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. Plant-based beverages provide consumers with options that are low in cholesterol and calories. The growth of the plant-based beverages market is attributed to the shift in preference towards vegan diets among consumers at a global level. Apart from this, major food companies such as Danone (US) have been showing interest in plant-based beverages; this is expected to give the market a boost.

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In 2018, Asia Pacific is estimated to occupy the largest share of the global plant-based beverages market, in terms of value and volume. The region consists of key revenue generating countries, China & Thailand, which have a large consumer base for plant-based beverages; with China having one of the largest lactose intolerant population.

High price is one of the major challenges that manufacturers in the plant-based beverages market face.  Plant-based beverages can be easily purchased by consumers in developed countries; but in the developing countries, this remains a challenge.

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The market is dominated by key players such as United Technologies (US), Daikin Industries (Japan), Ingersoll-Rand (Ireland), China International Marine Containers (China), Utility Trailer (US). Other key players include Singamas Container (China), Hyundai (South Korea), Schmitz Cargobull (Germany), Fahrzeugwerk Bernard Krone (Germany), Lamberet (France), Kögel Trailer (Germany), Great Dane (US), Webasto (Germany), and Wilhelm Schwarzmuëller (Austria). Innovative new product launches, strategic acquisitions, expansions, joint ventures, and partnerships were the key strategies adopted by these players to enhance their product offerings and to capture a larger market share, which has increased the demand for plant-based beverages.

Target Audience:

The report is targeted toward the existing players in the industry, which include:

• Manufacturers/suppliers
• Beverage manufacturers & processors
• Traders & retailers
• Regulatory bodies and associations, which include the following:
  • The Plant Based Foods Association (PBFA)
  • The Food and Drug Administration (FDA)
  • The United States Department of Agriculture (USDA)
  • The European Food Safety Authority (EFSA)
  • The Soyfoods Association of North America (SANA)
  • The Specialty Food Association (SFA)
  • The British Dietetic Association (BDA)
  • The National Recreation and Park Association (NRPA)
  • Dietitians of Canada (DC)
  • National Milk Producers Federation (NMPF)
  • Dietitians Association of Australia (DAA)