Plant-Based Beverages Market Overview, Growth, and Trends (2021-2031)

Analyst Perspective 

The global plant-based beverages market is estimated to register a CAGR of ~10%. The increasing embrace of vegan and vegetarian diets, especially among millennials, along with a surge in health-conscious alternatives, is poised to drive significant market growth. Increasing lactose intolerance and dairy allergies, veganism, and health awareness drive plant-based beverage growth. Price competitiveness and regulatory concerns may hamper plant-based beverage market growth. Rising health awareness, environmental trends, and product innovation are growth-driven opportunities for the plant-based beverages market.

Market Overview

Plant-based beverages from plants offer a nutritious substitute for dairy items. They are packed with vitamins minerals, and low in fat and cholesterol. Growing consumer preference for plant-based beverages is broadening the industry's horizon. Consumers' focus on health and sustainability is fueling a significant shift towards plant-based beverages, propelled by their lack of harmful chemicals and diverse health benefits. The use of plant-based milk in various beverages is expected to boost owing to surging awareness regarding the availability of such products. Plant-based innovations in ingredients and processing technologies enhance the taste, nutrition, and sustainability of beverages. Emerging plant-based proteins like peas and oats elevate protein content and texture. New processing technologies enable plant-based beverages with a longer shelf life and better flavor stability. The vegan population estimated growth in demand for plant-based beverages and the introduction of a new variety of products to provide lucrative growth opportunities for the plant-based beverage market.

Market Drivers

• Lactose intolerance and dairy allergies are propelling the demand for plant-based alternatives, offering delicious and accessible options to individuals.
• The growing popularity of vegan lifestyles in developed and developing countries ignites the plant-based beverages market.
• Increased awareness of plant-based beverages' nutritional benefits and diverse flavors attracts health-conscious consumers seeking delicious and healthy options.
• Clear nutrition labels and a more comprehensive range of brands offering plant-based options empower consumers to make informed choices and drive market growth

Market Segmentation

The global plant-based beverages market is segmented based on source, product type, category, and distribution channel. The plant-based beverages market is segmented based on source into soy, almond, oat, coconut, and others. The plant-based beverages market is segmented based on product types into RTD tea and coffee, juices, plant-based milk, and others. The plant-based beverages market is segmented based on category into organic and conventional. The global plant-based beverages market is segmented based on distribution channels into supermarkets and hypermarkets, convenience stores, online retail, and others.

Regional Analysis

The report provides a detailed industry overview, which includes qualitative and quantitative information. It gives information on an overview and forecast of the global plant- based beverages market based on several segments. It also provides market size and forecast estimates from 2021 to 2031 concerning five major regions: Europe, North America,  Asia-Pacific (APAC), Middle East & Africa (MEA) and South & Central America. The plant-based beverages market by region is also sub-segmented by respective countries and segments. The plant-based beverages market report covers an analysis and forecast of eighteen countries globally and the prevailing trends and opportunities in the region.

The report analyses factors affecting the plant-based beverages market from both the demand and supply side. Furthermore, it evaluates market dynamics during the forecast period, i.e., drivers, challenges, opportunities, and future trends. The report also provides an extensive Porter's Five Forces analysis highlighting factors affecting these regions' plant-based beverages market.

Key Players

The reports cover vital organic and inorganic growth strategy developments in the plant-based beverages market. Various companies concentrate on organic growth strategies such as product launches, approvals, patents, and others. Inorganic growth strategies activities observed in the market were acquisitions, partnerships & collaborations. These activities have paved the way for the development of the business and customer base of market players. The plant-based beverages market players are anticipated to have lucrative growth opportunities with the increasing demand for vegan products in the global market.

The report includes key company profiles, SWOT analysis, and plant-based beverage market strategies. The report also focuses on leading market players with information including company profiles, components, and services offered, financial information for the last three years, and critical development in the past five years.

Below is a list of companies engaged in the plant-based beverages market.

• Danone
• ALOHA
• Ripple Foods
• EVOLVE
• Forager Project
• Orgain, LLC
• Rebel Kitchen
• Blue Diamond Growers
• PureHarvest
• Califia Farms, LLC

Plant-Based Beverages Report Scope