USD 24.42 billion
Report ID: SQMIG30E2027 | Region: Global | Published Date: February, 2024 | Pages: 260 | Tables: 63 | Figures: 78
Plant-Based Beverages Market size was valued at USD 24.42 billion in 2021 and is poised to grow from USD 27.52 billion in 2022 to USD 71.62 billion by 2030, growing at a CAGR of 12.7% in the forecast period (2023-2030).
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.
Global Market Size
USD 24.42 billion
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Global Plant-Based Beverages Market is segmented on the basis of Products, Type, And geography. By Products, the Plant-Based Beverages Market is segmented into Plain and Flavored. By Type, Plant-Based Beverages Market is segmented into Soy, Coconut, Almond, Oat and Others. By region, the Plant-Based Beverages Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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.
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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.
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Plant-Based Beverages Market Drivers
Health and wellness concerns
Increasing vegan and vegetarian populations
Plant-Based Beverages Market Restraints
Contrary to dairy milk, it has a poorer texture and taste and offers less health benefits
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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
Plant-Based Beverages Market Recent Developments
Vegetarian Culture is Becoming More Popular
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.
|Market size value in 2021
|USD 24.42 billion
|Market size value in 2030
|USD 71.62 billion
|Forecast Unit (Value)
|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)
Plant-Based Beverages Market Recent Developments
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Plant-Based Beverages Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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