What Has Been The Evolution of the Plant-Based Beverages Market in Recent Years?
The plant-based beverages market has seen considerable growth due to a variety of factors.
•The size of the market for plant-based beverages has seen swift expansion in recent years. The market is projected to increase from $27.09 billion in 2024 to $30.2 billion in 2025, showcasing a compound annual growth rate (CAGR) of 11.5%.
Factors contributing to the growth during the historic period include lactose intolerance and dairy allergies, adoption of vegan and vegetarian lifestyles, concerns about the environment and ethics, expansion and availability in retail, government policies and regulations, along with the functional and nutritional advantages that these beverages offer.
What Is the Forecasted Market Size and Growth Rate for The Plant-Based Beverages Market?
The plant-based beverages market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, substantial growth is anticipated in the market for plant-based beverages, with experts predicting it will expand to $47.81 billion by 2029, reflecting a compound annual growth rate (CAGR) of 12.2%.
This projected growth in the forecast period is due to various factors such as a focus on sustainable and ethically-responsible practices, the increased variety of plant-based milk substitutes, the rise of global culinary fusion trends, the surge in e-commerce, and the integration of plant-based beverages in the food service sector. Expected trends within this period consist of diversification of plant-derived sources, fortified and functional formulations, reduced-sugar and clean-label products, innovative packaging concepts, ready-to-drink (RTD) market development, and variations in flavors tailored to cultural and regional preferences.
Which Factors Are Boosting Growth In The Plant-Based Beverages Market?
The surge in veganism is set to drive the expansion of the plant-based beverages industry. Veganism calls for the avoidance of any products entirely or partly derived from animals, instead endorsing plant-based drinks known to enhance cardiac rhythms and safeguard individuals from cancer and other ailments. For instance, a January 2023 report from the Foreign Agricultural Service of the U.S. Department of Agriculture, a government agency in the U.S., highlighted that Germany had the highest vegetarianism rate, with over 1.5 million vegans living there in 2022, 1.58 million identifying as vegans, and nearly 8 million opting for vegetarian food. Consequently, the escalating popularity of veganism is fuelling the growth of the plant-based beverages industry.
What Key Areas Define The Segmentation Of The Global Plant-Based Beverages Market?
The plant-based beverages market covered in this report is segmented –
1) By Type: RTD Tea And Coffee, Plant Based Milk, Juices, Other Types
2) By Nature: Organic, Conventional
3) By Flavor: Plain, Flavored
4) By Function: Cardiovascular Health, Cancer Prevention, Bone Health, Lactose-Free Alternative, Other Functions
Subsegments:
1) By RTD Tea And Coffee: Ready-To-Drink Iced Tea, Ready-To-Drink Coffee Beverages, Herbal Tea, Functional Teas
2) By Plant-Based Milk: Almond Milk, Soy Milk, Oat Milk, Coconut Milk, Rice Milk, Cashew Milk
3) By Juices: Fruit Juices, Vegetable Juices, Blended Juices, Cold-Pressed Juices
4) By Other Types: Plant-Based Smoothies, Plant-Based Protein Drinks, Infused Water, Dairy Alternatives
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How Are Emerging Trends Reshaping The Dynamics Of The Plant-Based Beverages Market?
Leading firms in the plant-based beverage market are concentrating their efforts on the release of novel products like protein-enriched beverages to maintain a competitive advantage. Drinks loaded with protein, typically employed for muscle reinforcement, boosting nutrition, or as a substitute for meals, are referred to as protein-based beverages and usually infuse ingredients such as whey, casein, soy, or plant-based proteins. For example, in October 2024, a plant beverage business located in the US unveiled a series of plant-based drinks. Whole Moon's plant-based concoctions blend whole-roasted almonds, oats, pistachios, and soybeans, delivering a full-bodied, nutty taste and comprehensive protein including all nine essential amino acids. These beverages are available in Almond, Oat, and Pistachio flavors, have low sugar content, are free of dairy and gluten, vegan, and also approved by the non-GMO Project.
Who Are the Key Players in the Plant-Based Beverages Market?
Major companies operating in the plant-based beverages market include:
• SunOpta Inc.
• The Hain Celestial Group Inc.
• Pacific Foods of Oregon Inc.
• Nestlé S.A.
• Vitasoy International Holdings Limited
• Harmless Harvest Inc.
• Califia Farms LP
• Freedom Foods Group
• Campbell Soup Company
• RiceBran Technologies
• PepsiCo Inc.
• Premier Nutrition Company LLC
• Mead Johnson & Company LLC
• Danone S.A.
• Blue Diamond Growers Inc.
• Amy's Kitchen Inc.
• Conagra Brands Inc.
• Daiya Foods Inc.
• General Mills Inc.
• Kellogg Company
• Archer Daniels Midland Company
• Axiom Foods Inc.
• Bolthouse Farms Inc.
• Eden Foods Inc.
• Elmhurst 1925 Inc.
• Forager Project LLC
• Good Karma Foods Inc.
• Kerry Group plc
What Is The Most Dominant Region In The Plant-Based Beverages Market?
Asia-Pacific was the largest region in the plant-based beverages market in 2024. Europe is expected to be the fastest-growing region in the global plant-based beverages market during the forecast period. The regions covered in the plant-based beverages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
