The Global Plant-Based Food & Beverages market is anticipated to witness the high growth in the forecast years on account of paradigm shift of consumer preference toward plant-based beverages majorly in the emerging market due to launch of a new variety of plant-based beverages, the subsequent surge in vegan populace intertwined with growing awareness regarding health benefits. The escalating number of people with allergies to the dairy product, surging disposable income of people and rise in the consumption of milk alternative are the factors fueling the growth of the market over the forecasted period.
According to MarkNtel Advisors’ research report “Global Plant-Based Food & Beverages Market Analysis, 2021”, the Global Plant-Based Food & Beverages market is anticipated to grow at a CAGR of around 11% during 2021-26. Based on Source, Soy acquired a considerable market share in 2020. Soy milk is among the popular plant-based beverages worldwide. The rising awareness among consumer regarding its benefits such as it has a good source of protein, vitamin A, vitamin B-12 in countries such as India and China. Moreover, the demand for soy product is surging among lactose-intolerant consumers as it is the best alternative and launch of a new product by major manufacturers are the factor placing positive impact on the growth of the segment.
“Global Plant-Based Food & Beverages Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Plant-Based Food & Beverages providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Exhibits Fastest Growth
North America is projected to exhibit the fastest growth in the Global Plant-Based Food & Beverages market in 2020. US-dominated the North America region. This is due to robust growth in the vegan population, growing health-conscious among individual and burgeoning investment in the plant-based food sector. According to the Good Food Institute, around USD741mn was invested in plant-based protein in 2020. Besides this, rising lactose intolerance cases, burgeoning inclination toward consumption of low-fat milk and propelling demand for plant-based beverages are some of the factors expected to bolster the growth of the Plant-Based Food & Beverages Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Plant-Based Food & Beverages Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Plant-Based Food & Beverages market are The Whitewave Foods Company, Blue Diamond Growers, Pacific Foods Oregon, Hain Celestial, Califa Farms, Want Want China Holdings Limited, Sunopta, Kikkoman, The Coca Cola Company, Ripple Foods, Pureharvest, Wildwood Organic etc.
Key questions answered in the study: