According to a research report titled ‘Global Plant Based Food & Beverages Market Analysis, 2021’, available with Market Study Report, global plant-based food & beverages market is projected to expand at 11% CAGR during the forecast period 2021-2026.
 

As per the findings of the report, rising number of lactose intolerance cases among the global populace, increasing consumer inclination towards vegan food, and growing adoption of low-calorie food options among people living hectic lifestyles are spurring worldwide plant-based food & beverages industry growth.
 

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Furthermore, frequent product launches of plant-based beverages, rapid urbanization, and escalating health concerns regarding animal-based diets are favoring the business landscape.
 

Based on product type, global plant-based food & beverages market is split into plant-based meat products, dairy drinks, plant-based drinks and others. By source, the market is classified into almond, wheat, soy, rice, coconut and other sources.
 

Moving on to functionality, the industry sphere is fragmented into cancer prevention, lactose intolerance, cardiovascular health, and bone health. The lactose intolerance segment accounted for the majority market share during 2020 and is expected to register a strong growth rate during the forecast period. This can be ascribed to rise in prevalence of lactose intolerance especially among people of Asian, African and South American descent. Moreover, lactose tolerance is also prevalent in several Northern European countries such as Finland and Sweden, which have tolerance levels of 82% and 74%.
 

Speaking of the geographical landscape, major growth hubs for the overall plant-based food & beverages market are North America (U.S., Canada, Mexico), South America (Argentina, Brazil), Europe (Germany, Russia, France, United Kingdom), Middle East & Africa (Turkey, UAE, South Africa, Israel), and Asia Pacific & Oceania (Australia, Japan, South Korea, China, India).
 

Key contenders in global plant-based food & beverages market space are Wildwood Organic, Pureharvest Corp., Ripple Foods, The Coca Cola Company, Kikkoman Corp., Sunopta Inc., Want Want China Holdings Ltd., Califia Farms LLC, The Hain Celestial Group Inc., Pacific Foods of Oregon LLC, Blue Diamond Growers, and Whitewave Foods (Danone S.A.)