- Almond Milk
- Soy Milk
- Coconut Milk
- Rice Milk
- Oat Milk
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.
Fastest Growing Market
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 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.