Plant Based Beverages Market 2030 By Type (Soy, Coconut, Almond, Oat, Others), Product (Plain, Flavored), Packaging (Glass Bottles, Plastic Bottles and Pouches, Carton Packaging, Cans), By Sales Channel (Hypermarkets/Supermar kets, Convenience Stores, Independent Small Groceries, Speciality Stores, Online Retailers) & Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : FMCG | Pages : 170 Pages | Published On : Jan 2024
The Global Plant Based Beverages Market was valued at USD 23.5 Billion in 2022 and is expected to reach around XX by 2030, at a CAGR of about 12.8% between 2022 and 2030
Major Players In Plant Based Beverages Market Include: WhiteWave Foods Company (US), Blue Diamond Growers (US), Pacific Foods (US), Hain Celestial (US), SunOpta (Canada), Want Want China Holdings Limited (China), Kikkoman (Japan), Califia Farms (US), The Coca-Cola Company (US), Ripple Foods (US), WildWood Organic (US), and Pureharvest (Australia) and Others.
Plant-based beverages, derived from various plant sources, have emerged as a compelling substitute for dairy products, driven by their health-conscious appeal. Variants like soy milk, rice milk, and almond milk are gaining immense popularity globally due to their perceived health benefits. These beverages are rich in essential vitamins and minerals while being low in fats, cholesterol-free, and devoid of lactose.
The global plant-based beverage market has witnessed widespread acceptance, primarily fueled by the increasing prevalence of dairy allergies and a growing awareness of health and wellness. Additionally, rising disposable incomes have contributed to the market's growth as consumers seek healthier beverage alternatives. Market players have further augmented the appeal by introducing additional nutritious ingredients, bolstering the market's expansion. However, fluctuating raw material prices and production costs have posed challenges for market growth. Nonetheless, the plant-based beverage market holds promising opportunities, driven by the surging demand among the vegan population and the introduction of diverse flavors and varieties. The surge in plant-based food consumption, particularly in recent times, serves as a prominent driver for the increased demand for plant-based beverages. These beverages have transcended niche markets and have become a mainstream choice, with consumers increasingly viewing dairy alternatives as healthier dietary options. Sales of plantbased milk are expected to witness substantial growth in 2023, providing manufacturers with lucrative prospects in this burgeoning market. The global plant-based beverage market is also propelled by the expanding middle-class population with higher disposable incomes and the ongoing trend of urbanization. A significant demographic, aged 18 to 40, is showing a preference for plant-based foods, driven by heightened awareness of animal cruelty issues, leading to reduced consumption of dairy-based products.
Moreover, the rise of flexitarianism, where consumers aim to augment rather than restrict their diets, has contributed to the growing prominence of plant-based beverages. Approximately one-third of consumers in the US and Europe identify as flexitarians, further boosting the sales of plant-based beverages. Among the plant-based beverage options, rice milk, soy milk, and almond milk have gained widespread acceptance, primarily due to their nutritional profiles. These beverages offer vital vitamins and minerals while addressing lactose intolerance concerns, making them highly sought-after alternatives. With approximately 65% of the global population suffering from lactose intolerance, there is significant market potential. The appeal of plant-based beverages extends to both developed and developing markets, driven by the rise in dairy allergies and increased health consciousness. The Asia-Pacific region, in particular, is expected to lead the market, driven by the adoption of vegan diets and heightened consumer awareness of health concerns. Plant-based beverages are experiencing rapid growth in popularity among consumers in the Asia-Pacific region, cementing their position in the global market.
Major Classifications are as follows:
- Glass Bottles
- Plastic Bottles and Pouches
- Carton Packaging
By Sales Channel
- Hypermarkets/Supermar kets
- Convenience Stores
- Independent Small Groceries
- Speciality Stores
- Online Retailers
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
- Middle East
- Saudi Arabia
- Rest of the Middle East
- South Africa
- Rest of the Middle East & Africa
- Middle East
Reason to purchase this Plant Based Beverages Market Report:
- Determine prospective investment areas based on a detailed trend analysis of the global Plant Based Beverages Market over the next years.
- Gain an in-depth understanding of the underlying factors driving demand for different Plant Based Beverages Market segments in the top spending countries across the world and identify the opportunities each offers.
- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
- Identify the major channels that are driving the global Plant Based Beverages Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
- Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Plant Based Beverages Market.
- Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Plant Based Beverages Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.
Table and Figures
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Covered Key Topics
Market Growth Drivers
Leading Market Players
Company Market Share
Market Size and Growth Rate
Market Trend and Technological