Global plant-based beverages market was valued at USD 22,859.4 millions in 2020. It is projected to grow at a compound annual rate (CAGR of 14.3%) between 2021 and 2028. Consumers are shifting to vegan food and beverages due to increasing health concerns. Due to increasing prevalence of lactose intolerance, and other food allergies, the vegan population is on the rise. Soymilk has many similar benefits to dairy-based milk. Many applications for soy milk include bakeries and confectioneries. Soy milk is rich in protein, vitamin A and vitamin B-12, as well as potassium. Soy milk is also a good alternative for those who are lactose intolerant.
Hemp-based drinks have also been gaining popularity due to their pain relief and health benefits. Many governments around the world are also removing CBD from illegal drugs and promoting Hemp-based drinks. These policies support beverage producers to introduce new products on the market.
Additionally, organic agro products are increasingly in demand due to their lack of harmful chemicals. This is driving manufacturers to use plant-based materials in their beverages. Fairtrade Sourcing and Halal Certification are just a few of the options that can be used to reach large numbers of customers around the world.
It is well-known that the dairy industry has an adverse effect on the environment. This is driving more people to switch to nondairy options. The World Wildlife Fund estimates that approximately 270 million milk cows are managed by farmers around the world. Greenhouse Gas (GHG), which are greenhouse gas emissions from dairy cows and their manure, contribute to climate change. Manure and fertilizer handling can cause water depletion and can also lead to unsustainable dairy farming. This can result in the loss of important ecological areas such as forests, prairies, wetlands and wetlands.
The U.S. market was dominated by the almond-based segment with more than half of the volume. Market growth for plant-based beverages is expected to be driven by rising health consciousness, supportive government initiatives and the introduction of vegan products.
Cafes, restaurants, cafes, hotels, and eateries are now offering plant-based milk. This includes oats and almondmilk. They do this to serve a wide range of vegan and lactose-intolerant customers. With the growing demand for plant-based milk, key players are creating new products to meet this market demand. Plant-based beverage producers have also seen opportunities due to the pandemic. Consumers are becoming more aware of their health.
Consumers are looking to improve their immunity and maintain their overall health by eating simple, nutritious and healthy plant-based foods. Both from developing and developed countries, consumers are willing to pay more for drinks that have better nutritional or medicinal benefits. Soy-based beverages will see steady growth due to growing consumer demand for healthy and allergen-free beverages.
With a market share of more than 59%, the plain product segment dominated the global market in 2020. This segment is expected to grow due to increased consumption of plant-based beverages that are highly nutritious. The oat-based segment, on the other hand is expected to experience the fastest CAGR between 2021 and 2028. Due to rising customer demand, some coffee chains have begun offering plant-based versions of their beverages. Starbucks Canada launched oat-based beverages in July 2020 as its latest non-dairy offering.
Over the forecast period, plant-based beverages will see a rise in sales due to the increasing use of plain plant milk in many drinks. While the major companies offer a variety of almond-, soy, coconut-, coconut- and oats-based beverages, many small and medium-sized businesses are attempting to capture niche product segments such as hemp, hazelnut, and flax-based beverages. For instance, Living Harvest Foods (a Tempt brand), Manitoba Harvest Hemp Foods (a Hemp Yeah! In the hemp-based milk market, Milkadamia and Living Harvest Foods (a Tempt brand) are very popular. Manufacturers are also combining different flavors to encourage the consumption of beverages in various applications such as smoothies, protein shakes, yogurt drink, and other. The segment is expected to grow due to a growing number of new product launches in attractive flavors.
Asia Pacific was responsible for 66% of the total revenue in 2020. Asia Pacific's growing vegan population, particularly millennials, will likely fuel demand for plant-based beverages. Many countries, including Thailand, India, China and China, are adopting healthy lifestyles by choosing healthy food options.
Americans are becoming more aware of their health and consuming less sugar and fat. They also consume high amounts of protein and have a better nutritional balance. The region's plant-based beverage market has seen a rise in demand due to the growing purchasing power and rising acceptance of veganism. Another trend driving market growth in America is the increased focus on fitness by millennials and younger people.
There are many small and large players in the industry. Due to their large customer base, market players are often in fierce competition. These companies have strong brand recognition and extensive distribution networks, which intensifies the level of competition among them. To stay on top of the game and establish a strong position in the market, key companies have implemented various expansion strategies such as partnerships and product launches. These are some of the top players in the global market for plant-based beverages:
Danone S.A
Pacific Foods of Oregon, LLC
LBlue Diamond Growers, Inc.
SunOpta
The Hain Celestial Group, Inc.
Freedom Foods Group Ltd.
Califia Farms
Harmless Harvest
Koia
Vitasoy International Holdings Ltd.
Up Market Research published a new report titled “Plant-based Beverages Market research report which is segmented by Type (Soy-based, Oats-based), by Product (Flavored, Plain), By Players/Companies Califia Farms, Blue Diamond Growers, Danone SA, Vitasoy International Holdings Limited”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Plant-based Beverages Market Research Report |
By Type | Soy-based, Oats-based |
By Product | Flavored, Plain |
By Companies | Califia Farms, Blue Diamond Growers, Danone SA, Vitasoy International Holdings Limited |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 241 |
Number of Tables & Figures | 169 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type (Soy-based, Oats-based), by Product (Flavored, Plain).
Plant-based Beverages Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Plant-based Beverages Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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