By Region, 2016–2023 (KT)
Table 10 Coconut: Plant-based Beverages Market Size, By Region, 2016–2023 (USD Million)
Table 11 Coconut: Plant-based Beverages Market Size, By Region, 2016–2023 (KT)
Table 12 Rice: Plant-based Beverages Market Size, By Region, 2016–2023 (USD Million)
Table 13 Rice: Plant-based Beverages Market Size, By Region, 2016–2023 (KT)
Table 14 Others: Plant-based Beverages Market Size, By Region, 2016–2023 (USD Million)
Table 15 Others: Plant-based Beverages Market Size, By Region, 2016–2023 (KT)
Table 16 Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 17 Plant-based Beverages Market Size, By Type, 2016–2023 (KT)
Table 18 Milk: Plant-based Beverages Market Size, By Region, 2016–2023 (USD Million)
Table 19 Milk: Plant-based Beverages Market Size, By Region, 2016–2023 (KT)
Table 20 Other Drinks: Plant-based Beverages Market Size, By Region, 2016–2023 (USD Million)
Table 21 Other Drinks: Plant-based Beverages Market Size, By Region, 2016–2023 (KT)
Table 22 Plant-based Beverages Market Size, By Region, 2016–2023 (USD Million)
Table 23 Plant-based Beverages Market Size, By Region, 2016–2022 (KT)
Table 24 North America: Plant-based Beverages Market Size, By Country, 2016–2023 (USD Million)
Table 25 North America: Plant-based Beverages Market Size, By Country, 2016–2023 (KT)
Table 26 North America: Plant-based Beverages Market Size, By Source, 2016–2023 (USD Million)
Table 27 North America: Plant-based Beverages Market Size, By Source, 2016–2023 (KT)
Table 28 North America: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 29 North America: Plant-based Beverages Market Size, By Type, 2016–2023 (KT)
Table 30 US: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 31 Canada: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 32 Mexico: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 33 Europe: Plant-based Beverages Market Size, By Country, 2016–2023 (USD Million)
Table 34 Europe: Plant-based Beverages Market Size, By Country, 2016–2023 (KT)
Table 35 Europe: Plant-based Beverages Market Size, By Source, 2016–2023 (USD Million)
Table 36 Europe: Plant-based Beverages Market Size, By Source, 2016–2023 (KT)
Table 37 Europe: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 38 Europe: Plant-based Beverages Market Size, By Type, 2016–2023 (KT)
Table 39 Germany: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 40 France: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 41 UK: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 42 Italy: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 43 Spain: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 44 Rest of Europe: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 45 Asia Pacific: Plant-based Beverages Market Size, By Country, 2016–2023 (USD Million)
Table 46 Asia Pacific: Plant-based Beverages Market Size, By Country, 2016–2023 (KT)
Table 47 Asia Pacific: Plant-based Beverages Market Size, By Source, 2016–2023 (USD Million)
Table 48 Asia Pacific: Plant-based Beverages Market Size, By Source, 2016–2023 (KT)
Table 49 Asia Pacific: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 50 Asia Pacific: Plant-based Beverages Market Size, By Type, 2016–2023 (KT)
Table 51 China: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 52 Thailand: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 53 Japan: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 54 Vietnam: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 55 Australia: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 56 Rest of Asia Pacific: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 57 South America: Plant-based Beverages Market Size, By Country, 2016–2023 (USD Million)
Table 58 South America: Plant-based Beverages Market Size, By Country, 2016–2023 (KT)
Table 59 South America: Plant-based Beverages Market Size, By Source, 2016–2023 (USD Million)
Table 60 South America: Plant-based Beverages Market Size, By Source, 2016–2023 (KT)
Table 61 South America: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 62 South America: Plant-based Beverages Market Size, By Type, 2016–2023 (KT)
Table 63 Brazil: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 64 Argentina: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 65 Rest of RoW: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 66 RoW: Plant-based Beverages Market Size, By Region, 2016–2023 (USD Million)
Table 67 RoW: Plant-based Beverages Market Size, By Region, 2016–2023 (KT)
Table 68 RoW: Plant-based Beverages Market Size, By Source, 2016–2023 (USD Million)
Table 69 RoW: Plant-based Beverages Market Size, By Source, 2016–2023 (KT)
Table 70 RoW: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 71 RoW: Plant-based Beverages Market Size, By Type, 2016–2023 (KT)
Table 72 Middle East: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 73 Africa: Plant-based Beverages Market Size, By Type, 2016–2023 (USD Million)
Table 74 Joint Ventures & Partnerships, 2015-2016
Table 75 New Product Launches, 2016-2018
Table 76 Expansions, 2013-2018
Table 77 Acquisitions, 2014-2017

List of Figures

Figure 1 Plant-based Beverages Market Segmentation
Figure 2 Regional Segmentation
Figure 3 Plant-based Beverages Market: Research Design
Figure 4 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Data Triangulation Methodology
Figure 8 Plant-based Beverages Market Snapshot, By Source, 2018 vs 2023 (USD Million)
Figure 9 Plant-based Beverages Market Size, By Type, 2018 vs 2023 (USD Million)
Figure 10 Plant-based Beverages Market Size, By Region, 2017
Figure 11 Growth in Demand for Non-Dairy Milk to Drive the Plant-based Beverages Market
Figure 12 Asia Pacific to Dominate the Plant-based Beverages Market From 2018 to 2023
Figure 13 Milk Segment Estimated to Hold the Largest Share of the Plant-based Beverages Market in 2018
Figure 14 Soy Segment Estimated to Account for the Largest Share of the Asia Pacific Plant-based Beverages Market in 2018
Figure 15 US Accounted for the Largest Share of the Global Plant-based Beverages Market, 2017
Figure 16 Plant-based Beverages Market Dynamics
Figure 17 Fluid Milk (Dairy) Sales Quantity, 1990–2014 (Million Pounds)
Figure 18 US: Import of Beverage Products, 2009–2017 (USD Million)
Figure 19 Almond Segment to Dominate the Plant-based Beverages Market From 2018 to 2023 (USD Million)
Figure 20 Milk Projected to Dominate the Plant-based Beverages Market From 2018 to 2023 (USD Million)
Figure 21 Geographic Snapshot (2018–2023): China, UK, and Brazil are Emerging as New Hotspots, in Terms of Value
Figure 22 North America: Plant-based Beverages Market Snapshot
Figure 23 Europe: Plant-based Beverages Market Snapshot
Figure 24 Asia Pacific: Plant-based Beverages Market Snapshot
Figure 25 Key Developments By the Leading Players in the Plant-based Beverages Market From 2012 to 2018
Figure 26 Top 5 Players in the Global Plant-based Beverages Market, 2017
Figure 27 Plant-based Beverages Market Developments, By Growth Strategy, 2013–2018
Figure 28 The Whitewave Foods Company: Company Snapshot
Figure 29 The Whitewave Foods Company: SWOT Analysis
Figure 30 Blue Diamond Growers: Company Snapshot
Figure 31 Blue Diamond Growers: SWOT Analysis
Figure 32 Pacific Foods of Oregon: Company Snapshot
Figure 33 Pacific Foods of Oregon: SWOT Analysis
Figure 34 The Hain Celestial Group: Company Snapshot
Figure 35 The Hain Celestial Group: SWOT Analysis
Figure 36 Sunopta.: Company Snapshot
Figure 37 Sunopta: SWOT Analysis
Figure 38 Want Want China Holdings Limited: Company Snapshot
Figure 39 Kikkoman: Company Snapshot
Figure 40 The Coca Cola Company: Company Snapshot
Figure 41 Wildwood Organic: Company Snapshot

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