Plant-Based Beverages Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Source, By Product Type, By Flavor, By Distribution Channel, By Region & Competition, 2021-2031F

Description

The Global Plant-Based Beverages Market is projected to expand from USD 27.81 Billion in 2025 to USD 47.18 Billion by 2031, reflecting a CAGR of 9.21% over the forecast period. These non-dairy liquid products are crafted from ingredients such as soy, almond, oat, and rice to mimic the nutritional value and culinary versatility of conventional milk. Key factors fueling this growth include the rising global incidence of lactose intolerance and dairy allergies, which require functional dietary substitutes for a significant population segment. Additionally, growing consumer awareness regarding the environmental consequences of animal agriculture and ethical concerns related to animal welfare act as fundamental motivators encouraging a sustained transition away from traditional dairy consumption.

Market Overview
Forecast Period	2027-2031
Market Size 2025	USD 27.81 Billion
Market Size 2031	USD 47.18 Billion
CAGR 2026-2031	9.21%
Fastest Growing Segment	Online
Largest Market	Asia Pacific

However, a major obstacle hindering widespread market adoption is the ongoing price gap between plant-based alternatives and standard cow milk, driven by higher costs for ingredients and processing that lead to premium retail prices and discourage budget-conscious buyers. Despite these financial challenges, the sector maintains a strong position within the alternative protein landscape. According to the Good Food Institute, the global plant-based dairy market achieved sales of approximately $22.5 billion in 2024. This data underscores the robust and resilient demand for milk alternatives and associated products within the broader international food system.

Market Driver

The rising adoption of vegan and flexitarian lifestyles is fundamentally transforming the industry as consumers look for dietary variety beyond strict vegetarianism, driven by a desire to incorporate plant-rich options for health reasons. This shift has moved these beverages from specialty health stores to mainstream retail, reflecting a trend where individuals integrate functional alternatives into their daily lives rather than strictly avoiding animal products. According to the Plant Based Foods Association's '2023 State of the Marketplace' report published in April 2024, plant-based milk is the most mature category in the sector, holding a 15 percent share of total dollar sales in the United States milk market. Furthermore, the Good Food Institute's '2023 State of the Industry Report' from April 2024 notes that approximately 79 percent of buyers in this category are repeat purchasers, indicating strong consumer retention.

Simultaneously, continuous improvements in flavor and texture are crucial drivers, allowing brands to keep customers who expect sensory experiences similar to traditional dairy. Innovations in enzymatic processing have enabled producers to remove unwanted tastes in soy and pea proteins while boosting the creaminess of oat and nut varieties for use in coffee and cooking. This commitment to sensory parity generates significant revenue for market leaders who focus on high-quality formulations to overcome taste-related barriers. For example, Oatly Group AB reported full-year revenue of $783.3 million in their 'Fourth Quarter and Full Year 2023 Financial Results' released in February 2024, highlighting the strong commercial demand for texturally refined oat-based products essential for converting trial users into loyal customers.

Market Challenge

The enduring price difference between plant-based beverages and conventional dairy represents a significant economic hurdle that prevents the category from reaching mass-market status. Although functional advantages attract initial interest, high retail prices restrict frequent consumption mainly to wealthier groups, preventing these items from becoming household staples. This pricing dynamic compels budget-oriented consumers to favor affordability over ethical or environmental factors, especially during inflationary periods when disposable income is tight. As a result, the industry finds it difficult to turn casual shoppers into dedicated consumers, which limits its potential market scope and decelerates overall volume expansion.

This economic barrier is highlighted by the substantial price premiums prevalent in the sector. According to the Good Food Institute, in 2024, plant-based milk products carried an average price premium of 104% relative to conventional animal-based liquid milk. Such a significant markup renders the transition to plant-based options financially unfeasible for a vast segment of the population. This disparity directly obstructs wider adoption rates and solidifies the view of plant-based beverages as a niche luxury item rather than an accessible everyday necessity.

