Growing concern about health and wellness among consumers, rapid increase in cases related to lactose intolerance and milk allergies, and growing consumer inclination toward veganism are expected to drive the growth of the plant-based beverage market in upcoming years. The global plant-based beverage market was valued at USD 12,141.5 million in 2018 and is expected to reach USD 23,583.2 million in 2026, growing at a CAGR 8.5% from 2019 to 2026.
According to Dairy Management Inc., there are almost 48% of the total population of Americans have purchased both dairy and plant-based milk products. While 47% brought dairy milk and only 5% brought plant-based products. Increase in awareness and easy availability for the plant-based berates are expected to increase the demand for the products over the forecast period.
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The rise in the awareness for the health and wellness among millennial, growing cases related to lactose intolerance and milk allergies, and growing consumer inclination toward veganism is expected to drive the global plant-based beverage market throughout the forecast period. Moreover, changing the lifestyle of consumers across developed countries to replace animal-based products to plant-based and growing investment for the integration of value-added ingredients and flavor innovations are expected to create opportunities for the manufacturers in the global market during the forecast period. The main challenge in the market for the product includes the lack of awareness about the benefits.
However, the high price for the manufacturing or extraction process for the plant-based beverages compared to animal-based beverages are expected to restrain the growth of the global plant-based beverage market in the coming years.
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