The global plant-based beverages market size is expected to reach US$ 474,666.1 million by the end of 2028. Rising focus on health and wellness is giving impetus to the market, finds Future Market Insights in a report, titled “Plant-Based Beverages Market – Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028.” According to the report, the market was valued at US$ 247,848.8 million in 2018. Between 2018 and 2028, the market is expected to report a CAGR of 6.7% CAGR. As leading companies focus on diversifying their product portfolio, consumers are likely to get spoilt with choices. This in turn would favour the market’s expansion over the course of the report’s forecast period.
The report offers a comprehensive market overview, covering chief growth drivers, restraints, prevailing trends, and opportunities. It discovers scope for expansion of key players. The report is therefore intended to keep stakeholders abreast of the latest information and prevailing dynamics of the global plant-based beverages market.
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In the post covid world, health and wellness have gained significant popularity. In 2021, the global wellness market was valued at more than $4 Trillion. The rise in the number of people suffering from diabetes and obesity has forced them to opt for healthier alternatives of various meals. Moreover, one of the key driving factors is the increasing number of people with lactose intolerance. Lactose intolerance is propelling the growth of the plant based beverages market owing to their dietary benefits. The National Institute of Diabetes and Digestive and Kidney Diseases, about 36% of people in the United States have lactose intolerance.
“Consumers around the world are increasingly adopting plant-based and restrictive diet, including plant-based beverages. The rising prevalence of food allergies, lactose intolerance, and other conditions is driving diets Paleo diet, flexitarian diets, and others,” said a leading FMI analyst.
Some of the key takeaways from the market study are:
- The plant based beverages market is broadly classified under dairy alternatives, RTD drinks, and plant-based juices. Of these, dairy alternatives segment is expected to emerge as the most lucrative one.
- The rising prevalence of lactose intolerance among consumers is one of the chief drivers of this segment. In addition to this, the demand for healthy, nutritious, and tasty beverages will push demand in the plant-based beverages market.
- On the basis of nature, the market is split between organic and conventional. Among the course of the forecast period, the organic plant-based beverages category is likely to surpass conventional plant-based beverages segment to emerge as the most attractive category.
- Regionally, North America, Western Europe, and APEJ constituted the dominant share in the plant-based beverages market. In the coming years, APEJ is expected to emerge as one of the most attractive market for plant-based beverages.
- The rising disposable income and per-capita expenditure of consumers will support the expansion of the plant-based beverages market in Asia Pacific.
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Some of the leading players operating in the plant-based beverages market are The Coca-Cola Company, The Hain Celestial Group, Inc., SunOpta Inc., PepsiCo, Inc., Dr Pepper Snapple Group, Inc., Del Monte Pacific Limited, Pacific Foods of Oregon, Inc., Döhler GmbH, Califia Farms LP, Good Karma Foods, Inc., The WhiteWave Foods Company, Ripple Foods, PBC, Koia, and Harmless Harvest Inc.
PLANT-BASED BEVERAGES MARKET TAXONOMY
The report segments the global plant-based beverages market in detail to present an executive-level blueprint to the reader
- Dairy Alternatives
- RTD Drinks
- Plant-based Juices
- Glass Bottles
- Plastic Bottles & Pouches
- Carton Packaging
- Hypermarket/ Supermarkets
- Specialty Store
- Online Retailers
- Independent Small Groceries
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Who are some of the leading brands in the plant-based beverages market?
Some of the leading brands operating in the plant-based beverages market are:
The Coca-Cola Company
Del Monte Pacific Limited
Dr Pepper Snapple Group, Inc
Pacific Foods of Oregon, Inc
Which is the most popular source of plant-based beverages?
Currently plant-based juices are witnessing considerably high demand. Over the course of the forecast period, the market is expected to witness rising demand for dairy alternatives.
Which region exhibits high demand for plant-based beverages?
North America and Western Europe are leading markets, exhibiting high demand for plant-based beverages. Besides this, Asia Pacific holds considerable share. In the coming years, the demand from Asia Pacific excluding Japan and the Middle East and Africa is expected to increase.
What are the key challenges restricting widespread uptake of plant-based beverages?
Increasing awareness pertaining to health and wellness is encouraging consumers to choose healthier food. This is a key factor aiding the expansion of the plant-based beverages market. The market is also expected to benefit from the rising preference for vegan diet.
Are there any negative effects of vegan cheese?
Despite positive growth opportunities, market players are finding it difficult to match the nutrient value of their animal-based counterparts. In addition to this, the high price of plant-based beverages is restricting their penetration in underdeveloped regions since affordability becomes a key concern for consumers.
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