Market Trends

The movement toward clean-label and gum-free formulations is redefining product standards as consumers increasingly avoid ultra-processed ingredients such as carrageenan, seed oils, and synthetic gums. Shoppers are closely examining nutrition labels for simplicity, preferring brands that use hydrodynamic processing or enzymatic techniques to create appealing textures without additives. This transparency trend is benefiting companies that maintain short, recognizable ingredient lists, establishing a rapidly growing premium segment. According to a Shopify article titled 'MALK's Path to $100M in Revenue' from October 2025, the clean-label brand MALK Organics is nearing $100 million in trailing 12-month revenue, confirming the commercial success of minimal-ingredient strategies.

In parallel, the growth of specialized barista-grade product lines is strengthening the sector's presence in the high-volume coffee market. Manufacturers are developing specific formulas with balanced protein and fat ratios to endure the heat and acidity of coffee, preventing curdling while providing the micro-foam necessary for latte art. This functional adaptation enables plant-based milks to fit effortlessly into cafe workflows, generating substantial volume through out-of-home consumption. As noted by Protein Production Technology International in November 2025, citing a 'New GFI report shows plant-based foods gained ground,' dollar sales of plant-based milk via U.S. broadline foodservice distributors increased by 9 percent in 2024, highlighting the critical role of coffee-related applications in maintaining market momentum.

Key Market Players

Danone S.A.
Blue Diamond Growers
The Hain Celestial Group, Inc.
Noumi Limited
SunOpta, Inc.
Califia Farms, LLC
Harmless Harvest, Inc.
Campbell Soup Company
Panos Brands, LLC
Archer Daniels Midland Company

Report Scope

In this report, the Global Plant-Based Beverages Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Plant-Based Beverages Market, By Source

Fruits
Soy
Rice
Nuts
Others

Plant-Based Beverages Market, By Product Type

RTD Tea & Coffee
Juices & Flavored Drinks
Milk
Functional/Energy Drinks
Others

Plant-Based Beverages Market, By Flavor

Unflavored
Added Natural Flavors

Plant-Based Beverages Market, By Distribution Channel

Supermarkets/Hypermarkets
Convenience Stores
Specialty Stores
Online
Non-Retail

Plant-Based Beverages Market, By Region

North America
- United States
- Canada
- Mexico
Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
South America
- Brazil
- Argentina
- Colombia
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Plant-Based Beverages Market.

Available Customizations:

Global Plant-Based Beverages Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Plant-Based Beverages Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Source (Fruits, Soy, Rice, Nuts, Others)
- 5.2.2. By Product Type (RTD Tea & Coffee, Juices & Flavored Drinks, Milk, Functional/Energy Drinks, Others)
- 5.2.3. By Flavor (Unflavored, Added Natural Flavors)
- 5.2.4. By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online, Non-Retail)
- 5.2.5. By Region
- 5.2.6. By Company (2025)
5.3. Market Map

6. North America Plant-Based Beverages Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Source
- 6.2.2. By Product Type
- 6.2.3. By Flavor
- 6.2.4. By Distribution Channel
- 6.2.5. By Country
6.3. North America: Country Analysis
- 6.3.1. United States Plant-Based Beverages Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By Source
    - 6.3.1.2.2. By Product Type
    - 6.3.1.2.3. By Flavor
    - 6.3.1.2.4. By Distribution Channel
- 6.3.2. Canada Plant-Based Beverages Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By Source
    - 6.3.2.2.2. By Product Type
    - 6.3.2.2.3. By Flavor
    - 6.3.2.2.4. By Distribution Channel
- 6.3.3. Mexico Plant-Based Beverages Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By Source
    - 6.3.3.2.2. By Product Type
    - 6.3.3.2.3. By Flavor
    - 6.3.3.2.4. By Distribution Channel

7. Europe Plant-Based Beverages Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Source
- 7.2.2. By Product Type
- 7.2.3. By Flavor
- 7.2.4. By Distribution Channel
- 7.2.5. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany Plant-Based Beverages Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By Source
    - 7.3.1.2.2. By Product Type
    - 7.3.1.2.3. By Flavor
    - 7.3.1.2.4. By Distribution Channel
- 7.3.2. France Plant-Based Beverages Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By Source
    - 7.3.2.2.2. By Product Type
    - 7.3.2.2.3. By Flavor
    - 7.3.2.2.4. By Distribution Channel
- 7.3.3. United Kingdom Plant-Based Beverages Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By Source
    - 7.3.3.2.2. By Product Type
    - 7.3.3.2.3. By Flavor
    - 7.3.3.2.4. By Distribution Channel
- 7.3.4. Italy Plant-Based Beverages Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By Source
    - 7.3.4.2.2. By Product Type
    - 7.3.4.2.3. By Flavor
    - 7.3.4.2.4. By Distribution Channel
- 7.3.5. Spain Plant-Based Beverages Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By Source
    - 7.3.5.2.2. By Product Type
    - 7.3.5.2.3. By Flavor
    - 7.3.5.2.4. By Distribution Channel

