Global plant-based beverage market forecast to reach $474.7 billion by 2028
The outlook looks especially positive for organic plant-based beverages.
In its new report titled “Plant-based Beverages Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028,” Future Market Insights, Valley Cottage, N.Y., forecasts the global plant-based beverage market to reach US$474.7 billion by 2028. The growth reflects a compound annual growth rate (CAGR) of 6.7%, revised from the company’s previously estimated CAGR of 5.2%.
Drivers behind the anticipated growth include increasing health and wellness consciousness among the population, the growing vegan/vegetarian/flexitarian trend, and dietary restrictions such as lactose intolerance and food-related allergies. The segment includes dairy alternatives, ready-to-drink beverages and plant-based juices.