USD 27.52 billion
Plant-Based Beverages Market Size, Share, Growth Analysis, By Source(Almond, Soy, Coconut, Rice and Others), By Flavor(Plain and Flavored), By Function(Cardiovascular Health, Cancer Prevention, Lactose Intolerance, Bone Health and Others), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30E2027 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
63
|Figures:
78
Plant-Based Beverages Market Insights
Global Plant-Based Beverages Market size was valued at USD 27.52 billion in 2022 and is poised to grow from USD 31.02 billion in 2023 to USD 80.72 billion by 2031, growing at a CAGR of 12.70% during the forecast period (2024-2031).
Plant-based beverages like milk and smoothies are in high demand due to their nutritional value, health benefits, and minimal environmental impact in terms of carbon footprint. In addition to health-conscious consumers, these drinks are also enjoyed by lactose-intolerant persons. The growing veganism trend is boosting global demand for beverages made from plants. In accordance with a study published in January 2021 by the British Nutrition Foundation (BNF), younger consumers between the ages of 18 and 40 are more likely to choose a plant-based diet and are the main global advocates for plant-based beverage trends. The market is growing as a result of these consumer trends. Sales of products are predicted to increase in the near future due to a shift in consumer preference towards vegan and vegetarian diets, particularly among millennials, and a rise in the availability of healthier substitutes. For instance, Nescafé introduced a line of almond, oat, and coconut-flavored vegan flat white latte pods in the UK in January 2021. Consumers' preferences for vegan meals and beverages have also changed due to growing health concerns. There is a noticeable rise in the number of vegans. It was estimated that lactose intolerance affected 65% of people worldwide.
US Plant-Based Beverages Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Plain
Fastest Growth
Plain
Growth Rate
12.70% CAGR
Global Plant Based Beverages Market ($ Bn)
Country Share for Asia-Pacific Region (%)
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Plant-Based Beverages Market Segmental Analysis
Global Plant-Based Beverages Market is segmented by Source, Flavor, Function and region. Based on Source, the market can be segmented into Almond, Soy, Coconut, Rice and Others. Based on Flavor, the market can be segmented into Plain and Flavored. Based on Function, the market is segmented into Cardiovascular Health, Cancer Prevention, Lactose Intolerance, Bone Health and Others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Plant-Based Beverages Market Analysis by Products
In 2022, the plain beverage category dominated the global market. The vast majority of consumers favour plain or unflavoured plant-based beverages as a straight substitute for dairy milk. Drinks with flavours like almond, coconut, oat, and nuts have distinctive flavour profiles that vary depending on the beverage's basis.
The flavoured beverages segment is anticipated to grow at the fastest CAGR. These goods come in a variety of flavours, including strawberry, vanilla, coconut, berry, chocolate, banana, coconut, hazelnut, and others. To encourage the consumption of beverages in many applications, manufacturers are producing and mixing a variety of flavours. These beverages include smoothies, protein shakes, yoghurt drinks, and other beverages with beloved additions.
Plant-Based Beverages Market Analysis by Type
In 2022, the soy beverage segment dominated the global market. Since soy milk has similar advantages to milk made from dairy sources, it is widely consumed worldwide. A good source of protein, vitamin A, vitamin B-12, potassium, and isoflavones are also present in it. Additionally, consumers who are lactose intolerant regard it as the best substitute.
The coconut beverages segment is anticipated to grow at the fastest rate. coconut's high lipid and saturated fat content is reducing demand, especially among consumers with heart disease and high blood pressure. In comparison to North America and Europe, the Asia Pacific and South American areas consume more coconut-based beverages. Leading beverage companies are also introducing products made from coconut.
Global Plant Based Beverages Market By Product Type
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Plant-Based Beverages Market Regional Insights
The Asia Pacific region dominated the global market in 2022. The region's rising vegan population, particularly the preference of millennials for plant-based, all-natural, and healthful foods and drinks, is projected to increase demand for products there. In India, which has a population of 1.2 billion people, vegetarianism is practiced by 44% of the population, or around 500 million people, and by 1% of them, or roughly 5 million people, who are strict vegans
From 2023 to 2030, Europe is predicted to have the fastest CAGR. The region is anticipated to grow throughout the forecast period as a result of consumers' increasing adoption of highly nutritious plant-based beverages and anticipated changes in governing regulations to favour plant-based beverages.
