Global Plant-Based Beverages Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2031

Plant-Based Beverages Market Analysis

The plant-based beverages market is experiencing significant growth driven by advancements in technology and innovative methods of production. Recent developments in extraction and processing techniques, such as cold-pressed juicing and enzymatic treatment, enhance the flavor and nutritional profile of beverages made from fruits, vegetables, nuts, and grains. For instance, technologies like high-pressure processing (HPP) preserve the natural nutrients while extending shelf life, appealing to health-conscious consumers.

Moreover, the rise of fermentation technology has led to the creation of probiotic-rich plant-based drinks, fostering a surge in demand for functional beverages. These innovations cater to the increasing consumer preference for healthier options, as seen in the rising popularity of oat milk and almond milk, which have gained significant market share.

Additionally, plant-based beverage brands are leveraging e-commerce and digital marketing strategies to reach a broader audience. With plant-based diets becoming mainstream, the market is projected to continue expanding, driven by innovations that improve taste, nutritional value, and sustainability. As consumers increasingly seek alternatives to dairy and sugary drinks, the growth of the plant-based beverages market is set to accelerate further in the coming years.

Plant-Based Beverages Market Size

The global plant-based beverages market size was valued at USD 20.41 billion in 2023 and is projected to reach USD 42.41 billion by 2031, with a CAGR of 9.57% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, pricing analysis, brand share analysis, consumer survey, demography analysis, supply chain analysis, value chain analysis, raw material/consumables overview, vendor selection criteria, PESTLE Analysis, Porter Analysis, and regulatory framework.

Plant-Based Beverages Market Trends

“Rise of Functional Plant-Based Beverages”

A significant trend in the plant-based beverages market is the increasing demand for functional drinks that offer health benefits beyond basic nutrition. Consumers are gravitating towards beverages enriched with probiotics, vitamins, and adaptogens. For instance, in January 2023, Pacific Foods embraced the fall season by launching new organic canned ready-to-serve soups and plant-based chillies. These offerings cater to the growing consumer demand for convenient, healthy meal options. By focusing on organic ingredients and plant-based nutrition, Pacific Foods aims to provide wholesome meals that align with dietary preferences, particularly among health-conscious consumers looking for quick and nutritious meal solutions.

Report Scope and Plant-Based Beverages Market Segmentation      

Plant-Based Beverages Market Definition

Plant-based beverages are drinks made primarily from plant-derived ingredients, excluding animal products. Plant-based beverages are made using plant material such as seeds, grains, and water as a vehicle. These include a variety of options such as plant milks (almond, soy, oat, and coconut), smoothies, herbal teas, and fruit juices. Increasingly popular for their health benefits, they are often fortified with vitamins and minerals, providing nutritional alternatives to dairy and sugary drinks. The rise of veganism and a focus on sustainability drive their demand, appealing to health-conscious consumers. Market growth is further fueled by innovative flavors and formulations, making plant-based beverages a versatile choice for a wide range of dietary preferences.

Plant-Based Beverages Market Dynamics

Drivers

• Rising Lactose Intolerance and Allergies

The increasing prevalence of lactose intolerance and dairy allergies among consumers is significantly driving the plant-based beverages market. Approximately 65% of the global population experiences some degree of lactose intolerance, making traditional dairy products difficult for many to consume. In response, plant-based alternatives like almond, oat, and soy protein milk have gained popularity. For instance, in March 2020, Asahi Group Holdings launched a plant-based version of its Calpis milk drink in Japan, reflecting a shift in consumer preferences toward sustainable and ethical products. As awareness of global warming and animal welfare issues increases, consumers are re-evaluating their dietary choices, leading to reduced consumption of animal-derived products. This launch positions Asahi to meet the demand for innovative, plant-based alternatives in the beverage market.

• Shift in Consumer Lifestyle

The increasing adoption of flexitarian, vegetarian, and vegan lifestyles significantly drives the plant-based beverages market. As consumers become more health-conscious and environmentally aware, they seek alternatives to animal-based products. For instance, a 2023 report by the Plant Based Foods Association highlighted a 27% increase in plant-based milk sales in the U.S., reflecting this lifestyle shift. Brands such as Oatly and Almond Breeze have capitalized on this trend by offering diverse, appealing options that cater to these dietary preferences. This lifestyle change not only fosters demand for plant-based beverages but also encourages innovation and variety within the market, further propelling growth.

Opportunities

• Expansion of Diverse Product Range

The expanding variety of plant-based beverages, such as almond, oat, and coconut milks, alongside herbal teas and cold-pressed juices, creates significant market opportunities. This diverse product range caters to varying consumer preferences and dietary needs, attracting health-conscious individuals and those with dietary restrictions. For instance, in July 2020, Starbucks Canada expanded its non-dairy offerings by introducing oat beverages, marking a significant step in its commitment to plant-based options. This launch responds to the increasing consumer demand for alternative milk in various drinks. The growing adoption of plain plant-based milk is expected to drive sales of plant-based beverages, aligning with the broader trend of consumers seeking healthier, sustainable choices in their beverage selections.

• Social Media Influence

The rise of social media and influencer marketing has significantly impacted the plant-based beverages market, particularly among younger consumers. Platforms like Instagram and TikTok allow influencers to showcase creative recipes and lifestyle choices featuring plant-based drinks, enhancing their appeal. For instance, in January 2021, Nescafé made waves in the U.K. by launching a line of vegan flat white latte pods available in almond, oat, and coconut variations.

