The key factors driving the plant-based beverages market are shifting consumer preferences towards vegan diets, rising investments by companies, and increasing health concerns about the consumption of animal-based products.
According to the TechSci Research report, “Plant-Based Beverages Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”, The global plant-based beverages market is expected to grow during the forecast period owing to factors such as rising popularity of dairy-free or vegan products and increasing product launches.
Plant-based beverages are drinks that are extracted from plants. These types of beverages are considered to be a healthy substitute for dairy. Soymilk, rice milk, and almond milk are some of the plant-based beverages that are commonly consumed worldwide. Plant-based beverages are considered a healthier option because they include a variety of vital vitamins and minerals.
The global adoption of vegan eating patterns and shifting customer demand for plant-based beverage products, owing to the increased consumer awareness of animal health, is fostering market expansion globally during the forecast period.
Additional factors, including extensive celebrity and athlete marketing campaigns to promote veganism as a healthy lifestyle, also drive the global plant-based beverages market. Some celebrities, like Anushka Sharma, Virat Kohli, John Abraham, and Natalie Portman attribute the decision to their love for animals. For instance, an actress Natalie Portman, often shares vegan recipes and advice with her Instagram followers. She has a significant history of investing in the oat-milk substitute company Oatly. The brand was introduced in India in collaboration with Starbucks India with an aim to expand the chain’s dairy-free offering.
However, this sector is primarily constrained by fluctuating raw material prices and high costs. Adversely, the market for plant-based beverages is predicted to experience significant growth due to the introduction of new flavors and varieties in plant-based beverages.
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The global plant-based beverages market is segmented based on source, product type, flavor, distribution channel, region, and competitive landscape.
Based on source, the market is segmented into fruits, soy, rice, nuts, and others. Among these, fruits segment has a significant share in the market during the forecast period due to the rise in demand for products that contain high levels of vitamins, zinc, and iron for better body health and fruits contains vitamin C vitamin A, vitamin E, magnesium, zinc, etc.
Based on the product type, the market is segmented into RTD tea & coffee, juices & flavored drinks, milk, functional/energy drinks, and others. Among these, the milk segment has a significant share in the market during the forecast period due to a rise in demand of plant-based chemical-free milk by lactose intolerant people. Hence, rising demand for plant-based milk drives market expansion during the forecast period.
Based on distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, specialty stores, online, and non-retail. Among these, the online segment is the fastest growing segment in the market during the forecast period owing to increasing internet & smartphone penetration across the world.
Key market players operating in the plant-based beverages market include:
- Danone S.A.
- Blue Diamond Growers
- The Hain Celestial Group, Inc.
- Noumi Limited
- SunOpta, Inc.
- Califia Farms, LLC
- Harmless Harvest, Inc.
- Campbell Soup Company (Pacific Foods)
- Panos Brands, LLC (Better Than Milk)
- Archer Daniels Midland Company
In 2023, SunOpta, a U.S.-based company announced the opening of its new plant-based beverage production facility in Midlothian, Texas, to drive the future of sustainable, plant-based and fruit-based food and beverages. The line of plant-based milks and creamers, as well as tea and other products, will be produced at the new facility. There will be a variety of container sizes and configurations manufactured, including 16-ounce and 32-ounce packaging for plant-based milk products that are generally used in food service, shelf-stable retail, and e-commerce, and 330-milliliter packages for high-protein nutritious drinks.
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“Plant-based beverages have been significantly popular among the emerging market. This can be attributed to the increase in the number of allergic cases with respect to dairy consumption. Furthermore, the market for plant-based beverages is growing due to customers’ increased awareness of their health and rising popularity of vegan diets across the world. Other factors that contribute to the global plant-based beverages market’s expansion include the introduction of new flavors in plant-based drinks by various industry participants.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Plant-Based Beverages Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F
Segmented By Source (Fruits, Soy, Rice, Nuts, Others), By Product Type (RTD Tea & Coffee, Juices & Flavored Drinks, Milk, Functional/Energy Drinks, Others), By Flavor (Unflavored, Added Natural Flavors), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online, and Non-Retail), By Region, By Company, has evaluated the future growth potential of plant-based beverages globally and provides statistics and information on market structure, size, share, and future growth. The report provides cutting-edge market intelligence and helps decision-makers to make sound investment decisions. Besides, the report also identifies the emerging trends along with essential drivers, challenges, and opportunities present in the market of plant-based beverages globally.
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