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

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).

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. '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', '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.'

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.

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.

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