Plant-Based Beverages Market Revenues Could Hit the USD 328.22 billion Mark by 2033

Market Overview: Size and Forecast

Plant-based beverages are non-dairy drinks made from plant-based ingredients such as soy, almond, coconut, and oats. These beverages are an alternative to dairy-based drinks and are popular among consumers who are lactose intolerant, vegan, or health-conscious. The plant-based beverage market is driven by increasing demand for healthy and organic drinks, rising awareness about animal welfare, and environmental concerns.

The global Plant-Based Beverages Market size was estimated at USD 146.51 billion in 2023 and is expected to reach around USD 328.22 billion by 2033, poised to grow at a compound annual growth rate (CAGR) of 8.4% during the forecast period 2022 to 2030.

The market is driven by increasing demand for plant-based milk and the growing popularity of veganism. The plant-based beverage market is also driven by the increasing availability of new and innovative flavors and the rising popularity of ready-to-drink beverages and also it is growing, as consumers look for healthier and more natural alternatives to traditional fruit juices. Plant-based tea and coffee, such as herbal tea and chai lattes, are also gaining in popularity, as they offer a range of health benefits and are often seen as a more sustainable and ethical choice. Overall, the trend towards plant-based beverages is expected to continue in the coming years, driven by growing consumer demand for healthy and sustainable options.

Key Takeaways:

• Asia Pacific region has taken 66.8% revenue share by 2022.
• Europe is growing at the fastest CAGR between 2023 - 2032.
• The soy beverage segment had a revenue share of over 38.6% by 2022.
• The coconut beverage source segment is projected to grow at the fastest CAGR between 2023-2032.
• Revenue share by product has been over 70.4% for the plain drinks segment in 2022.
• However, the fastest CAGR in the flavored beverages market is from 2023 to 2030.

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Introduction: Plant-Based Beverages

The global plant-based beverages market is projected to witness significant growth over the next decade. Plant-based beverages, also known as non-dairy milk alternatives, are made from plant sources such as soy, almond, cashew and coconut. These products are gaining traction among health-conscious consumers due to their superior nutritional content and versatility in terms of flavor profiles. Furthermore, the rising trend of veganism has opened up further opportunities for the market’s growth.

Whether it's added to smoothies or coffee drinks, used as an alternative milk substitute for baking recipes or consumed on its own with cereal breakfast bowls, plant-based beverages have become increasingly popular in recent years. These products offer several advantages over traditional dairy milk such as being lactose-free which makes them suitable for those with allergies and intolerances.

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Regional Snapshot

In recent years, the market has seen significant growth due to the increasing popularity of plant-based beverages in countries like Australia, Japan and China.These alternatives can be expensive for consumers in the Asia Pacific region.These plant-based beverages have seen a significant increase in consumption. Clean labels will help increase sales of plant-based beverages. The market is forecast to grow significantly due to increased awareness of nutrition and health.

Soya is a popular source of plant-based foods in the Asia Pacific region. It is anticipated that vegan diets will increase in popularity both in Europe and North America.

Market Dynamics

1. Drivers:

• Increasing demand for healthy and organic drinks.
• Growing awareness about animal welfare and environmental concerns.
• The rising popularity of veganism.

2. Restraints:

• Limited availability of raw materials.
• Higher cost compared to traditional dairy-based drinks.

3. Opportunities:

• Growing demand from emerging economies.
• Rising demand for functional beverages with added health benefits.
• Increased investment in research and development for new plant-based products.

4. Challenges:

• Limited availability of raw materials.
• Difficulty in replicating the taste and texture of dairy-based drinks.
• Competition from traditional dairy-based drinks.

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Recent Developments

• PepsiCo launched Nitro Pepsii in 2022. This is a nitrogen-infused soda that was introduced in the United States. Widget technology is used by the organization, which is often found in beer products as well as coffee.
• Starbucks and Nestle formed a strategic partnership in 2021. This partnership aimed to launch ready-to-drink coffee in Latin America and Southeast Asia.The revenue generated by ready-to-drink coffee was approximately 2.98 billion U.S. dollars after its introduction.

Market Segmentation

Type

• Organic Plant-Based Beverages
• Conventional Plant-Based Beverages

Application

• Hypermarkets/Supermarkets
• Convenience Stores
• Specialty Stores
• Online Retails

Key Market Players included in the report:

• Coca-Cola
• Hain Celestial Group
• SunOpta
• PepsiCo
• Dr Pepper Snapple Group
• Del Monte Foods
• Pacific Foods
• Dohler GmbH
• Califia Farms
• Good Karma Foods
• WhiteWave Foods
• Ripple Foods
• Koia
• Harmless Harvest

Frequently Asked Questions:

1. What are plant-based beverages?

Plant-based beverages are non-dairy drinks made from plant-based ingredients such as soy, almond, coconut, and oats.

2. Why are plant-based beverages becoming popular?

Plant-based beverages are becoming popular due to increasing demand for healthy and organic drinks, rising awareness about animal welfare and environmental concerns, and the growing popularity of veganism.

3. What are the main types of plant-based beverages?

The main types of plant-based beverages are plant-based milk (such as soy, almond, and coconut milk), plant-based juices (such as orange and apple juice), and plant-based tea and coffee (such as herbal tea and chai latte).

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Report Scope

Conclusion

The plant-based beverages market is expected to grow substantially in the coming years. The introduction of healthier and more sustainable alternatives to animal-derived products has encouraged consumers to turn towards plant-based options. Furthermore, the increasing demand for fortified and enriched drinks with health benefits has been a major factor driving this market. Additionally, growing consumer awareness about environmental issues and sustainability are making consumers opt for more eco-friendly alternatives that are available in the market today.

In conclusion, it can be said that the global plant-based beverages market is likely to experience a surge in demand over the forecast period due to increasing preference for plant-based foods and drinks among consumers, as well as rising health consciousness.

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