The Plant-Based Beverages Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Plant-Based Beverages Global Market Report 2024, The plant-based beverages market size has grown rapidly in recent years. It will grow from $24.31 billion in 2023 to $27.09 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to lactose intolerance and dairy allergies, vegan and vegetarian lifestyles, environmental and ethical concerns, retail expansion and availability, government initiatives and regulations, functional and nutritional benefits.
The plant-based beverages market size is expected to see rapid growth in the next few years. It will grow to $42.3 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to focus on sustainable and ethical practices, expansion of plant-based milk alternatives, global culinary fusion trends, e-commerce growth, plant-based beverages in foodservice. Major trends in the forecast period include diversification of plant sources, functional and fortified formulations, reduced sugar and clean label products, innovations in packaging, ready-to-drink (rtd) market, cultural and regional flavor variations.
The increasing trend of veganism is expected to propel the growth of the plant-based beverages market going forward. Veganism refers to giving up all products derived partially or fully from animals. Veganism promotes plant-based drinks that can improve heart rates and protect people against cancer and other diseases. For instance, in January 2023, according to a report published by the U.S. Department of Agriculture's Foreign Agricultural Service, a US-based government agency, Germany had the highest rate of vegetarianism, and in 2022, over 1.5 million vegans were living there, 1.58 million people claimed to be vegans, and nearly 8 million people consumed vegetarian food. Whereas 10 years ago, 0.1 million individuals were identified as vegans. Therefore, the increasing trend of veganism is driving the growth of the plant-based beverages market.
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The plant-based beverages market covered in this report is segmented –
1) By Type: RTD Tea And Coffee, Plant Based Milk, Juices, Other Types
2) By Nature: Organic, Conventional
3) By Flavor: Plain, Flavored
4) By Function: Cardiovascular Health, Cancer Prevention, Bone Health, Lactose-Free Alternative, Other Functions
Product innovation is a key trend gaining popularity in the plant-based beverage market. Major companies operating in the plant-based beverages market are introducing new and innovative products to strengthen their position in the market. For instance, in July 2022, Danone S.A., a France-based food production corporation, launched the first plant-based baby formula with a dairy blend. The new baby formula was created specifically to provide a vegetarian diet for babies.
The plant-based beverages market report table of contents includes:
1. Executive Summary
2.Plant-Based Beverages Market Characteristics
3. Plant-Based Beverages Market Trends And Strategies
4.Plant-Based Beverages Market analysis
5. Plant-Based Beverages Market Size And Growth
6.Plant-Based Beverages Segmentation
7. Plant-Based Beverages Regional And Country Analysis
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27.Plant-Based Beverages Competitive Landscape And Company Profiles
28. Plant-Based Beverages Key Mergers And Acquisitions
29.Plant-Based Beverages Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- SunOpta Inc.
- The Hain Celestial Group Inc.
- Pacific Foods of Oregon Inc.
- Nestlé S.A.
- Vitasoy International Holdings Limited
- Harmless Harvest Inc.
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