Plant-based Beverages Market Players, Analysis & Growth 2031

Plant-Based Beverages Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis By Source (Soy, Almond, Oat, Coconut, and Others); Product Type (RTD Tea and Coffee, Juices, Plant-Based Milk, and Others); Category (Organic and Conventional)

Publication Month : Feb 2024

  • Report Code : TIPRE00004272
  • Category : Food and Beverages
  • Status : Upcoming
  • No. of Pages : 150
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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 2020 to 2030 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
  • Ripple Foods
  • Forager Project
  • Orgain, LLC
  • Rebel Kitchen
  • Blue Diamond Growers
  • PureHarvest
  • Califia Farms, LLC
World Geography

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies

1.Blue Diamond Growers
2.Califia Farms
3.Danone S.A.
4.Hain Celestial Group
5.Kikkoman Corporation
6.Pacific Foods of Oregon, LLC.
7.Pulmuone Foods USA, Inc.
9.Ripple Foods
10.SunOpta Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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