With 14.32% CAGR, Plant Based Beverages Market Size & Share Worth Over USD 67.62 Billion by 2028 - Industry Trends, Demand, Value, Companies, Analysis & Forecast Report by Brandessence Market Research

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Oct 14, 2022, 07:30 ET

LONDON, Oct. 14, 2022 /PRNewswire/ -- Global Plant Based Beverages Market Outlook (2022-2028)

The Global Plant Based Beverages Market is poised to reach a valuation of USD 67.62 billion by 2028 from USD 25.06 billion in 2021, registering a CAGR of 14.32% over 2022-2028.

Plant based beverages are regarded as the type of drinks that are made without using any kind of animal-based products of by-products. These drinks are an ideal substitute to dairy based beverages like cow milk. Plant based beverages mostly include coconut milk, almond milk, peanut milk, and rice milk, along with health drinks, fermented drinks, tea, and coffee, among others. They are enriched with the goodness of various nutrients such as vitamins and minerals. Moreover, they are considered as a healthier option than conventional dairy based drinks owing to their fat and cholesterol free nature.

The increasing trends of veganism across the globe, growing health cognizance of the masses, and rising prevalence of lifestyle diseases are the major factors accelerating the expansion of this business vertical. Also, rich nutritional profile of these beverages, increase in the millennial population base, and rising R&D activities in the field are creating lucrative opportunities for the marketplace to prosper. Moreover, growing disposable income of the masses, increasing pervasiveness of dairy based allergies, and surging geriatric population base are adding momentum to the development of this industry sphere. The rising focus of industry players to develop and launch effective products in the field is further stimulating the dynamics of this business place.

On the contrary, fluctuating prices of raw materials, high costs pertaining to plant-based beverages, and deficiency of certain nutrients in these products are slowing down the progression of this industry.

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Plant Based Beverages Market Competitive Hierarchy

The key players operating in the Global Plant Based Beverages Market are KUKA COFFEE LTD, Amazon Technologies, Inc., Califia Farms LLC., Hero AG, Starbucks Corporation, KOPI, Bettys & Taylors Group Limited, Societe Des Products Nestle S.A., Corso Italia Ltd, Eat Wholesome Ltd, Mizkan Euro Ltd., SDN Beteiligungs GmbH, Lawrence Stuart Mallinson, Joe Marson, Ed's Trading Limited, Windmill Organics Limited, Freshly Fermented Ltd., Eager Drinks, Lawrence Stuart Mallinson, Joe Marson, A. Vogel, TERRA Organica Limited, Aspall Cyder Limited, Ripple Foods, Pulmuone Foods USA, Inc., Troll Bridge Creek, Pepsi Co., CSC Brands, L.P. Ed's Trading Limited, Loov Organic OÜ, and Borges International Group, S.L, among others.

Major Developments

On August 3, 2022, Love Raw announced the launch of its caramelized biscuit cream wafer range named Nutty Choc Balls. This product is completely made using vegan ingredients and has better taste than conventional chocolates.
On April 15, 2021, SunOpta announced to have acquired The Hain Celestial Group Inc.'s plant-based beverages brand named Dream and West Soy. This decision is aimed at strengthening SunOpta's position in the plant-based drinks manufacturing domain.

Country-wise Insights

How is US faring in the Global Plant Based Beverages Market?

The US Plant Based Beverages Market is reckoned to capture a substantial revenue share over the forecast duration. This is attributable to the increasing pervasiveness of chronic and lifestyle diseases, growing adoption of vegan lifestyle among millennials, and rising per capita income levels of the masses.

What are the expansion propellants of Plant Based Beverages industry in China?

The Market in China is projected to amass notable gains over the forecast period owing to the presence of potential players, availability of cheap labor, and growing health consciousness of the masses.

