Plant-Based Beverages Market Research Report: Information Based on By Type (Milk, Others), Source (Almond, Soy, Coconut, Rice and Others), Function (Cardiovascular Health, Cancer Prevention, Bone Health, Lactose Free Alternative and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.
Plant-Based Beverages Market is predicted to reach approximately USD 72.67 billion by 2031, at a CAGR of 13.3% from 2023 to 2031. Non-dairy beverages made from plant sources are referred to as "plant-based beverages" they are an alternative to conventional beverages made with milk. Typically, liquids from a variety of plant components, including nuts, grains, seeds, legumes, and fruits, are extracted to create these beverages. Customers looking for lactose-free, vegan, or dairy-free options because of dietary limitations, health considerations, or ethical considerations can purchase plant-based beverages. They provide a variety of flavours, including, among others, almond, soy, coconut, rice, oat, and hemp milk.
Plant-Based Beverages Market REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Market Value (2022) |
27.2 billion |
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Projected Market Value (2031) |
72.67 billion |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Type, By Source Type, By Function Type & Region. |
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Segments Covered |
By Type, By Source Type, By Function Type & Region. |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031. |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others. |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Plant-Based Beverages Market Dynamics
Factors such as the growing consumer concern over sustainability and health, as well as a rise in the number of people adopting plant-based diets, are driving market expansion. To meet the different tastes of consumers, technological improvements and product innovations are producing a wide variety of plant-based beverage options. Furthermore, the competitive landscape is being shaped by significant players' strategic alliances, purchases, and investments. However, obstacles to market expansion still exist, including shifting raw material pricing and rising sales in developing nations. Overall, the market dynamics show a dynamic, developing sector with great room for expansion.
Plant-Based Beverages Market Drivers
Growing demand for plant-based beverages is mostly being driven by the explosive growth in the consumption of plant-based foods. Plant-based choices have gained enormous appeal in recent years, and these beverages have been effective in breaking into the mainstream. Dairy substitutes have gained popularity as customers seek for healthier nutritional options because of their alleged health advantages. The demand for plant-based beverages is further fuelled by growing public awareness of the negative environmental effects of animal agriculture and the rising number of people embracing vegan or vegetarian lifestyles. Together, these elements support the market's upward trend.
The growth of the global market for plant-based beverages is being propelled by the rising disposable income of the middle class and the expansion of urban areas. A report by the British Nutrition Foundation highlights that individuals are increasingly opting for plant-based foods. This shift is driven by a growing awareness of animal cruelty, leading people to reduce their consumption of milk and other dairy products. The inclination towards plant-based choices is particularly noticeable among younger consumers.
The influence of variable raw material prices and high product costs may limit the market expansion for plant-based beverages. Although plant-based beverages are widely available in industrialised countries, the business has difficulties in growing its market share in less developed countries. Growth hindrances include high production costs and restricted affordability. Additionally, distribution issues, poor consumer knowledge, and cultural differences prevent developing economies from embracing plant-based beverages. However, initiatives to solve these issues through product variety, teamwork, and education may one day assist to remove these obstacles and enable market expansion.
The emergence of innovative products like plant-based beverages, eggs, and meat substitutes, which offer comparable flavour and nutritional value to their animal-derived counterparts, has further encouraged the expansion of the plant-based business. Influential individuals like athletes and celebrities who actively promote vegetarian products for living a healthy lifestyle are another factor driving the industry. Their accessibility is facilitated by the expanding availability of these products through online retail channels. It is projected that a combination of factors, including product innovation, endorsements, and accessibility, will fuel the growth of the plant-based market in the coming years.
By Type
The market for plant-based beverages is segmented into two primary categories: milk and others. Almond milk, soy milk, oat milk, and coconut milk are just a few of the plant-based substitutes for conventional dairy milk that are available under the milk category. These milk-based alternatives are frequently used in beverages, cooking, and baking and are renowned for their creamy textures. Fruit juices, vegetable juices, infused water, herbal teas and energy drinks are just a few of the plant-based beverages that fall under the "others" category. Using this segmentation, consumers can select various plant-based options or substitutes for milk based on their preferences and requirements.
