Plant based Beverages Market

Plant based Beverages Market size reached USD 24.1 billion in 2022 and is estimated to reach USD 61.4 billion in 2030 and the market is estimated to grow at a very high CAGR of 12.4% from 2023-2030.

To have an edge over the competition by knowing the market dynamics and current trends of “Plant based Beverages Market,” request for Sample Report here

Major Plant based Beverages Market Drivers

The global plant-based beverages market is anticipated to rise due to the rapid rise in disposable income of consumers, significant developments in urbanization, rising awareness concerning animal cruelty, change in preferences of consumers towards vegan diets, and rise in the occurrence of chronic lifestyle diseases. Increase in demand for plant-based beverages such as smoothies and milk is propelled by their health benefits, nutritional qualities, and minimum impact on the global carbon footprints. These drinks fascinate not only health-conscious individuals but also those with lactose intolerance. Growing veganism is a key factor fostering the global need for plant-based beverages. In 2021, the British Nutrition Foundation discovered that individuals aged 18 to 40, inclined towards a plant-based diet, play an important role in propelling this trend for plant-based beverages globally.

Rising instances of lactose intolerance stand as a primary driver for the expanding market worth of plant-based beverages around the globe. This trend is predicted to drive significant growth during the years ahead. Individuals in search of cholesterol-free and low-fat choices are inclined toward these products. Plant-based beverages are identified as a healthy market option, propelling essential minerals and vitamins to customers. Almond milk, rice milk, and soy milk are readily accessible choices for customers. Increasing awareness about animal cruelty, driven by international awareness campaigns, has substantially contributed to the increased consumption of cruelty-free products. A survey by the British Nutrition Foundation discovered a preference for plant-based beverages among younger individuals, contrasting with the elder demographic. The rapid growth in urbanization and growing disposable incomes are important factors driving growth of the plant-based beverages market share. Plant-based beverages are functioned as the healthiest alternative to dairy products, they continue to attain prevalence in the market.

In addition, the rise of the plant-based food & beverages market is attributed to a shift in customer preferences from animal-based to plant-based products. This shift toward a plant-based diet is propelled by ecological considerations, ethical, health awareness, or religious convictions, and an increased awareness of environmental problems and animal rights. Growing customer awareness about allergies, unethical practices, and hormones in the dairy industry has contributed to the growing popularity of veganism. Hence, the persistent growth in the need for plant-based food and beverages products is propelled by the customer insight that these products are healthful and cautious compared to conventional foods. Dairy alternatives offer substantial opportunities for product advancement, attracting considerable attention from producers keen on contributing to the market. In response, food companies are progressively investing in introducing new and innovative tastes, and flavor profiles to cater to customer preferences. In 2022, Kraft Heinz introduced plant-based cheese slices named NotCheese, making the inaugural product of their joint venture with Chilean food tech from NotCo. This offering is predicted to be available nationwide around the United States during 2023.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Not only this, but customers also prioritize health and wellness, and plant-based beverages are identified as healthier substitutes for traditional sugary drinks. These alternatives often boast lower sugar and calorie content, along with being free from artificial ingredients and preservatives commonly found in traditional counterparts. Growing customer awareness extends to the potential health benefits of plant-based diets, including reduced threat of diabetes, heart disease, and certain types of cancer. The accessibility and diversity of plant-based beverages have expanded during recent years, offering customers greater ease in exploring and trying innovative goods. This expansion is fostered by the increasing demand for plant-based items and developments in plant-based ingredients and processing machinery. Moreover, ongoing innovations in plant-based ingredients and processing machinery are enabling innovations in plant-based beverages that are not only more acceptable but also more nutritious and environmentally than ever before. For example, emerging plant-based protein sources like oat and pea protein are being harnessed to craft beverages that are not only rich in protein but also foster a more satisfying texture. Simultaneously, developments in processing technologies are extending the shelf life and developing flavor stability of plant-based beverages.

However, the widespread availability of plant-based products in both developed and developing nations across the globe comes with a drawback i.e., their expensive nature. The fluctuating prices of raw materials utilized in production pose a challenge, potentially restraining long-term market growth. In addition, climatic conditions significantly impact crop growth, posing another hindrance to the production of plant-based beverages. Whereas, plant-based products boast high essential nutrient content and a taste comparable to animal-derived products. Endorsement by celebrities, and athletes, encouraging the consumption of plant-based food products and beverages for maintaining good health. The convenience of accessing these products through different channels is predicted to propel market growth in the years ahead.

