Plant Based Beverages Market Size - By Type, By Source, By Function, By Distribution Channel - Regional Outlook, Competitive Strategies and Segment Forecasts to 2030

According to SPER Market Research, the Plant Based Beverages Market is estimated to reach USD 68.76 billion by 2030 with a CAGR of 12.5%.

Plant-based beverages are beverages that can be used as an alternative to dairy. These beverages are produced from plants and are believed to be a much healthier alternative to dairy. Soymilk, rice milk, and almond milk are among the most popular plant-based beverages around the world. They are considered healthy because they contain several essential vitamins and minerals. They are also low in fat and cholesterol and contain no lactose. Plant-based beverages are extremely popular in mature and emerging markets. This is due to an increase in the number of people who are allergic to dairy. Furthermore, growing healthcare awareness and disposable income fuel the expansion of the plant-based beverage market. The growing popularity of vegan diets, particularly among millennials; and the growing demand for low-calorie options as developing countries adapt to hectic lifestyles. Furthermore, companies are showing interest in the niche plant-based beverage segments by acquiring local players or investing in innovative products to tap consumer interests, which has fueled the market's growth.

Plant-based milk is the most prominent segment, accounting for the largest share of the global market. Plant-based milks made from almond, soy, coconut, and rice are available from a variety of companies. Consumers are focusing on improving their immunity and overall health by eating simple and nutritious vegetarian and plant-based foods and beverages. Consumers in both developed and developing countries are willing to pay a premium for beverages with superior nutritional and medicinal properties. Soy-based beverages are expected to grow steadily over the forecast period, owing to rising consumer demand for nutritional and allergy-free beverages. Other milk sources, such as cashew, oats and pea are also gaining traction in the market. Because of their health benefits and pain relief properties, hemp-based drinks are gaining popularity among consumers. Furthermore, governments all over the world are removing CBD and Hemp from illegal drugs and promoting these drinks. These favorable policies encourage beverage companies to introduce new products to the market. Thus, with a wide variety of plant-based milk options on the market, demand for plant-based beverages is expected to rise in the coming years. The increase in the adoption of large retail formats such as supermarkets and hypermarkets in both mature and emerging markets can be attributed to market growth. Furthermore, the one-stop shopping experience provided by these retail formats makes it a popular shopping option for consumers. However, due to rapid internet and smartphone penetration, the online segment is expected to grow the fastest over the forecast period. The Asia Pacific region is expected to be the fastest-growing market for plant-based beverages. This can be attributed to an increase in the trend of veganism as well as a rise in consumer awareness of health and fitness in the region. Key revenue-generating countries in the region include China and Thailand. China's major dairy companies have been planning to enter the niche plant-based beverage market. As a result, plant-based beverage manufacturers in this region have excellent growth prospects.

Plant-based products continue to be more expensive than dairy products due to premium pricing in several countries. As a result, manufacturers are working to reduce the prices of these products, which remain a challenge for manufacturers in this market. Aside from that, a lack of proper promotional strategies has resulted in a lack of consumer awareness about the benefits of plant-based beverages over dairy beverages in many emerging countries. As a result, these areas continue to rely heavily on dairy milk products.

Impact of COVID-19 on the Global Plant Based Beverages Market

The COVID-19 outbreak has taught us all the value of immunity and good health. The pandemic has created numerous opportunities for plant-based beverage manufacturers, as consumers have become more health-conscious, and thus demand for nutritional values provided by plant-based beverages, such as low calories, high vitamins and minerals, and proteins, continues to rise. During the outbreak, the demand for packaged items increased manyfold, resulting in increased demand for products such as packaged plant-based milk and beverages, which have a longer shelf life and can be easily stored, preventing people from having to leave their homes as frequently.

Scope of the report

Report Metric Details:

• Market size available for years: 2019-2030

• Base year considered: 2021

• Forecast period: 2022-2030

• Segments covered: By Type, By Source, By Function, By Distribution Channel

• Geographies covered: North America, Europe, Asia Pacific, Latin America, Middle East & Africa

• Companies Covered: Archer Daniels Midland Company, BLUE DIAMOND GROWERS, Califia farms, HAIN CELESTIAL GROUP, INC., Kikkoman, LIVING HARVEST FOODS INC., ORGANIC VALLEY CROPP COOPERATIVE, PANOS BRANDS LLC, Pepsico, Inc., Pacific Foods of Oregon, Pureharvest, SUNOPTA INC, The Coca-Cola Company, The Hain Celestial Group, The Whitewave Foods Company, Want Want China Holdings Limited, Wildwood Organic.

Global Plant Based Beverages Market, By Type:

Based on the Type, Global Plant Based Beverages Market is segmented as; RTD Tea & Coffee (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Juices (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Plant Based Milk (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Others (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region).

Global Plant Based Beverages Market, By Source:

Based on the Source, Global Plant Based Beverages Market is segmented as; Fruits (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Nuts (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Rice (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Soy (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Rice (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Others (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region).

Global Plant Based Beverages Market, By Function:

Based on the Function, Global Plant Based Beverages Market is segmented as; Cardiovascular Health, Cancer Prevention, Lactose Intolerance, Bone Health.

Global Plant Based Beverages Market, By Distribution Channel:

Based on the Distribution Channel, Global Plant Based Beverages Market is segmented as; Convenience Store (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Hypermarkets & Supermarket (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Specialty Stores (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region), Online (Key market trends, growth factors and opportunities, Market size and forecast, Market analysis by Region).

Global Plant Based Beverages Market, By Region:

The Asia Pacific region is expected to be the fastest-growing market for plant-based beverages. This can be attributed to an increase in the trend of veganism as well as a rise in consumer awareness of health and fitness in the region. Key revenue-generating countries in the region include China and Thailand. China's major dairy companies have been planning to enter the niche plant-based beverage market. As a result, plant-based beverage manufacturers in this region have excellent growth prospects.