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Changes in the plant-based drink business reveal that consumers worldwide are selecting healthier, environmentally friendly drinks. Recent years have seen more consumers choose plant-based drinks over sugary and dairy-based ones. People are learning about plant-based diets' health advantages, the environment, and preferring non-dairy products because they can't tolerate lactose or think it's moral.
The expanding global population and demand in healthy non-dairy drinks will generate a major market growth opportunity. Since more people seek non-dairy drinks, healthier choices benefit the industry. As individuals realize the importance of health and fitness, they seek dairy-free alternatives.
The market will benefit from more plant-based, nutritionally superior drinks. Due to lactose sensitivity, personal preference, and environmental concerns, non-dairy choices are growing in popularity. This trend demonstrates that preferences are changing and society is growing healthier and more informed.
New technology and more products may help beverage companies capitalize on expanding non-dairy demand. As the global population expands and more people become health-conscious, market participants may enhance their positions and adapt to fulfill the wants of consumers who desire healthy, eco-friendly drinks.
More plant-based drinks are available. Many milks are now available besides almond and soy. These include oat, chocolate, rice, and pea protein drinks. This diversity suits many preferences and health demands, thus plant-based solutions are growing increasingly popular. Plant-based sources are growing in the market because consumers want better options.
The market for plant-based functional drinks is also doing very well. They're good for you in a lot of ways. Growing numbers of people are drinking plant-based drinks that are good for them and full of minerals, vitamins, and other nutrients. Health is important to people, so they want to eat foods that have beneficial properties. Healthy beverages like plant-based protein shakes and sweetened nut milks enable new products.
Another benefit of plant-based beverages is their longevity. People constantly search for methods to help the environment because they realize how vital it is. Cheese has the same effect on the earth as drinks made from plants. Because of this trend, companies can make money by promoting ecologically friendly packing, healthy shopping, and clear supply lines. People are buying things more and more because they care about morals and the environment. This method to sustainability appeals to people who want to buy.
There are also more partnerships between food service and beverage companies and plant-based beverage companies. More consumers demand plant-based choices, so fast food, coffee, and restaurants are offering them. This arrangement makes plant-based beverages more accessible by increasing their popularity.
In regions with increasing finances, plant-based beverages are becoming more popular. People are reconsidering their unhealthy and ecologically destructive diets as plant-based diets become increasingly popular. Globalization lets huge corporations enter new markets. They may also promote plant-based solutions and adapt to community demands.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | · Increasing Availability and innovation in Plant-Based Beverages |
| Market Dynamics | · Health and wellness trend to boost market growth |
Plant-Based Beverages Market Highlights:
Global Plant-Based Beverages Market Overview
Plant-Based Beverages Market Size was valued at USD 219.80 billion in 2022. The Plant-Based Beverages market industry is projected to grow from USD 238.48 Billion in 2023 to USD 389.07 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.50% during the forecast period (2023 - 2030). Rising demand for health and awareness trends, environmental concerns and rise of veganism and vegetarianism are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Plant-Based Beverages Market Trends
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Health and wellness trend to boost market growth
Consumers are increasingly focused on health and wellness, and plant-based beverages are seen as a healthier alternative to traditional sugary drinks. Plant-based beverages are often lower in calories and sugar than their traditional counterparts, and they are also typically free from artificial ingredients and preservatives. Consumers are also becoming more aware of the potential health benefits of plant-based diets, such as lower rates of heart disease, diabetes, and some types of cancer.
The availability and variety of plant-based beverages have been increasing in recent years, making it easier for consumers to find and try new products. This has been driven by increasing demand for plant-based products, as well as by innovations in plant-based ingredients and processing technologies.
Innovations in plant-based ingredients and processing technologies are making it possible to create plant-based beverages that are more palatable, nutritious, and sustainable than ever before. For example, new plant-based protein sources, such as pea protein and oat protein, are being used to create plant-based beverages that are high in protein and have a more satisfying texture. Meanwhile, new processing technologies are making it possible to create plant-based beverages that have a longer shelf life and better flavor stability.
Plant-Based Beverages Market Segment Insights
Plant-Based Beverages Source Insights
The plant-based beverages market segmentation, based on source, includes fruits, nuts, vegetables, soy, and seeds & leaves. The fruits segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Manufacturers are introducing new and exotic flavors to cater to changing consumer preferences, such as matcha, turmeric latte, and chai. Additionally, plant-based beverages with natural sweeteners, such as agave and monk fruit, are becoming more popular as consumers seek healthier options. Hence, rising sources of fruits for plant-based beverages positively impacts the market growth.
June 2019: Nestle and Starbucks formed a coffee alliance to introduce a range of Starbucks-branded coffee products using Nestle's proprietary coffee and tea capsules.
Plant-Based Beverages Type Insights
The plant-based beverages market segmentation, based on type, includes RTD tea & coffee, plant-based milk, and juices. The plant-based milk segment held the majority share in 2022 contribution to the plant-based beverages market revenue. These types of plant-based beverages are gaining popularity among consumers who are looking for more sustainable and eco-friendly options. Additionally, new plant-based beverages made from lesser-known ingredients, such as macadamia milk and banana milk, are entering the market.
September 2020: Califia Farms launched a line of oat milk products, including oat milk lattes and oat milk creamers.