By Type, Soy Beverage Registered the Largest Market Size in the Global Plant-Based Beverages Market

These drinks were originally embraced as dairy substitutes, especially for plant-based drinks, milk, particularly those based on soy is now attaining global traction due to its developed taste and wider appeal. Customers in both developing and developed nations are presenting a readiness to pay a high price for beverages offering developed nutritional benefits. The growing demand for nutritious, allergy-free drinks, thereby soy-based beverage segment is predicted to witness substantial growth in the forecast period. Moreover, soy is not only favored by bakers and confectioners but also serves as a rich source of protein, isoflavones, vitamin B-12, potassium, and Vitamin A. It is recognized as the optimal choice for lactose-intolerant customers, and plant-based producers are actively encouraging their products to meet rising needs. Among them, coconut beverages are predicted to account for the fastest CAGR during the forecast period.

By Product, Plain Beverages Segment Dominated the Largest Revenue Share in the Global Plant-Based Beverages Market

The preference for unflavored plant-based beverages is widespread, especially as a direct substitute for dairy milk in smoothies, teas, and coffee. Different customers opt for plan drinks to savor the authentic taste of the source ingredients, such as the natural sweetness of hazelnuts, and oats or the distinctive nuttiness of cashews and almonds. In different drinks, such tastes are witnessed as an attractive quality characteristic. Market players in the market are probably launching new products which further drives the segment growth. For example, in 2020, Calia Farms successfully revealed the launch of a vegan oat drink around the U.K., which is prepared with whole rolled oats with the exclusion of sugar.

In case, any of your paint points areas are not covered in the current scope of this report, Request for Customization here

By Region, Asia Pacific Region Dominated the Largest Market Size in the Global Plant-Based Beverages Market

Growth of the Asia Pacific region is attributed to the growing vegan inhabitants around the region, millennials’ tendency toward healthy, natural, and plant-based foods and beverages, is probably to drive the product requirement around the region. The growing prevalence of soy milk and coconut milk in different nations such as China, Japan, and India is predicted to rise. Asia Pacific market has great potential because APAC has the greatest coconut farming due to which new market players around the region have different market growth opportunities to produce coconut milk and export it globally. In addition, market players in the Asia Pacific plant-based beverage market are increasing investments in different research and development activities which further drives the market growth around the region.

By Region, North America Region is Predicted to Register the Largest CAGR in the Forecast Period

North America region is predicted to register significant growth in the forecast period due to a considerable rise in acceptance of vegan food, an increase in favorable policies of the government, and growing awareness concerning the benefits of vegan-derived beverages.

Top Market Players

Various notable players operating in the market include Danone S.A., Pacific Foods of Oregon, LLC, Blue Diamond Growers, Inc., SunOpta, The Hain Celestial Group, Inc., Noumi Ltd., Califia Farms, LLC, Harmless Harvest, Koia, Vitasoy International Holdings Ltd. among others.

Key Developments: 

• • In 2022, Danone launched the Dairy & Plants Blend baby solution to fulfill parents’ requirements and strengthen its status in the plant-based foods market.
  • In 2022, New Alt Milk Brand Gaia’s Farming Co. successfully launched ‘Hemp & Oat M*lk’ and Hemp & Coco M*lk to grab the market share and shake the available alternative milk products.
  • In 2021, Conagra Brands announced an expansion of its gardein meat replacements coupled with its new supreme plant-based burger offering across Canada.
  • In 2020, Califia Farms LP planned to expand its plant based beverages portfolio and provide high nutritional beverages options to consumers.
  • In 2019, Koia launched three plant-based beverage lines named Koia Core, Koia Keto, and Koia Coffee. The new product line is made up of plant-based protein, coconut milk, and MCT oil. The Koia coffee is available in three flavors, such as Vanilla Latte, Mocha Latte, and Salted Caramel.

Segments covered in the Report:

The Global Plant based Beverages Market has been segmented on the basis of Type and Product. Based on the Type, the market is segmented into Soy, Coconut, Almond, Oat, Others. Based on the Product, the market is segmented into Plain, Flavored.

 For detailed scope of the “Plant based Beverages Market” report request a Sample Copy of the report

Market Segmentation

Global Plant based Beverages Market by Type

• • Soy
  • Coconut
  • Almond
  • Oat
  • Others

Global Plant based Beverages Market by Product

• • Plain
  • Flavored

Global Plant based Beverages Market by Region

• • North America Plant based Beverages Market (Option 1: As a part of the free 25% customization)

    • By Type
    • By Product
    • US Market All-Up
    • Canada Market All-Up

  • Europe Plant based Beverages Market (Option 2: As a part of the free 25% customization)

    • By Type
    • By Product
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Plant based Beverages Market (Option 3: As a part of the free 25% customization)

    • By Type
    • By Product
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Plant based Beverages Market (Option 4: As a part of the free 25% customization)

    • By Type
    • By Product
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Plant based Beverages (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Danone S.A.
  • Pacific Foods of Oregon, LLC
  • Blue Diamond Growers, Inc.
  • SunOpta
  • The Hain Celestial Group, Inc.
  • Noumi Ltd.
  • Califia Farms, LLC
  • Harmless Harvest
  • Koia
  • Vitasoy International Holdings Ltd.