Plant Based Beverages Market size was valued USD 21.4 billion in 2021 and estimated to grow at a robust CAGR of 12.4% over the period 2022-2029 and is expected to reach USD 54.5 billion in 2029
Key Plant Based Beverages Market Drivers
Major factors driving Plant Based Beverages Market are rise in vegan population around the world, growing prevalence of lactose intolerance, increasing consumers inclination towards adopting healthy lifestyles and surge in demand for plant-based milk and smoothies. Post-covid 19, people have become more conscious about their health and are preferring to take nutritious vegetarian food and beverages. Witnessing such trends, companies have already started developing immunity-based drinks and foods to cater the increasing demand. For instance, Asahi Group Holdings introduced a Calpis milk drink, made using soy milk in March 2020 in the Japanese market. Companies plans to sell a major portion of these products to health-conscious females who are in their 40s and 50s.
Concept of veganism is becoming popular in many countries, as people are becoming more aware about the health consequences of eating animal-based products, which is positively impacting the Plant Based Beverages Market. Moreover, increasing prevalence of food allergies and lactose intolerance worldwide is promoting companies to manufacture produce plant-based food products. For instance, in 2020, Vita Coco, a major producer of coconut water products based out of United States introduced a new line of functional coconut water, which will be launched in March 2021. Rising middle-income population, growing urbanization, and increasing awareness amongst consumers about animal cruelty, are some of the factors accelerating the growth of Plant Based Beverages Market.
Based on Source, Soy segment is projected to hold the largest market share.
Soy milk is gaining traction in the plant-based beverage market due to its nutritional benefits. Soy milk is an excellent source of protein, rich in omega-3 fatty acids which can reduce the risk of Alzheimer’s disease, improve heart’s health and has less saturated fat as compared to cow’s milk. Additionally, coconut-based beverages are widely consumed worldwide due to its antioxidant properties which can help in reducing blood pressure levels and improving glucose metabolism. Increasing consumption of coconut water by gym goers, is further boosting the segment’s growth.
Based on Type, Milk segment is expected to expand at a faster rate.
Growing adoption of vegan diets and rising prevalence of food allergies in lactose intolerance in Asian countries, are boosting the demand for plant-based milk products.
Based on Region, Asia-Pacific region is forecast to dominate the market.
Asia-Pacific plant-based beverage market is propelled by increasing adoption of vegan diets, growing consumers preference towards natural food and beverages and presence of substantial vegetarian population. North American plant-based beverage market is driven by increasing prevalence of diabetes and obesity, rising adoption of vegan diets across United States and Canada and growing demand for orange juice and dairy substitutes.
Top Market Players
Some of the major players operating in the plant-based beverage market are SunOpta Inc., Pacific Foods of Oregon, Inc., Kikkoman Corporation, Coca-Cola Company, Blue Diamond Growers, The Hain Celestial Group, Inc., Want Want China Holdings Limited, Califia Farms LP, and Koia, Dohler GmbH, among others.
• In January 2020, Califia Farms LP, a major plant-based food and beverage brand based out of United States announced that it has raised USD 225 million by Qatar Investment Authority (QIA) to expand its plant-based product portfolio. These funds will be invested in research and development and increasing company’s production capacity.
• In December 2019, Koia, a food and beverage company based out of United States introduced 3 plant-based beverage lines, Koia Coffee, Koia Keto and Koia Core. Pant-based protein and coconut milk are used in these product lines.
Segmentation by Source
Segmentation by Type
o Other Drinks
Segmentation by Function
o Cardiovascular health
o Cancer prevention
o Lactose intolerance
o Bone health
Segmentation by Region
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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