This introduction responds to the rising health consciousness among consumers, who are increasingly shifting toward plant-based diets. By providing convenient and delicious coffee options that cater to vegan preferences, Nescafé positions itself strategically in the expanding market for plant-based beverages.

Restraints/Challenges

• Fluctuations in Raw Material Prices

Fluctuations in raw material prices significantly impact the plant-based beverages market, leading to high production costs that can deter both manufacturers and consumers. The price volatility of key ingredients, such as nuts, soy, and grains, creates uncertainty, making it difficult for companies to maintain stable pricing. This situation is exacerbated in developing countries, where economic instability can further elevate costs and limit consumer purchasing power. As a result, the high price point of plant-based beverages restricts market penetration in these regions, hindering overall growth. Consequently, the challenges associated with raw material pricing contribute to the sluggish expansion of the plant-based beverages market.    

• Supply Chain Issues

Supply chain issues significantly hinder the plant-based beverages market, primarily due to challenges in sourcing high-quality plant ingredients. Fluctuations in supply are often driven by climate change, which impacts crop yields and the availability of essential raw materials. Additionally, agricultural factors such as pest infestations, droughts, and changes in farming practices can further disrupt the supply chain. These uncertainties can lead to increased production costs and shortages, making it difficult for manufacturers to maintain consistent product availability. As a result, pricing may become unstable, deterring potential consumers and limiting market growth in the competitive beverage landscape.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Plant-Based Beverages Market Scope

The market is segmented on the basis of type, product, packaging, sales channel, and function. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Soy
• Coconut
• Almond
• Oat
• Others

 Function

• Cardiovascular Health
• Cancer Prevention
• Bone Health
• Lactose Free Alternative
• Others

 Product

• Plain
• Flavored

 Packaging

• Glass Bottles
• Plastic Bottles and Pouches
• Carton
• Cans

 Sales Channel

• Hypermarkets/Supermarkets
• Convenience Stores
• Independent Small Groceries
• Specialty Stores
• Online Retailers

Plant-Based Beverages Market Regional Analysis

The market is analysed and market size insights and trends are provided by country, type, product, packaging, sales channel, and function as referenced above.

The countries covered in the market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, 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)

North America is expected to dominate the plant-based beverages market. North America's leading position in the plant-based beverages market can be attributed to factors such as consumer awareness of the importance of protein-rich diets, increased health consciousness, a well-established beverages sector, and higher adoption of technological advancements in the beverages and beverage industry.

Asia-Pacific market is expected to show luarative growth in the plant-based beverages market growth in the forecast period. The high market growth in Asia-Pacific can be attributed to factors such as increased adoption of emerging technologies for product innovation, collaborations between international and domestic beverages companies, increased research and development investments by governments in the beverages sector, and the presence of a large number of key players in the market.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Plant-Based Beverages Market Share

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Plant-Based Beverages Market Leaders Operating in the Market Are:

• Bayer AG (Germany)
• Abbott (U.S.)
• DSM (Netherlands)
• DuPont. (U.S.)
• Amway (U.S.)
• The Nature's Bounty Co. (U.S.)
• GlaxoSmithKline plc. (U.K.)
• Nestlé SA (Switzerland)
• RiceBran Technologies (U.S.)
• Mead Johnson & Company, LLC. (U.S.)
• Medifast, Inc. (U.S.)
• Premier Nutrition Corporation (U.S.)
• TOOTSI IMPEX Inc. (Canada)
• U.S. Spice Mills, Inc. (U.S.)
• Health Food Manufacturers' Association (U.K.)
• NOW Foods (U.S.)
• Glanbia PLC (Ireland)
• Herbalife International of America, Inc. (U.S.)
• Bionova (India)

Latest Developments in Plant-Based Beverages Market

• In December 2022, Danone introduced its innovative Dairy & Plants Blend infant formula, addressing the increasing demand from parents seeking vegetarian, flexitarian, and plant-based feeding solutions. This product is designed to meet the unique nutritional needs of infants while adhering to various dietary preferences. By launching this formula, Danone positions itself as a leader in providing diverse options for health-conscious parents who prioritize plant-based nutrition for their children
• In September 2022, Vita Coco, a well-known coconut water brand based in New York, expanded its product line by introducing One Ready-To-Drink (RTD) juice. This new offering reflects a growing trend toward convenient, health-focused beverages. By providing a ready-to-drink option, Vita Coco caters to busy consumers looking for nutritious and refreshing drinks on the go, further solidifying its position in the health beverage market
• In June 2021, Plant Veda, a Vancouver-based company specializing in dairy alternatives, launched a new line of vegan lassi, an Indian yogurt drink made from cashews and real fruits. This innovative product is free of cane sugar and enriched with gut-friendly probiotics, targeting health-conscious consumers seeking flavorful and nutritious dairy alternatives. Plant Veda aims to capture a segment of the growing market for plant-based beverages, appealing to diverse dietary preferences
• In February 2021, Heartbest Foods, a Mexican food tech company, launched its plant-based milk nationwide, available in both plain and quinoa flavors, with a sugar-free option. This introduction caters to the increasing consumer demand for healthier, plant-based alternatives. By offering unique flavors and options, Heartbest Foods addresses the needs of health-conscious individuals seeking nutritious beverages, contributing to the growing trend toward plant-based diets in the market
• In July 2020, Starbucks Canada expanded its non-dairy offerings by introducing oat beverages, marking a significant step in its commitment to plant-based options. This launch responds to the increasing consumer demand for alternative milk in various drinks. The growing adoption of plain plant-based milk is expected to drive sales of plant-based beverages, aligning with the broader trend of consumers seeking healthier, sustainable choices in their beverage selections

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