Plant-Based Beverages Market – Global Industry Analysis and Forecast (2023–2029)

Plant-Based Beverages Market is expected to reach US$ 36.45 Bn. by 2029, at a CAGR of 11.12% during the forecast period.
Plant - Based Beverages Market Overview
The report covers the detailed analysis of the Global Plant - Based Beverages industry with the classifications of the market on the basis of Product, Flavor, and region. Analysis of past market dynamics from 2023 to 2029 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key player's contribution in it.To know about the Research Methodology :- Request Free Sample Report
Market Dynamics
Over the past few years, people have become more conscious of their health, which has propelled the demand for plant-based food products and beverages in order to achieve improved muscular and mental health. A significant increase in food allergies and lactose intolerance among consumers are opening new avenues in the market. Furthermore, the increasing popularity of flexitarian diet and veganism is anticipated to boost the demand for plant-based beverages over the forecast period.

Increasing health consciousness among large population group owing to busy and hectic lifestyle is fueling the market growth. Moreover, rising awareness regarding health benefits associated with fruits, vegetables, and nuts derived drinks is also promoting plant-based products. Moreover, shifting consumer preference from high-calorie carbonated drinks to healthy plant-based beverages is expected to boost the plant-based beverages market in the foreseeable future. Increasing vegan population across the world especially in the U.K., U.S., and other developed countries, is promoting the demand for plant-based beverages in the market. For instance, according to the statistics provided by ‘The Vegan Society’, the vegan population in the U.K. has increased fourfold from 2022 to 2029 and reached 600,000. These market trends are anticipated to boost the demand for plant-based beverages over the forecast period.
Top Plant - Based Beverages Manufacturers
The report has profiled twelve major companies in the market from different regions, across the Globe. Further, the report has considered all the followers, and new entrants with investors while analyzing the market and estimating the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analyzed and the report has come up with recommendations for a future hot spot in Asia Pacific.The Global Market for Plant - Based Beverages is studied under two major segments and further into sub-segments to forecast the market size by value.

The Soy - Base Segment is expected to account for a larger market share, as compared to the other types of products over the forecast period.

The market revenue from soy products accounted for a revenue share of 29.5% in 2022. Soy milk is one of the most popular beverages across the globe owing to its various benefits. The product is a good source of protein, vitamin A, vitamin B-12, potassium, and isoflavones. It is also considered as the best alternative for lactose-intolerant consumers. Major manufacturers are launching new products in order to cater to the increasing demand for plant-based beverages from the consumers. For instance, in January 2018, The Hershey Company launched soy milk under the brand name ‘SOFIT’ in U.S.

The Plain Flavor segment accounted for the largest market share, as compared to the flavored segment for Plant - Based Beverages.

The plain flavor was the largest segment in the market, with a revenue share of 71.1% in 2022. There is a wide range of oats and nuts milk products available in the market owing to the increasing vegan population. Major manufacturers are launching new products in order to gain a maximum share of the market. For instance, in March 2021, Costa Coffee, a subsidiary of The Coca-Cola Company, planned to launch soy milk across the U.K. and had already started selling dairy-free products including soy, coconut, and almond.

Asia Pacific is expected to account for the largest market share in the Global Plant - Based Beverages Market during the forecast period.

Asia Pacific was the largest segment with a market share of 33.7% in 2022 owing to the high consumption of plant-based drinks in countries such as China, Indonesia, Japan, and South Korea. Moreover, soy milk as well as coconut milk is primarily used for preparing a large number of Asian cuisines. Key manufacturers are launching new plant-based products in the market in order to cater to the increasing demand for plant-based beverages in the region.

North America is the fastest-growing region with a CAGR of 8.3% from 2022 to 2029 owing to the increasing vegan population in the region over the past few years. For instance, according to the data provided by The Vegan Society, the vegan population in America increased by 600% from 2022 to 2029, opening new avenues for plant-based products over the forecast period.

The objective of the report is to present a comprehensive analysis of the Global Plant - Based Beverages Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Global Plant - Based Beverages Market dynamics, structure by analyzing the market segments and projects the Global Plant - Based Beverages Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Plant - Based Beverages Market make the report investor’s guide.
Plant - Based Beverages Market Scope: Inquire before buying



Global Plant-Based Beverages  Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 17.42 Bn  .


Forecast Period 2023 to 2029 CAGR:
11.12%
Market Size in 2029:
US$ 36.45 Bn.


 Segments Covered:
by Product
Soy Base
Coconut Base
Almond Base
Rice Base
Oats Base
Hemp Base
Others


by Flavor
Plain
Flavored


by Type
Milk
Other drinks (smoothies, shakes, and nogs)


by Function
Cardiovascular health
Cancer prevention
Bone health
Lactose-free alternative
Qualitative segment


by Distribution Channel
Hypermarkets & Supermarkets
Convenience Stores
Specialty Stores
Online



 
Plant - Based Beverages Market Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Top Key Players in the Global Market for Plant - Based Beverages
1. United Technologies
2. Daikin Industries
3. Ingersoll – Rand
4. China International Marine Containers
5. Utility Trailer
6. Singamas Container
7. Hyundaii
8. Great Dane
9. Webasto
10.Kogel Trailer
11.Schimtz Cargobull
12.Wilhelm Schwarzmueller
13.Blue Diamond Growers
14.DANONE SA
15.Hain Celestial
16.Pureharvest
17.SunOpta,
18.Want Want China Holdings Limited
19.Kikkoman Corporation
20.Ripple Foods
21.Califia Farms

Frequently Asked Questions:

1. Which region has the largest share in Global Plant-Based Beverages Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Plant-Based Beverages Market?
Ans: The Global Plant-Based Beverages Market is expected to growing at a CAGR of 11.12% during forecast period 2023-2029.

3. What is scope of the Global Plant-Based Beverages market report?
Ans: Global Plant-Based Beverages Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Plant-Based Beverages market?
Ans: The important key players in the Global Plant-Based Beverages Market are - United Technologies, Daikin Industries, Ingersoll – Rand, China International Marine Containers, Utility Trailer, Singamas Container, Hyundaii, Great Dane, Webasto, Kogel Trailer, Schimtz Cargobull, Wilhelm Schwarzmueller, Blue Diamond Growers, DANONE SA, Hain Celestial, Pureharvest, SunOpta,, Want Want China Holdings Limited, Kikkoman Corporation, Ripple Foods, and Califia Farms.

5. What is the study period of this market?
Ans: The Global Plant-Based Beverages Market is studied from 2022 to 2029.