Plant-Based Beverages Market Revenues Will Hit USD 328.22 Billion Mark by 2033
Updated · Feb 22, 2023
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Plant-Based Beverages Market Overview: Size and Forecast
Published Via 11Press: Plant-Based Beverages Market: Plant-based beverages are non-dairy drinks made from plant-based ingredients such as soy, almond, coconut, and oats. These beverages are an alternative to dairy-based drinks and are popular among consumers who are lactose intolerant, vegan, or health-conscious. The plant-based beverage market is driven by increasing demand for healthy and organic drinks, rising awareness about animal welfare, and environmental concerns.
The global Plant-Based Beverages Market size was estimated at USD 146.51 billion in 2023 and is expected to reach around USD 328.22 billion by 2033, poised to grow at a compound annual growth rate (CAGR) of 8.4% during the forecast period 2022 to 2030.
The market is driven by increasing demand for plant-based milk and the growing popularity of veganism. The plant-based beverage market is also driven by the increasing availability of new and innovative flavors and the rising popularity of ready-to-drink beverages and also it is growing, as consumers look for healthier and more natural alternatives to traditional fruit juices. Plant-based tea and coffee, such as herbal tea and chai lattes, are also gaining in popularity, as they offer a range of health benefits and are often seen as a more sustainable and ethical choice. Overall, the trend towards plant-based beverages is expected to continue in the coming years, driven by growing consumer demand for healthy and sustainable options.
The market has been steadily growing in recent years with the majority of growth coming from consumers suffering from lactose intolerance or malabsorption. The demand for plant-based beverages and foods is increasing rapidly worldwide due to the rapid growth of the trend towards plant-based health. Millions of people around the globe are switching to plant-based foods and beverages for their meals, snacks, and treats. This segment is growing rapidly and companies have the opportunity to capitalize on this opportunity and lead.
Customers’ preferences for different beverages change as their dietary preferences change. Some people choose to be vegetarians, vegans, or flexitarians, while others prefer to experiment with their food. Enterprising entrepreneurs have the opportunity to make beverages that meet specific needs.
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- Asia Pacific region has taken 66.8% revenue share by 2022.
- Europe is growing at the fastest CAGR between 2023 – 2032.
- The soy beverage segment had a revenue share of over 38.6% by 2022.
- The coconut beverage source segment is projected to grow at the fastest CAGR between 2023-2032.
- Revenue share by product has been over 70.4% for the plain drinks segment in 2022.
- However, the fastest CAGR in the flavored beverages market is from 2023 to 2030.
Asia-Pacific countries like Australia, Thailand, Vietnam and Vietnam are increasingly embracing plant-based foods and beverages. A DuPont study found that 75% of APAC consumers would be willing to pay the same price for plant-based food as meat. 83% of those surveyed viewed protein as essential in their diets.
Asians have been open to eating plant-based burgers, meats and dairy-alternative drinks. Consumers are more interested in plant-based Asian cuisines, and drinks with clear labels because they can enjoy health and nutrition along with convenience. Soy is the most popular plant-based beverage in Asia. China, Taiwan, Japan and Thailand are leading the development of dairy-alternative beverages. These include almond milk and oat milk as well as hemp milk and pea milk.
- Increasing demand for healthy and organic drinks.
- Growing awareness about animal welfare and environmental concerns.
- The rising popularity of veganism.
Many Choices and Varieties Available for Customers
A wide range of flavors and base options for plant-based beverages is one of key factors in the market’s rapid growth.
Today’s consumers want variety in plant based beverages and alternatives to dairy. They are now able to explore a variety of flavors and textures, as they no longer judge plant products on the basis of their similarity to dairy. It’s the right time to learn more about plant-based foods.
Improves Gut Health and Increases Sustainability and Shelf-Life
Consumers are increasingly using products that promote healthy intestinal function. Drinks made from plant and dairy products are well-positioned to be at the forefront of both the probiotics and prebiotics trend.
