Exploring the Growing Trend and Delightful Variety of Nutritious Plant-Based Beverages in Modern Lifestyles

The global plant-based beverages market is a dynamic sector experiencing substantial growth as consumers increasingly adopt plant-centric diets. These beverages, derived from soy, almond, coconut, and oats, offer a viable alternative to traditional dairy products. Health-conscious consumers are attracted to plant-based beverages for their perceived nutritional benefits, including lactose-free options and potential environmental sustainability. Additionally, innovations in flavor profiles and formulations contribute to the sector's popularity.

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Data Bridge Market Research analyses that the Global Plant-Based Beverages Market, which was USD 18.63 billion in 2022, is expected to reach USD 38.12 billion by 2030, at a CAGR of 9.57% during the forecast period of 2023-2030. Plant-based beverages, such as milk and smoothies, are popular due to their health benefits, nutritional characteristics, and low contribution to the global carbon footprint. The growing veganism trend is also driving demand for plant-based beverages worldwide.

Key Findings of the Study

Growing prevalence of lactose intolerance population is expected to drive the market's growth rate

Rising lactose intolerance and allergies drive shifts in food preferences. In 2020, 65% globally reported lactose intolerance, per the National Institute of Diabetes and Digestive and Kidney Diseases. Major players such as Vita Coco innovate to enhance global market presence. The renowned New York-based coconut water brand unveiled a functional coconut water line with MCT in July 2020, anticipating a spring 2021 launch. Such developments cater to diverse dietary needs and meet the growing demand for plant-based alternatives worldwide.

Report Scope and Market Segmentation

Segment Analysis:

The global plant-based beverages market is segmented on the basis of type, source and function. 

• On the basis of type, the global plant-based beverages market is segmented into milk, and others. The milk segment dominates the global plant-based beverages market with 84.58% market share. This is due to the fact that milk is a staple beverage in many cultures, and there is a growing demand for plant-based milk alternatives from consumers who are lactose intolerant or who follow vegan or vegetarian diets
• On the basis of source, the global plant-based beverages market is segmented into almond, soy, coconut, rice, and others. The almond segment dominates the plant-based beverages market with 42.26% market share due to its low in calories and fat, and it is a good source of protein and calcium

The almond segment dominates the source segment of the global plant-based beverages market

The almond segment dominates the global plant-based beverages market with a 42.26% market share. This is due to the fact that almond milk is a popular choice for consumers who are looking for a healthy and dairy-free milk alternative. Almond milk is also relatively low in calories and fat and is a good source of protein and calcium.

• On the basis of function, the global plant-based beverages market is segmented into cardiovascular health, cancer prevention, bone health, lactose-free alternatives, and others. The lactose-free alternative segment dominates the plant-based beverages market with a 45.77% market share due to the growing number of people who are lactose intolerant

The lactose free alternative segment dominates the application segment of the global plant-based beverages market

The lactose-free alternative segment dominates the global plant-based beverages market with a 45.77% market share. This is since there is a growing number of people who are lactose intolerant, and they are looking for milk alternatives that are free of lactose.

Major Players

Data Bridge Market Research recognizes the following companies as the major global plant-based beverages market players in global plant-based beverages market are The Nature's Bounty Co. (U.S.), Reliance Vitamin Company, Inc. (U.S.), Herbalife Nutrition, Inc. (U.S.), Danone SA (France), General Nutrition Centers (GNC) Holdings, Inc. (U.S.), Orgain Inc. (U.S.), True Nutrition (U.S.)

Market Developments

• In 2022, Danone launched a Dairy & Plants Blend baby formula, catering to infants on vegetarian or plant-based diets. The formula combines cow's milk, oats, and hemp seeds, fortified with essential vitamins and minerals, addressing the rising demand for plant-based options suitable for children's dietary needs
• In 2022, Gaia's Farming Co. launched hemp and oat milk alternatives, aiming for nutritious and sustainable plant-based foods. The products offer protein, fiber, and omega-3 fatty acids, aligning with the growing consumer preference for natural, lactose-free, and allergen-free milk alternatives
• In 2021, Conagra Brands expanded its Gardein meat alternatives, introducing the Suprême Plant-Based Burger in Canada. Made with pea protein, soy protein, and coconut oil, the burger is rich in protein and fiber, responding to the increasing demand for high-quality plant-based meat alternatives in the rapidly growing Canadian market
• In 2021, Starbucks intensified its vegan offerings with the launch of the Iced Toasted Vanilla Oat Milk Shaken Espresso drink, expanding its repertoire of dairy-free shaken espresso beverages and vegan-friendly options. This reflects the company's commitment to catering to diverse dietary preferences and embracing the growing demand for plant-based alternatives

Regional Analysis

Geographically, the countries covered in the global plant-based beverages market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)

As per Data Bridge Market Research analysis:

North America is the dominant region in the global plant-based beverages market during the forecast period 2023-2030

North America dominates the global plant-based beverages market due to heightened awareness of protein-rich diets, growing health consciousness, and a robust beverages sector. The region's technological advancements in the beverage industry contribute to its leadership position. With a well-established market, North America is at the forefront of catering to consumer preferences for plant-based alternatives, reflecting a paradigm shift in dietary choices and fostering continued growth in the plant-based beverages market.

Asia-Pacific is estimated to be the fastest-growing region in the global plant-based beverages market during the forecast period 2023-2030

Asia-Pacific is expected to dominate the global plant-based beverages market from 2023 to 2030. The region's dominance is fueled by tech-driven product innovation, partnerships between international and local beverage firms, government-backed research and development investments, and a robust presence of key industry players. With increased adoption of emerging technologies and strategic collaborations, the Asia-Pacific market reflects a dynamic landscape, contributing significantly to the growth and development of the global plant-based beverages sector.

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