The global plant-based beverages market size was estimated at USD 27.90 billion in 2022 and it is expected to hit around USD 73.19 billion by 2032, poised to grow at a CAGR of 10.12% between 2023 and 2032.
The beverages that are obtained from grains and seeds are known as plant-based beverages. Water is utilized as a vehicle for plant-based beverages. Many consumers who are lactose intolerant demand such plant-based beverages. These beverages are consumed by consumers as dairy substitutes.
Increasing cases of lactose intolerance are one of the leading causes of the growing market value of plant-based beverages across the world. It is expected to provide maximum growth in the coming years. Consumers that seek no cholesterol and no fat options will prefer these products. Plant-based beverages are seen as a healthy option available in the market which provides crucial minerals and vitamins to the consumer.
Widely available options for consumption are soy milk, almond milk, and rice milk. The awareness regarding animal cruelty has also increased and various awareness drives conducted across the globe have played a significant role in increasing the consumption of cruelty-free products. Youngsters prefer plant-based beverages as compared to the elder group as found in a survey conducted by the British nutrition foundation.
Rapid urbanization and increasing disposable income are some of the other factors playing an instrumental role in the growth of the plant-based beverages market. This is the healthiest alternative available in the market for dairy products. Plant-based milk products will show significant growth during the forecast period. Plant-based beverages are a sustainable option that is promoted to a great extent as it also helps in reducing carbon footprints.
The growing popularity of vegan diets will also lead to increased consumption of plant-based beverages. These beverages have high nutritional value, and this will play a significant role in the growth of the market.
Report Scope of the Plant-based Beverages Market
|Market Size in 2023||USD 30.72 Billion|
|Market Size by 2032||USD 73.19 Billion|
|Growth Rate from 2023 to 2032||CAGR of 10.12%|
|Forecast Period||2023 to 2032|
|Segments Covered||By Source, By Type, By Product, By Distribution Channel and By Function|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Key Market Drivers
Growing prevalence of lactose intolerance
Vegan diets are gaining popularity
Growing awareness about these products
Key Market Restraints
Cost of research and development
Absence of standardization
Key Market Opportunities
Increasing preference for milk alternatives
The development of novel products will stimulate the market growth
Key Market Challenges
Expensive products are available in the market
The plant-based milk segment is expected to generate maximum revenue during the forecast period. Cases of lactose intolerance have grown in recent times across the world due to which the reward for plant-based milk has increased. Coconut milk and soy milk are plant-based beverages that provide good dietary benefits. Beverages that are healthy and nutritional have a greater demand in the market across the globe.
Apart from the growth of the plant-based milk segment, the juices segment is also expected to grow at a higher compound annual growth rate in the coming years. The growing popularity of vegan diets has increased the consumption of vegetables. The consumption of juices and smoothies has grown especially among health-conscious consumers. Many companies that are engaged in the production of fruit juices have also set their production line for vegetable juices by providing good flavors through the traditional process.
Based on source type, soy-based beverages have been the highest contributor to the growth of the market in recent times. There are many health advantages associated with the consumption of these beverages due to which this product is gaining popularity across the world. Soy-based beverages contain potassium, vitamin A, vitamin B12, and protein in abundance. This happens to be the best option available in the market for people that are lactose intolerant.
Growing demand for different kinds of plant-based beverages has increased the research and development procedures for the introduction of new products in the market. As the source of soy milk is plant it is a low-fat and cholesterol-free option. The potassium content in these beverages is high and it also contains high amounts of calcium. Compared to cow's milk, soy milk contains fewer calories.
The segment of coconut-based beverages is also expected to show significant growth in the coming years. The content of electrolytes in coconut-based beverages makes them good sports beverages. The absence of artificial sweeteners and sugar in coconut water has created more demand for these beverages. Juice and soda contain high amounts of calories and they can be easily replaced with coconut water. People suffering from nut allergies can also consume these coconut-based beverages without any hassles.
Distribution Channel Insights
The supermarkets and the hypermarket segment are expected to have the largest market share. A variety of options offered in the supermarkets is expected to drive sales to a great extent. In the majority of developed nations, different products are offered in supermarkets and hypermarkets. Dedicated shelf space for these products and the availability of various brands will have a positive impact on the market growth.
The consumption of plant-based beverages has increased in recent times, especially after the outbreak of the COVID-19 pandemic and the sales of these products through online stores have increased to a great extent. Regular consumers of these products prefer purchasing beverages from specialty stores in their locality.
The consumption of plant-based beverages was maximum in the Asia Pacific region. This trend shall continue in the coming years as the consumption of vegan diets is expected to grow. Health-conscious consumers in this region will drive market growth. The popularity of coconut milk and soy milk in various nations like Japan, India, and China is expected to grow. Coconut milk has great potential in the Asia Pacific region as coconut is a crop grown in these nations.
In Asia pacific region India, the Philippines, and Indonesia are the countries that are engaged in the production of coconut.
The fastest compound annual growth rate will be registered in the European region due to the growing demand for nutrient-rich plant-based beverages. Government laws in the European nations are amended in a way that they support plant-based beverages. In the countries like Spain, the United Kingdom, and Germany many new products are being launched.
Key Market Development
Key Market Players
Segments Covered in the Report
By Distribution Channel
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