Plant-based Beverages Market Growth & Trends
The global plant-based beverages market size is anticipated to reach USD 66.53 billion by 2028, registering a CAGR of 14.3% over the forecast period, according to a new report by Grand View Research, Inc. Major manufacturers are introducing new plant-based beverages and other products to cater to the increasing consumer demand. For instance, in January 2020, The Hershey Company launched a new digital film in the Indian market for ‘Sofit’ to encourage consumers to live their passions and an active lifestyle. Moreover, the dairy industry is known to have an adverse impact on the environment, which is compelling more and more consumers to switch to non-dairy alternatives like vegan foods and beverages.
According to the World Wildlife Fund, millions of farmers worldwide tend approximately 270 million dairy cows to produce milk. Dairy cows and their manure produce Greenhouse Gas (GHG) emissions, which contribute to climate change. Poor handling of manure and fertilizers can degrade local water resources and unsustainable dairy farming & feed production can lead to the loss of ecologically important areas, such as prairies, wetlands, and forests. On the other hand, the ever-growing population poses a serious threat to agriculture. Thus, in the future, the total area of agricultural land currently used globally will not be enough to provide a sufficient food supply for everyone in the world. This drawback is expected to restrict the market growth.
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Plant-based Beverages Market Report Highlights
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Plant-based Beverages Market Segmentation
Grand View Research has segmented the global plant-based beverages market on the basis of type, product, and region:
Plant-based Beverages Type Outlook (Volume, Million Liters; Revenue, USD Million, 2016 – 2028)
Plant-based Beverages Product Outlook (Volume, Million Liters; Revenue, USD Million, 2016 – 2028)
Plant-based Beverages Regional Outlook (Volume, Million Liters; Revenue, USD Million, 2016 – 2028)
List of Key Players of Plant-based Beverages Market
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About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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