- Almond Milk
- Soy Milk
- Coconut Milk
- Rice Milk
- Oat Milk
- Others
Plant-based Beverages Market was valued at USD 17.9 billion in 2022 and is poised to grow at a significant CAGR of 9.6% over 2023-2029. The global plant-based beverages market is driven by the growing trend of veganism and increased acceptance of plant-based diets among consumers. Concerns about global warming, animal cruelty, and long-term sustainability have led to a decrease in the consumption of animal-based products. Additionally, health-conscious millennials and individuals with lactose intolerance have shifted towards vegan foods and beverages. The rising awareness about lactose malabsorption, affecting a significant portion of the global population, has further contributed to the growth of plant-based beverages. This shift in consumer preferences has created opportunities for the market to expand and cater to the growing demand for plant-based alternatives in the beverage industry. Plant-based milk alternatives, including soy, almond, and oat milk, have gained significant popularity worldwide. Soy milk is predominantly consumed in Asian countries, while oat and almond milk are favored in American and European regions. These dairy-free options offer a range of essential vitamins and minerals that promote bone and muscle health. Additionally, they are a good source of healthy fatty acids, making them a suitable choice for individuals focused on maintaining a healthy lifestyle. The widespread adoption of this plant-based milk reflects the growing preference for nutritious and sustainable alternatives to traditional dairy products.
Plant-based Beverages Market Key Developments:
In June 2021, Vancouver-based dairy-alternative company, Plant Veda, introduced a new range of vegan lassi made from cashews and real fruits. The lassi is free from sugar cane and incorporates beneficial probiotics for gut health. This innovative product caters to the growing demand for plant-based alternatives and offers a flavourful and healthy option for consumers seeking dairy-free beverages.
Plant-based Beverages Market Summary
Study Period
2023-29
Base Year
2022
CAGR
9.6%
Largest Market
Asia Pacific
Fastest Growing Market
North America
Plant-based Beverages Market Dynamics
These consumer trends are expanding the industry's scope for plant-based beverages. Shifting inclination toward vegan and vegetarian diets, particularly among millennials, coupled with an increased number of healthier alternatives available in the market, is expected to boost product sales in the upcoming years. For instance, in January 2021 Nescafé launched a line of vegan flat white latte pods in the U.K, available in almond, oat, and coconut variations. Increasing health concerns have also compelled consumers to shift their preference to vegan foods and beverages. The vegan population is significantly increasing.
Plant-based Beverages Market Regional Analysis
Asia-Pacific Got Significant Share
The global plant-based beverages market in Asia Pacific held the highest share of XX % in 2022 and is expected to grow significantly in the coming years. An increasing number of vegans, particularly among millennials, in the Asia Pacific region is expected to drive the demand for plant-based and healthy food and beverage options. Countries like China, India, and Thailand are witnessing a growing adoption of a healthy lifestyle, leading to a rise in the consumption of plant-based products. In India, for example, with a population of 1.2 billion, around 44% are vegetarians, accounting for approximately 500 million people, with about 1% being strict vegans, totaling around 5 million individuals, according to a report by the United Nations Food and Agriculture Organization (FAO) in 2020. This trend indicates a significant market potential for plant-based beverages in the region.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, historic market (2018 to 2022) and forecast (2023 to 2029)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
Plant-based Beverages Market Segmentation
By Product Type
By Application
- Dairy Alternatives
- Sports And Energy Drinks
- Infant Formula
- Fortified Beverages
- Others
By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retail
- Specialty Stores
- Others
By Geography
- North America
- Europe
- The Asia Pacific
- Latin America
- MEA
Frequently Asked Questions
Plant-based Beverages are commonly used for their potential therapeutic benefits, including stress relief, relaxation, pain management, and promoting overall well-being. However, it's important to note that the effectiveness and specific benefits can vary for each individual.
Generally, Plant-based Beverages are considered safe when used as directed. However, it's advisable to choose reputable brands that undergo third-party testing to ensure product quality and purity. Additionally, individuals should consult with healthcare professionals, especially if they have underlying health conditions or are taking medications.
- Bayer AG (Germany)
- Abbott (U.S.)
- DSM (Netherlands)
- DuPont. (U.S.)
- Amway (U.S.)
- The Nature's Bounty Co. (U.S.)
- GlaxoSmithKline plc. (U.K.)
- Nestlé SA (Switzerland)
- RiceBran Technologies (U.S.)
- Mead Johnson & Company, LLC. (U.S.)
- Medifast, Inc. (U.S.)