The plant based beverage market is experiencing a significant surge, with its value anticipated to reach USD 374.6 billion in 2024 and projected to escalate to USD 665.8 billion by 2034. This growth is driven by the increasing consumer preference for health benefits, nutritional properties, and a minimal carbon footprint associated with plant-based beverages such as milk and smoothies.
The market is expected to witness a moderate compound annual growth rate (CAGR) of 5.92% from 2024 to 2034. The rise in demand for plant-based beverages is fueled by the global trend towards veganism, which promotes ethical, environmental, and health benefits. Consumers are increasingly seeking healthier alternatives to dairy milk, leading to a rise in popularity of plant-based options.
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Historically, the plant-based beverage market has grown at a CAGR of 5.51%. The forecasted CAGR of 5.92% indicates a slight acceleration in growth, driven by factors such as enhanced retail presence, distribution networks, and regulatory support for plant-based products. The market has seen continuous innovation, improving sensory experiences, and broader consumer acceptance, further propelling its expansion.
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.
“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.)
Several factors contribute to the growth of the plant-based beverage market:
- Health Benefits and Nutritional Value: Plant-based beverages are perceived as healthier alternatives to traditional dairy products, offering various health benefits and nutritional properties.
- Environmental Sustainability: Consumers are increasingly aware of the environmental impact of their food choices. Plant-based beverages have a lower carbon footprint compared to dairy products, aligning with the growing trend towards sustainability.
- Veganism and Ethical Considerations: The rise of veganism and ethical consumerism is driving the demand for plant-based beverages. Consumers are opting for products that do not involve animal exploitation and are environmentally friendly.
- Regulatory Support and Policy Reforms: Government policies supporting plant-based products and reforms aimed at promoting sustainability and health-conscious choices are bolstering the market.
- Innovation and Product Development: Continuous innovation in the plant-based beverage sector, including the introduction of new flavors, textures, and enhanced nutritional profiles, is attracting a wider consumer base.
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.
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Competitive Landscape
The competitive landscape of the plant-based beverage market is characterized by the presence of established companies and innovative startups. Key players are investing in product innovation and expanding distribution networks to meet the growing demand for plant-based beverages.
Key Developments
- In June 2021, Plant Veda launched a new line of vegan lassi made from cashews and real fruits, free of cane sugar and containing gut-healthy probiotics.
- In February 2021, Heartbest Foods introduced its plant-based milk in plain and quinoa flavors, catering to the growing demand for plant-based dairy 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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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