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).

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.