Global Plant Based Beverages Market By Region
- Largest
- Fastest
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Plant-Based Beverages Market Dynamics
Plant-Based Beverages Market Drivers
Health and wellness concerns
- The growing awareness of these health benefits and the increasing demand for healthier food and beverage options have been major drivers of the plant-based beverages market. Plant-based beverages are often lower in saturated fat and cholesterol than dairy-based drinks, which can help lower the risk of chronic diseases such as heart disease, diabetes, and certain types of cancer. Plant-based beverages can also be rich in nutrients such as vitamins, minerals, and antioxidants, which are important for maintaining overall health and preventing chronic diseases.
Increasing vegan and vegetarian populations
- More people adopt vegan and vegetarian lifestyles, the demand for plant-based beverages is expected to continue to grow in the coming years. Plant-based beverages offer a convenient and healthy alternative to dairy-based drinks and are often associated with environmental sustainability and ethical considerations, making them an attractive option for consumers.
Plant-Based Beverages Market Restraints
Contrary to dairy milk, it has a poorer texture and taste and offers less health benefits
- The market had to make room for an entirely new and distinct type of consumer as it grew. Kids have the choice to eat dairy, therefore superb flavour and texture are essential. Surprisingly, this does not call for replicating the taste and feel of dairy. They enjoy indulgence and don't mind if vegan cuisine tastes like vegan food.
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Plant-Based Beverages Market Competitive Landscape
To boost profitability and strengthen their position in the dairy alternatives market, the players in the plant-based beverage sector have selected product launch and acquisition as their primary development strategies. To remain competitive in the international market, the leading firms have also relied on corporate expansion.
Plant-Based Beverages Market Top Player’s Company Profiles
- Danone S.A.
- Nestle S.A.
- Hain Celestial Group, Inc.
- PepsiCo, Inc.
- The Coca-Cola Company
- Califia Farms, LLC
- Ripple Foods
- Blue Diamond Growers
- The Whitewave Foods Company
- Kikkoman Corporation
- SunOpta Inc.
- Pacific Foods of Oregon, LLC
- Hain Celestial Group, Inc.
- The Hershey Company
- Elmhurst Milked Direct LLC
- Forager Project
- Organic Valley
- Good Karma Foods
- The Plantiful Company
- Oatly AB
Plant-Based Beverages Market Recent Developments
- In January 2023, with new organic canned ready-to-serve soups and plant-based chillies, Pacific Foods welcomed the fall.
- In December 2022, Danone introduced the new Dairy & Plants Blend infant formula in response to demand from parents for feeding solutions that adhere to vegetarian, flexitarian, and plant-based diets while also satisfying their baby's unique nutritional needs.
- In September 2022, One Ready-To-Drink (RTD) juice was introduced by Vita Coco, a coconut water company with headquarters in New York.
Plant-Based Beverages Key Market Trends
Vegetarian Culture is Becoming More Popular
- The growth of the plant-based beverage market is a glaring example of how consumer preferences have shifted away from animal-based to plant-based goods. Environmental concerns, health knowledge, ethical or religious convictions, and understanding of environmental problems and animal rights are the main factors influencing this gradual transition towards a plant-based diet.
Plant-Based Beverages Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global plant-based beverage market analysis, consumers are more concerned about their health, and veganism is becoming more popular among them due to its numerous health benefits, including lowering cholesterol, stabilising blood sugar, reducing inflammation, and supporting the immune system. Furthermore, businesses across all industries are investing heavily in acquiring and developing innovative plant-based goods. The main reason for this is the rise in the popularity of plant-based products. This presents a huge opportunity for the consumption of plant-based foods and beverages, especially in light of the rising popularity of plant-based diets and the major meat processors and manufacturers' announcements that they intend to enter the market with their line of meat alternatives.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 27.52 billion |
| Market size value in 2031 | USD 80.72 billion |
| Growth Rate | 12.70% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Plant-Based Beverages Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Plant-Based Beverages Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Plant-Based Beverages Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Plant-Based Beverages Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Plant-Based Beverages Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Plant-Based Beverages Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Plant-Based Beverages Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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