By Source Type
The market is segmented into various categories including soy beverages, almond beverages, coconut beverages, rice beverages, and others. Soy beverages are derived from soybeans and are known for their high protein content. Almond beverages are made from almonds and offer a subtle nutty flavor. Coconut beverages are made from coconut meat or milk and provide a tropical taste. Rice beverages are typically made from brown rice and have a mild and slightly sweet flavor. The "others" category includes various plant-based beverages such as oat milk, hemp milk, cashew milk, and blends of different plant sources. This segmentation allows consumers to choose from a diverse range of plant-based beverages based on their taste preferences and dietary needs
By Function Type
The market is segmented into a number of categories, including those for bone health, cancer prevention, cardiovascular health, lactose free alternatives, and others. Due to their low levels of cholesterol and saturated fat, coconut milk, almond milk, soy milk, oat milk, and other milk varieties benefit cardiovascular health. Isoflavones found in soy milk in particular may have the ability to prevent cancer. Additionally offering calcium and vitamin D to support bone health, these beverages. They also operate as lactose-free substitutes for people who are lactose intolerant. Additional plant-based beverages with comparable capabilities are included in the "others" category, which provides a wide range of choices to meet different consumer needs.
Plant-Based Beverages Market Overview by Region.
North America has the biggest market share for beverages made from plants. This is due to a number of causes, including increased consumer knowledge of the need of diets high in protein, rising health consciousness, the existence of a well-established beverages sector, and significant technological improvements in the business. The region's strong emphasis on leading healthy lifestyles and openness to accept innovative ideas within the drinks and beverage industry are the reasons for North America's dominant position in the market.
Plant-based beverage sales in the Asia-Pacific region are expected to expand rapidly in the future. This can be attributed to a number of things, including the region's increasing adoption of emerging technologies that are encouraging product innovation, strategic partnerships between domestic and foreign beverage companies, sizable government investments in research and development in the beverage industry, and the existence of numerous important players in the market. These elements support Asia-Pacific's robust market potential, emphasising the region's growing preference for plant-based beverages and the potential for it to be a fruitful market for business operators.
Plant-Based Beverages Market Competitive Landscape
Intense competition among major competitors striving for market share defines the competitive landscape of the market for plant-based beverages. To increase their market position, major companies in the sector are actively involved in product development, strategic alliances, and mergers and acquisitions. They put a lot of effort into developing their product lines, distribution systems, and brand recognition. Smaller, specialised businesses are also making their way onto the market, offering creative and tailored plant-based beverage options. Overall, the market is dynamic, and businesses are constantly working to stand out from the competition and obtain a bigger part of the expanding consumer demand for plant-based beverages. The major players in the market are, The Coca-Cola Company, Blue Diamond Growers, Califia Farms, Hain Celestial, Kikkoman, Pacific Foods, Pureharvest, Ripple Foods, SunOpta, The WhiteWave Foods Company, Want Want China Holdings Limited, WildWood Organic.
Plant-Based Beverages Market Recent Developments
In May 2022,
Ripple Foods, the pioneer in plant-based dairy, unveiled its most recent expansion to their line-up of plant-based products with the introduction of oat milk+protein. This wholesome beverage boasts 6 grams of plant-based protein per serving, a remarkable threefold increase compared to standard oat milk, and it contains 50% less sugar while providing greater calcium content than traditional dairy milk
Scope of Plant-Based Beverages Market Report
Plant-Based Beverages Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Type |
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By Source Type |
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By Function Type |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for Plant-Based Beverages Market segmented by technology, component, payment mode, vertical, and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of contactless payment between 2023 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for Plant-Based Beverages Market
To find out the factors which are affecting the market of Plant-Based Beverages Market among consumers
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