The shift in consumer preferences towards sustainability in food and beverage would be aided by the importance of sustainability in food and beverages. This highlights the many benefits of plant-based drinks and dairy substitutes. As the industry develops, however, plant-based beverages and foods will be also evaluated.
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- Limited availability of raw materials.
- Higher cost compared to traditional dairy-based drinks.
- Lack of Taste and Texture Along with Lesser Health Benefits in Contrast to Dairy Milk
The market has grown to meet the needs of a new type of consumer. They can choose to consume dairy products, so excellent flavor and texture are essential. This does not mean that they have to imitate the taste and texture of dairy. They are open to indulgence and will eat plant-based foods that taste like plants. This opens up the possibility of flavor- and texture-rich dairy products.
- Growing demand from emerging economies.
- Rising demand for functional beverages with added health benefits.
- Increased investment in research and development for new plant-based products.
- Growing Popularity of Vegan Culture
It is clear that customers are shifting from animal-based products towards plant-based products with the emergence of plant-based beverages and food. This gradual shift towards a plant-based diet is primarily driven by ethical and religious beliefs and awareness of animal rights and environmental concerns.
Veganism is also becoming more popular due to increased awareness about allergies, hormones and unprofessional animal husbandry practices in the dairy industry. Consumers perceive plant-based foods and beverages as healthier and more nutritious than traditional foods. This is why there is a constant increase in demand for plant-based food products and beverages. Dairy alternatives offer a wide range of product development opportunities, which has attracted significant attention from manufacturers looking to expand their market share. Food companies are investing more in appealing to new flavors and different taste profiles. Kraft Heinz, a joint venture between Kraft Heinz, Chilean food tech company NotCo, launched NotCheese, a plant-based cheese slice. It was launched in November 2022. It is expected that it will be available in the United States by 2023.
- Limited availability of raw materials.
- Difficulty in replicating the taste and texture of dairy-based drinks.
- Competition from traditional dairy-based drinks.
- May 2022: Danone’s new Dairy & Plants Blend baby formula was launched to address parents’ desire for plant-based, vegetarian and flexitarian options while still catering to their specific nutritional requirements.
- January 2022: Gaia’s Farming Co. is a new biotech company that launched two milk alternatives with hemp or oats. This was to meet the needs of the vegan community.
- May 2021: Conagra Brands has introduced a Supreme Plant Based Burger, expanding its Gardein meat options in Canada.
- Organic Plant-Based Beverages
- Conventional Plant-Based Beverages
- Convenience Stores
- Specialty Stores
- Online Retails
Key Market Players
- Hain Celestial Group
- Dr Pepper Snapple Group
- Del Monte Foods
- Pacific Foods
- Dohler GmbH
- Califia Farms
- Good Karma Foods
- WhiteWave Foods
- Ripple Foods
- Harmless Harvest
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|The market size value in 2023||USD 146.51 billion|
|Revenue forecast by 2033||USD 328.22 billion|
|Growth Rate||CAGR Of 8.4%|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World|
|Short-Term Projection Year||2028|
|Long-Term Projected Year||2032|
The plant-based beverages market is expected to grow substantially in the coming years. The introduction of healthier and more sustainable alternatives to animal-derived products has encouraged consumers to turn towards plant-based options. Furthermore, the increasing demand for fortified and enriched drinks with health benefits has been a major factor driving this market. Additionally, growing consumer awareness about environmental issues and sustainability are making consumers opt for more eco-friendly alternatives that are available in the market today.
In conclusion, it can be said that the global plant-based beverages market is likely to experience a surge in demand over the forecast period due to increasing preference for plant-based foods and drinks among consumers, as well as rising health consciousness.
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Plant-based beverages are non-dairy drinks made from plant-based ingredients such as soy, almond, coconut, and oats.
Plant-based beverages are becoming popular due to increasing demand for healthy and organic drinks, rising awareness about animal welfare and environmental concerns, and the growing popularity of veganism.
The main types of plant-based beverages are plant-based milk (such as soy, almond, and coconut milk), plant-based juices (such as orange and apple juice), and plant-based tea and coffee (such as herbal tea and chai latte).
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