Plant-Based Beverages Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Source (Fruits, Soy, Rice, Nuts, Others), By Product Type (RTD Tea & Coffee, Juices & Flavored Drinks, Milk, Functional/Energy Drinks, Others), By Flavor (Unflavored, Added Natural Flavors), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores,
Published Date: October - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request Customization| Forecast Period | 2024-2028 |
| Market Size (2022) | USD26.20 Billion |
| CAGR (2023-2028) | 9.10% |
| Fastest Growing Segment | Online |
| Largest Market | Asia Pacific |
Global Plant-Based Beverages Market is anticipated to grow during the forecast period due to the increasing product launches by the companies and rising popularity of plant-based milk and smoothies, owing to their various health benefits.
Beverages derived from plants based raw materials are known as plant-based beverages and some of the major ingredients used to make plant-based beverages are soy, rice, almonds, oats, cashews, and coconut. Plant material, such as seeds or grains, is extracted in water to produce plant-based beverages and these materials are frequently used as dairy product substitutes such as fortified foods, synthetic vitamins, and minerals are frequently added.
Growing demand for plant-based beverages is rising rapidly due to the significant expansion of the plant-based health trend. Across the globe, millions of people are substituting plant-based products for animal-based products for meals, snacks, drinks, and treats. Owing to this factor, the sales of plant-based beverages has significantly increased, and it is expected to further increase during the forecast period.
The shift in consumer preferences from animal-based to vegan products is driving the growth of the plant-based beverage industry. The main factors influencing this gradual change to a plant-based diet include ecological concerns, health awareness, ethical or religious beliefs, and awareness of environmental issues and animal rights. Therefore, the demand for plant-based products is increasing.
Furthermore, the rising awareness for vegan products is also propelling with numerous events related to veganism. For instance, every year on November 1st, vegans all around the world celebrate World Vegan Day. Activities like setting up stalls, hosting potlucks, and planting memorial trees are done to celebrate the benefits of veganism for humans, animals, and the environment. Moreover, celebrities are also shifting to vegan diets, and are promoting veganism through various campaigns on social media which further fuels the global plant-based beverages market during the forecast period.
Companies’ Investments to Fuel the Market Growth
Danone North America planned to modify the formulations of more than 70% of its plant-based drinks in order to enhance the nutrient density across its offering because the company aims the nutritional composition of plant-based beverages to be as similar to that of dairy products as possible. The company invested USD22 million in various projects to promote health and wellbeing.
Ecotone, which deals in organic and plant-based alternatives in France and Europe, announced a USD 21.4 million investment in order to expand its plant-based beverage manufacturing facility in Badia Polesine, Northern Italy.
Acquisitions & Mergers to Aid Market Expansion
To stay competitive, companies are using strategies like mergers and acquisitions to ramp up their production. This is really fueling the growth we're seeing in the global plant-based beverage market. Take, for example, the Fazer Group. In 2022, they gobbled up Trensums Food, a Swedish company that makes plant-based drinks. This move gives Fazer a leg up for future expansion, allowing them to tap into new non-dairy markets because they can now produce even more oat drinks. Also, in 2022, Nestle Health Science (part of Nestle SA) bought a big chunk of Orgain. Orgain is all about plant-based nutrition, selling things like powders, ready-to-drink beverages, and even nutrition bars. So, you see these acquisitions and mergers happening all over the place as companies fight for an edge, and that's why the plant-based beverage market is booming.
Increasing Product Launches to Boost Market Growth
Companies are always trying to grab our attention and make their products better, which is why we're seeing a flood of new stuff hitting the shelves! Take Nestlé, for example. In 2022, they introduced "Little Steps Plantygrow Plant-based Growing Up Drink" under their SMA nutrition range – a brand new plant-based option for toddlers. This drink is packed with vitamins A, D, C, B2, and B12, plus iron, and they've even added iodine and omega-3 and omega-6. Just remember, it's not a replacement for breast milk, but a healthy supplement for toddlers aged 1 to 3 as part of a balanced diet. And check out Plant Veda, a Canadian company focused on dairy alternatives! Back in 2021, they launched a delicious line of vegan lassi – that's an Indian yogurt drink made with cashews and gluten-free oats, all jazzed up with herbs and spices like saffron and cardamom. This nutritious probiotic drinkable yoghurt beverage boasts a billion probiotics to help your tummy feel good. With companies constantly launching tasty and healthy plant-based drinks like these to keep up with what we want, it's no wonder the global plant-based beverages market is booming!
Market Segmentation
The global plant-based beverages market is segmented into source, product type, flavor, distribution channel, and region. Based on source, the market is segmented into fruits, soy, rice, nuts, and others. Based on the product type, the market is segmented into RTD tea & coffee, juices & flavored drinks, milk, functional/energy drinks, and others. Based on the flavor, the market is segmented into unflavored and added natural flavors. Based on the distribution channel, the market is segmented into supermarkets/hypermarkets, convenience retailers, specialty retailers, online, and non-retail. The market analysis also studies regional segmentation to devise regional market segmentation.
Company Profile
Danone S.A., Blue Diamond Growers, The Hain Celestial Group, Inc., Noumi Limited, SunOpta, Inc., Califia Farms, LLC, Harmless Harvest, Inc., Campbell Soup Company (Pacific Foods), Panos Brands, LLC (Better Than Milk), and Archer Daniels Midland Company, etc. are
| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion and CAGR for 2018-2022 and 2023-2028 |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | SourceProduct TypeFlavorDistribution ChannelRegion |
| Regional Scope | North America, Europe, Asia-Pacific, Middle East & Africa, and South America |
| Country Scope | United States, Canada, Mexico, Germany, France, United Kingdom, Italy, Spain, China, India, Japan, South Korea, Australia, Saudi Arabia, UAE, South Africa, Turkey, Brazil, Argentina, Colombia |
| Key Companies Profiled | Danone S.A., Blue Diamond Growers, The Hain Celestial Group, Inc., Noumi Limited, SunOpta, Inc., Califia Farms, LLC, Harmless Harvest, Inc., Campbell Soup Company (Pacific Foods), Panos Brands, LLC (Better Than Milk), and Archer Daniels Midland Company, etc. |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
Report Scope
In this report, the global plant-based beverages market has been segmented into the following categories, in addition to the industry trends which have also been detailed below
Plant-Based Beverages Market, By Source
- Fruits
- Soy
- Rice
- Nuts
- Others
Plant-Based Beverages Market, By Product Type
- RTD Tea & Coffee
- Juices & Flavored Drinks
- Milk
- Functional/Energy Drinks
- Others
Plant-Based Beverages Market, By Flavor
- Unflavored
- Added Natural Flavors
Plant-Based Beverages Market, By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online
- Non-Retail
Plant-Based Beverages Market, By Region
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Competitive Landscape
Company Profiles
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