Plant-Based Beverages Global Market Report 2024

The plant-based beverages market has grown rapidly in recent years. It will grow from $24.31 billion in 2023 to $27.09 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The expansion observed in the historical period can be ascribed to several factors including the rise in lactose intolerance and dairy allergies, increased adoption of vegan and vegetarian lifestyles, growing environmental and ethical concerns, expanded retail presence and availability of plant-based products, government initiatives and regulations promoting alternatives, and the recognition of functional and nutritional benefits offered by plant-based options.

The plant-based beverages market is expected to see rapid growth in the next few years. It will grow to $42.3 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The anticipated growth in the forecast period is expected to stem from an increased emphasis on sustainable and ethical practices, the continued expansion of plant-based milk alternatives, the influence of global culinary fusion trends, the burgeoning e-commerce sector, and the integration of plant-based beverages into foodservice offerings. Key trends in this period encompass the diversification of plant sources for beverages, the development of functional and fortified formulations, a focus on reduced sugar and clean label products, innovations in packaging solutions, the rise of the ready-to-drink (RTD) market, and the incorporation of cultural and regional flavor variations.

The burgeoning trend of veganism is anticipated to drive the expansion of the plant-based beverages market. Veganism involves abstaining from animal-derived products, fostering a preference for plant-based drinks that offer potential health benefits, such as improved cardiac health and protection against various diseases. In January 2023, the U.S. Department of Agriculture's Foreign Agricultural Service reported Germany as having the highest vegetarianism rate, with over 1.5 million self-identified vegans and nearly 8 million consumers of vegetarian food, a significant increase from a decade ago when the vegan population was 0.1 million. This escalating vegan trend is a pivotal factor propelling the growth of the plant-based beverages market.

The escalating health consciousness among consumers is poised to fuel the expansion of the plant-based beverages market. This heightened awareness pertains to consumers actively prioritizing healthier lifestyle choices, encompassing dietary preferences, physical activity, and overall well-being. Consumers inclined towards health-conscious choices exhibit a preference for plant-based beverages due to perceived advantages such as enhanced digestion, reduced cholesterol levels, and allergen-free options, aligning with their quest for nutritious and functional dietary selections. For instance, in August 2022, a DSM survey revealed that 73% of participants expressed a commitment to prioritizing healthier eating and drinking habits. Consequently, the surge in health consciousness among consumers is a driving force behind the plant-based beverages market.

Product innovation emerges as a prominent trend gaining traction within the plant-based beverage market. Notably, leading companies in this domain are introducing novel and inventive products as a strategy to fortify their market position. For instance, in July 2022, Danone S.A. unveiled the first-ever plant-based baby formula incorporating a dairy blend, specifically designed to cater to vegetarian diets for infants.

The plant-based beverage market is witnessing a strategic focus on product advancements, particularly in the realm of vegan drinks, to meet evolving consumer preferences for healthier, sustainable, and plant-centric options. Vegan drinks, comprising solely plant-derived ingredients without any animal-based components, have gained significant attention. For instance, in February 2023, Life Health Foods (India) Pvt. Ltd. introduced the So Good Oat Unsweetened beverage, a dairy-free plant-based milk. This offering is aligned with the brand's commitment to delivering a healthy and versatile addition suitable for enhancing the taste and creaminess of various consumables, including coffee, tea, baking, and smoothies. Combining exceptional flavor, adaptability, and health benefits, all within an accessible price range.

In February 2021, Danone S.A., a prominent France-based food-products corporation, completed the acquisition of Follow Your Heart for an undisclosed sum. This strategic acquisition aims to bolster Danone's presence in the plant-based sector by expanding its array of plant-based offerings. Additionally, it serves as a means to enhance the company's competencies within the plant-based food and beverage market. Follow Your Heart, a renowned US-based company specializing in vegan and vegetarian food and beverages, notably operates within the plant-based beverages market.

Major companies operating in the plant-based beverages market report are SunOpta Inc., The Hain Celestial Group Inc., Pacific Foods of Oregon Inc., Nestlé S.A., Vitasoy International Holdings Limited, Harmless Harvest Inc., Califia Farms LP, Freedom Foods Group, Campbell Soup Company, RiceBran Technologies, PepsiCo Inc., Premier Nutrition Company LLC, Mead Johnson & Company LLC, Danone S.A., Blue Diamond Growers Inc., Amy's Kitchen Inc., Beyond Meat Inc., Conagra Brands Inc., Daiya Foods Inc., General Mills Inc., Impossible Foods Inc., Kellogg Company, Archer Daniels Midland Company, Axiom Foods Inc., Bolthouse Farms Inc., Eden Foods Inc., Elmhurst 1925 Inc., Forager Project LLC, Good Karma Foods Inc., Kerry Group plc.

Asia-Pacific was the largest region in the plant-based beverages market in 2023. Europe is expected to be the fastest-growing region in the global plant-based beverages market during the forecast period. The regions covered in the plant-based beverages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the plant-based beverages market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

These beverages primarily fall into several categories, including ready-to-drink (RTD) tea and coffee, plant-based milk, juices, and other varieties. RTD tea and coffee constitute plant-based alternatives offering diverse flavor profiles to consumers. They come in both organic and conventional forms, available in plain and assorted flavors, catering to various health needs such as cardiovascular wellness, cancer prevention, bone health, lactose intolerance, and other functional benefits.

The plant-based beverages market research report provides plant-based beverages market statistics, including the plant-based beverages industry's global market size, regional shares, competitors with a plant-based beverages market share, detailed plant-based beverages market segments, market trends, and opportunities, and any further data you may need to thrive in the plant-based beverages industry. This plant-based beverages market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The plant-based beverages market consists of sales of macadamia drinks, quinoa drinks, pea beverages, and others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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