8. Asia Pacific Plant-Based Beverages Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Source
- 8.2.2. By Product Type
- 8.2.3. By Flavor
- 8.2.4. By Distribution Channel
- 8.2.5. By Country
8.3. Asia Pacific: Country Analysis
- 8.3.1. China Plant-Based Beverages Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By Source
    - 8.3.1.2.2. By Product Type
    - 8.3.1.2.3. By Flavor
    - 8.3.1.2.4. By Distribution Channel
- 8.3.2. India Plant-Based Beverages Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By Source
    - 8.3.2.2.2. By Product Type
    - 8.3.2.2.3. By Flavor
    - 8.3.2.2.4. By Distribution Channel
- 8.3.3. Japan Plant-Based Beverages Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By Source
    - 8.3.3.2.2. By Product Type
    - 8.3.3.2.3. By Flavor
    - 8.3.3.2.4. By Distribution Channel
- 8.3.4. South Korea Plant-Based Beverages Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By Source
    - 8.3.4.2.2. By Product Type
    - 8.3.4.2.3. By Flavor
    - 8.3.4.2.4. By Distribution Channel
- 8.3.5. Australia Plant-Based Beverages Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By Source
    - 8.3.5.2.2. By Product Type
    - 8.3.5.2.3. By Flavor
    - 8.3.5.2.4. By Distribution Channel

9. Middle East & Africa Plant-Based Beverages Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Source
- 9.2.2. By Product Type
- 9.2.3. By Flavor
- 9.2.4. By Distribution Channel
- 9.2.5. By Country
9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Plant-Based Beverages Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By Source
    - 9.3.1.2.2. By Product Type
    - 9.3.1.2.3. By Flavor
    - 9.3.1.2.4. By Distribution Channel
- 9.3.2. UAE Plant-Based Beverages Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By Source
    - 9.3.2.2.2. By Product Type
    - 9.3.2.2.3. By Flavor
    - 9.3.2.2.4. By Distribution Channel
- 9.3.3. South Africa Plant-Based Beverages Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By Source
    - 9.3.3.2.2. By Product Type
    - 9.3.3.2.3. By Flavor
    - 9.3.3.2.4. By Distribution Channel

10. South America Plant-Based Beverages Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By Source
- 10.2.2. By Product Type
- 10.2.3. By Flavor
- 10.2.4. By Distribution Channel
- 10.2.5. By Country
10.3. South America: Country Analysis
- 10.3.1. Brazil Plant-Based Beverages Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By Source
    - 10.3.1.2.2. By Product Type
    - 10.3.1.2.3. By Flavor
    - 10.3.1.2.4. By Distribution Channel
- 10.3.2. Colombia Plant-Based Beverages Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By Source
    - 10.3.2.2.2. By Product Type
    - 10.3.2.2.3. By Flavor
    - 10.3.2.2.4. By Distribution Channel
- 10.3.3. Argentina Plant-Based Beverages Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By Source
    - 10.3.3.2.2. By Product Type
    - 10.3.3.2.3. By Flavor
    - 10.3.3.2.4. By Distribution Channel

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Global Plant-Based Beverages Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Danone S.A.
- 15.1.1. Business Overview
- 15.1.2. Products & Services
- 15.1.3. Recent Developments
- 15.1.4. Key Personnel
- 15.1.5. SWOT Analysis
15.2. Blue Diamond Growers
15.3. The Hain Celestial Group, Inc.
15.4. Noumi Limited
15.5. SunOpta, Inc.
15.6. Califia Farms, LLC
15.7. Harmless Harvest, Inc.
15.8. Campbell Soup Company
15.9. Panos Brands, LLC
15.10. Archer Daniels Midland Company