Plant-Based Beverages Distribution Channel Insights
The Plant-Based Beverages market data has been bifurcated by distribution channel into store-based, and non-store based. The store-based distribution channel segment dominated the market in 2022 and non-store based is projected to be the faster-growing segment during the forecast period, 2022-2030. Store-based distribution channels continue to be the dominant distribution channel for plant-based beverages due to easy availability. However, consumers are increasingly turning to online retailers to purchase their favorite plant-based beverages, as online shopping provides convenience and safety.Figure 2: Â Plant-Based Beverages Market, by Distribution Channel, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Plant-Based Beverages Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Plant-Based Beverages market accounted for USD 100.66 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The demand for plant-based beverages in North America is driven by health and wellness trends, environmental concerns, and the rise of veganism and vegetarianism. The popularity of plant-based milk alternatives, such as almond milk and soy milk, is also contributing to the growth of the market. The region is home to several major plant-based beverage manufacturers, including Silk, So Delicious, and Califia Farms. U.S. being the biggest contributor to the market.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Â PLANT-BASED BEVERAGES MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Plant-Based Beverages market accounts for the second-largest market share due to the health and wellness trends and environmental concerns. Soy milk and almond milk are the most popular plant-based milk alternatives in Europe. The region is also home to several major plant-based beverage manufacturers, including Alpro, Oatly, and Innocent. Further, the Germany Plant-Based Beverages market held the largest market share, and the UK Plant-Based Beverages market was the fastest growing market in the European region.
The Asia-Pacific Plant-Based Beverages Market is expected to grow at the fastest CAGR from 2022 to 2030. The Asia-Pacific Plant-Based Beverages market is driven by increasing consumer awareness of the health and environmental benefits of plant-based products. The region is home to several large and emerging markets, including China, Japan, India, and Australia. Soy milk and almond milk are the most popular plant-based milk alternatives in the region, but other types of plant-based beverages, such as coconut milk and rice milk, are also gaining popularity. The region is home to several major plant-based beverage manufacturers, including Vitasoy International Holdings Ltd, Sanitarium Health and Wellbeing Company, and Nestle S.A. Moreover, China plant-based beverages market held the largest market share, and the India plant-based beverages market was the fastest growing market in the Asia-Pacific region.
Plant-Based Beverages Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Plant-Based Beverages market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Plant-Based Beverages industry must offer healthy items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Plant-Based Beverages industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Plant-Based Beverages industry has provided innovative products with some of the most significant benefits. The Plant-Based Beverages market major player such as Coca-Cola Company, PepsiCo Inc., Hain Celestial Group, Danone SA, Fresh Del Monte Produce Inc., Campbell Soup Company, Califia Strategies, Koia Keurig Dr Pepper Inc., SunOpta Inc. and others are working to expand the market demand by investing in research and development activities.
PepsiCo is a multinational food and beverage company headquartered in New York. The company was founded in 1965 through the merger of Pepsi-Cola and Frito-Lay. PepsiCo has since expanded to become one of the world's largest food and beverage companies, with a portfolio of over 22 brands. PepsiCo's product portfolio includes a wide range of food and beverage products, including soft drinks, sports drinks, juices, snacks, and breakfast foods. The company operates in more than 200 countries and has a workforce of over 300,000 employees. In June 2021, PepsiCo and Beyond Meat announced a joint venture called The PLANeT Partnership to develop, produce, and market plant-based snacks and beverages.
Danone SA is a multinational food and beverage company based in France. The company was founded in 1919 and has since expanded to become one of the largest dairy and plant-based food companies in the world. Danone's product portfolio includes a range of dairy products, such as yogurt and cheese, as well as plant-based alternatives, including soy, almond, and oat milk, among others. In November 2020, Danone and Biospringer, a producer of yeast-based ingredients, partnered to develop and market plant-based food products.
Key Companies in the Plant-Based Beverages market includes
- Coca-Cola Company
- PepsiCo Inc.
- Hain Celestial Group
- Danone SA
- Fresh Del Monte Produce Inc.
- Campbell Soup Company.
- Califia Strategies
- Koia Keurig Dr Pepper Inc.
- SunOpta Inc.
Plant-Based Beverages Industry Developments
January 2019: Coca-Cola launched a line of plant-based dairy alternatives under its AdeZ brand, made from a blend of almonds, rice, and oats.
March 2021: Silk launched a line of protein-packed plant-based milk alternatives made from a blend of pea protein and oat milk.
May 2019: Nestle acquired a majority stake in Terrafertil, a leading producer of organic and plant-based foods, including beverages.
October 2020: Danone acquired Earth Island, the maker of Follow Your Heart brand plant-based foods and beverages, including plant-based milk and mayonnaise.
April 2021: PepsiCo announced the acquisition of Health Warrior, a plant-based snack and beverage company that produces products such as plant-based protein bars and smoothie bowls.
Plant-Based Beverages Market Segmentation
Plant-Based Beverages Source Outlook
- Fruits
- Nuts
- Vegetables
- Soy
- Seeds & Leaves
Plant-Based Beverages Type Outlook
- RTD Tea & Coffee
- Plant-Based Milk
- Juices
Plant-Based Beverages Distribution Channel Outlook
- Store-Based
- Non-Store Based
Plant-Based Beverages Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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