The plant-based beverage market size was valued at $13,560 million in 2018, and is estimated to reach $22,448 million by 2026, registering a CAGR of 6.7% from 2019 to 2026.
The plant-based beverage are plant-based natural and chemical free milk products derived through grains, seeds, or nuts. Plant-based beverage act as a substitute for consumers who are allergic to dairy products or people who are on a vegan diet. Some of the major alternatives to dairy are non-dairy milk, ice cream, cheese, yogurts, juice, energy drinks, and soft drinks.
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ncrease in obese population and rise in demand for chemical-free, plant-based milk products are the major factors that boost the growth of the plant-based beverage market
The key players in the plant-based beverage industry profiled in the report include WhiteWave Foods Company, Blue Diamond Growers, SunOpta Inc., Earth’s Own Food Inc., Living Harvest Foods Inc., Kikkoman Corporation, Rebel Kitchen, Organic Valley, Panos Brands LLC, The Hain Celestial Group Inc., and Eden Foods Inc.
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Key findings of the study
- The plant-based beverage market was valued at $13,560 million in 2018, and is estimated to reach $22,448 million by 2026, growing at a CAGR of 6.7% throughout the forecast period.
- Based on source, the nuts segment would witness the fastest growth, registering a CAGR of 8.1% during the forecast period.
- In 2018, based on type, the plant-based milk segment held the highest share, in the plant-based beverage market.
- In 2018, U.S. was the most prominent market in the North America and is expected to grow at a significant CAGR throughout the forecast period.
- North America was the dominant region in 2018, accounting for 43.3% of the plant-based beverage market share.
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