The plant based beverage market is registered to be valued at US$ 374.6 billion by 2024. The market valuation is expected to be US$ 665.8 billion by 2034, projected at a CAGR of 5.92%.
The expansion and the rise in lactose intolerance rates leads the global market for plant based beverages to grow and is subsequently expected to give maximum growth in the near future.
Such goods are mostly preferred by customers looking for low-fat and low-cholesterol solutions. Plant-based drinks are definitely considered to have a healthy choice that are easily available and provide the customers with essential vitamins and minerals.
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The usage of cruelty-free products has risen as a result of growth in awareness of animal suffering and numerous awareness led by various campaigns that have been held worldwide.
The market for plant based beverages is on the verge of expansion due to a number of additional factors, inclusively holding increase in levels of disposable income and rapid urbanization. This is the healthiest dairy product substitute currently on the market.
Plant-based milk products are however anticipated to grow substantially over the next several years. Drinks made from plants have lesser carbon footprints promoting them to be a sustainable choice and are widely supported.
Key Takeaways from the Market Study
- Under source type, plant-based juices is accounted to hold a market share of 67.8% in 2024.
- Germany is estimated to register at a CAGR of 6.3% by 2034.
- Japan experiences significant growth, projected at a CAGR of 4.4% by 2034.
- Based on the nature, the conventional segment is accounted to hold a market share of 92.1% in 2024.
“The surge in demand for vegan diets and people suffering from intolerance to lactose are the primary drivers for the plant based beverage market,” -says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
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Competitive Landscape
Major market players like Bayer AG, Abbott, Nestlé SA compete with up-and-coming companies and start-ups for market supremacy in the fiercely competitive plant based beverage sector.
Regulated by a wide range of plant-based beverage options, making investments in product innovation, and growing their distribution networks, these businesses compete fiercely with one another. The dairy business is seeing increased competition due to the growing demand from consumers for more sustainable and healthful options.
Some of the key developments are:
- In July 2020, Starbucks Canada broadened its non-dairy selection by introducing the oat beverages, which cater to the rise in demand for plant-based options. This move was anticipated to drive the sales of plant based beverages.
- In January 2020, Nestlé expanded its presence in the Thai beverage market as it had launched a soy-based version of its popular chocolate malt beverage, Milo, quarrying into the growing trend of plant-based alternatives.
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More Valuable Insights Available
Future Market Insights offers an unbiased global plant based beverage market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand market opportunities, the plant based beverage market is segmented based on Source (Coconut, Soy, Almond, Rice, Oats, Hemp, Others), Nature (Organic, Conventional), Format (Regular, Flavoured), Packaging (Glass Bottles, Plastic Bottles and Pouches, Carton, Cans), Sales Channel (Hypermarkets/Supermarkets, Convenience Stores, Independent Small Groceries, Speciality Stores, Online Retailers), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa).
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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