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Regional Analysis of Global Plant Based Beverages Market

Asia-Pacific is accounting major shares in the global plant-based beverages market due to increasing consumer awareness of the importance of protein-rich diets, growing R&D investments by governments in the food sector, and increasing advancements in the food and beverage industry in this region. For instance, in December 2020, Nestlé launched its new range of plant-based meat in the country under its Harvest Gourmet brand. The range contains plant-based 'sausages,' 'burgers', 'mince,' and 'nuggets,' as well as meatless substitutes for dishes like Kung Pao chicken, pork belly, spicy wok, and braised meatballs. For example, in February 2021, Burger King Korea introduced two new plant-based versions of its famous Whopper range, collaborating with Australian food tech brand v2food. The conventional beef burgers were replaced with an animal-free soy-based patty. This shows that there is an increasing demand for plant-based beverages in the South Korean market.

Geographically, North America is second dominating region in the global plant-based beverages market within the forecast period due to the increasing prevalence of chronic disease, increasing awareness of animal cruelty, and an increasing number of product launches and partnerships in the beverage industry in this region. For example, in April 2020, Daiya Foods, which is among the founding members of The Plant-Based Foods Association of the United States and Canada, launched a wide range of innovative plant-based food products, including a pizza crust prepared with spinach, cauliflower, and sweet potato. For instance, in January 2020, Nestlé partnered with Winnipeg's Functional Foods and Vancouver's Burcon Nutra Science to develop meat and dairy substitutes with a favorable environmental footprint. All aforementioned factors are enabling the North America region to become held second dominating region in the market.

Category-wise Outlook

Which type segment is presently leading the overall market?

The juices segment presently accounts for a high-volume share ascribing to the rising consumption of Plant Based juices due to the wide range of health benefits offered by them.

Which is the fastest growing distribution channel segment in the industry?

The online stores distribution channel segment is currently leading the market attributing to the increasing internet proliferation and rapid usage of smart devices worldwide.

Segmental Assessment of Global Plant Based Beverages Market

By Type:

Beverages

Coffee

Arabica 
Robusta 
Excelsa 
Liberica 
Others

Fermented Drink

Wine fermented
others

Health Drinks 
Juices 
Tea

White Tea
Green Tea 
Yellow Tea 
Oolong Tea
Black Tea
Dark Tea (or Post-Fermented Tea) 
Others

Vegan Milk products

Soya milk 
Almond milk 
Coconut milk
Oat milk 
Rice milk 
Cashew milk 
Hemp milk
Quinoa Milk 
Macadamia Milk 
Others

Other

By Source

Almond Protein
Soy Protein
Wheat Protein
Pea Protein
Rice Protein
Others

By Distribution Channel:

Online Stores
Supermarkets & Hypermarkets
Convenience Stores
Department stores
Cash and Carries & Warehouse Clubs
Drug stores & Pharmacies
Food & Drinks specialists
Vending machines
On Trade
Others

Market growth comparison pertaining to the historical years and forecast timeline of 2022-2028

The Global Plant Based Beverages Market has gaining massive traction in the recent years owing to various growth propellants. With rapid industrialization and urbanization, the masses have adopted sedentary lifestyle and unhealthy dietary habits. This in turn has led to the growing pervasiveness of lifestyle ailments such as obesity, COPD, and diabetes, just to name a few. Thus, various individuals have shifted their inclination towards vegan diet as a step towards leading a healthy lifestyle. These factors are escalating the demand for Plant Based Drinks across the globe.

Moreover, widespread economic growth has created ample earning opportunities for the masses, thereby leading to an increase in their per capita income levels. Vegan drinks are expensive in nature since they undergo a complexed manufacturing process and require high end raw materials. They can be afforded by individuals with high spending capacity. Hence, rise in the income levels of consumers is adding traction to the market outlook. The adoption of advanced technologies and equipment by key players has eased the manufacturing process of Plant Based Beverages. This has enhanced the remuneration scope of the industry.

On Special Requirement Plant Based Beverages Market Report is also available for below region:

North America 

U.S, Canada

Europe 

Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific 

South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa 

Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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