Plant-based Beverages Market Overview:

A research team conducted extensive primary and secondary research for the Plant-based Beverages market analysis. Secondary research was conducted to supplement existing data, segment the market, calculate total market size, and forecast market size and growth rate.

Plant drinks are drinks that can be replaced by dairy products. These drinks are plant-based and are considered a very healthy alternative to dairy products. Soy milk, rice milk, oat milk, cashew milk, coconut milk, flax milk and almond milk are some of the most popular choices for plant-based beverages around the world. They are measured vigorous, due to the occurrence of several indispensable vitamins and minerals. They are also low in fat, cholesterol, and lactose-free. We have considerd segement analysis in the plant-based beverages market as by product, source and region.

The percentage of the vegan population is increasing rapidly, in which soy milk is the most popular herbal drink because it brings high nutritional value to the human body and is also considered rich in vitamins and minerals. It is widely consumed around the world as it has the same benefits as dairy-made from milk.

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Increasing consumer preference for healthy and nutritious beverages is driving the growth of the Plant-based beverages market:

In addition to vegans and those who simply want to eat more plant foods, plant-based dairy alternatives are for people who are allergic to dairy products or are sensitive to the lactose found in regular dairy products. The increasing number of cases of lactose intolerance, especially in developed countries such as U.S, and Canada, has increased the opportunities for vegan beverages, which is driving the growth of the plant-based beverages market.

Additionally, various benefits offered by plant-based drinks, such as improved muscle and mental health, may accelerate the growth of the plant-based drinks market. Growing awareness of the health benefits of vegetables, fruits and nuts is accelerating the growth of the plant-based beverages market. Increasing health consciousness amongst consumers owing to the frenetic and inactive lifestyle is considered as the major factor for fuelling the growth of the market.

Plant-based Beverages Market Segmentation:

Market segments by product include Plain, Flavoured, and Others. With a 59.3% market share in 2020, the Plain Product segment dominated the market for plant-based beverages. Consumer preference for highly nutritious plant-based beverages and upcoming regulatory changes intended to promote plant-based beverages are likely to drive the market during the forecast period. Increased sales of plant-based beverages are anticipated as a result of the increased use of plain plant-based milk in a variety of beverages. Leading companies provide a variety of beverages made with almonds, soy, coconut, oats, and rice, which is why this sector is driving the market's expansion.

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Plant-based Beverages Market Key players:

Pacific Foods of Oregon, LLC (Canada)
LBlue Diamond Growers, Inc. (U.S)
SunOpta (Canada)
The Hain Celestial Group, Inc (New York)
Freedom Foods Group Ltd. (Australia)
Califia Farms (U.S)
Harmless Harvest (California)
Koia (U.S)
COVID-19 Impact on Plant-based Beverages market:

The COVID-19 outbreak has had a significant impact on the Plant-based Beverages market. Due to the global economic downturn and a labour shortage, the development of Plant-based Beverages production facilities has been halted. The pandemic of COVID-19 has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered staff visits, limiting the growth of the Plant-based Beverages market in 2020. However, given the high demand for Plant-based Beverages, the market effects of COVID-19 are expected to be transient. The industry is expected to fully recover by early 2021.

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