Newly released data from the plant-based beverages market analyzed by FMI estimates that the market enjoyed year-on-year (YoY) growth of 7.4% in 2022 to a total of 111,701,810 Litres in 2022. The market is expected to witness a prominent growth rate of a CAGR of 6.7% to reach the value of US$ 506,534.7 Mn in 2032.
The increase in the consumption of plant-based beverages, which has multiplied many times in the recent time period, is one of the primary drivers for the rise in demand for the product. Plant-based diets, veganism, and vegetarianism are the key drivers of this shift.
Plant-based beverages have been steadily growing in this fast-paced environment, but it has only recently gained notoriety due to a rise in flexitarianism acceptance. One-third of customers in the US and Europe now consider themselves flexitarians, as they want to add to their diet rather than restrict it. As a result, sales of plant-based beverages will increase.
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Rising Awareness Pertaining to Health and Wellness among Consumers to Aid Growth
Concerns among consumers pertaining to food safety have skyrocketed. Recent incidents of food recalls and health hazards caused due to chemical additives used in food products have caused damage to consumer trust. However, manufacturers of the plant-based beverages are likely to gain against this backdrop. There is an evident rise in demand for foods and beverages derived from natural sources. In addition to this, economic uptick and increasing consumer spending on premium brands are aiding the expansion of the plant-based beverages market.
High Cost of Processing May Hinder Growth
On the downside, the cost incurred on processing plant-based beverages may hamper their sales average. Critics note that large investment in processing is particularly valid in case of plant-based dairy alternatives, because they often need oil, fats, and added nutrients in large quantities to replicate their taste of their animal-based counterparts. However, this limitation can be mitigated if manufacturers discover ways of limiting the resources and money spent on processing.
Who is Winning?
Some of the leading players operating in the plant-based beverages market are The Coca-Cola Company, The Hain Celestial Group, Inc., SunOpta Inc., PepsiCo, Inc., Dr Pepper Snapple Group, Inc., Del Monte Pacific Limited, Pacific Foods of Oregon, Inc., Döhler GmbH, Califia Farms LP, Good Karma Foods, Inc., The WhiteWave Foods Company, Ripple Foods, PBC, Koia, and Harmless Harvest Inc.
As a result of increasing competition, plant-based beverage manufacturers are focusing on expanding their product portfolio and improving sourcing process. Their expansion strategies are further aided by agreements between them and local players across emerging market. These companies are particularly focusing on catering to changing consumer preference across various applications.
- For instance, The Hain Celestial Group, Inc. entered into an agreement with Rosetto Foods in 2017 to establish a joint venture. Through this, the company intended to expand its product portfolio.
- In 2018 The Coca-Cola Company acquired Unilever’s AdeS plant-based beverage business to expand its portfolio consisting of functional drinks.
Market Segments Covered in Plant-based beverages Industry Analysis
By Source
- Dairy Alternatives
- Almond Milk
- Soy Milk
- Coconut Milk
- Rice Milk
- Oats Milk
- Seed Milk
- Cashew Milk
- Others
- RTD Drinks
- Coffee
- Tea
- Plant-Based Juices
- Fruit
- Vegetable
By Nature
- Organic
- Conventional
By Format
- Regular
- Flavored
By Packaging
- Glass Bottles
- Plastic Bottles & Pouches
- Carton Packaging
- Cans
By Sales Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Independent Small Groceries
- Speciality Stores
- Online Retailers
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- MEA
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Key Questions Answered in the Report
- How much is the plant-based beverages market current worth?
Plant-based beverages market size is worth more than US$ 266,161.8 Mn.
- At what CAGR is the market expected to grow?
Plant-based beverages consumption is expected to grow at a CAGR of around 6.7% during the period 2022-2032
- How was the performance in the last five years?
In terms of revenue, plant-based beverages grew at a CAGR of around 5.2% during 2017-2021.
- What are the key trends boosting plant-based beverages sales?
Plant-based beverages are gaining traction due to the rising demand for non-dairy nutritious beverages in various parts of the world. Increasing demand for healthy ready-to-drink products along with plant-based juices are other factors for the growth of the market.
- How are market players reacting to the new developments in the market?
Market companies are choosing to aim at research and development, consolidation of distribution channels in emerging countries, new product introductions to stay a noticeable player in the global market.
- How much share do the top 20 companies hold?
The top 20 producers of plant-based beverages hold around 45-50% of the market share.
- Which are the major countries driving demand for the plant-based beverages market?
China, the US, India, Brazil, and Mexico are the major countries driving demand for plant-based beverages.
- At what level does the report reflect pricing analysis?
The report presents a detailed cost analysis of plant-based beverages based on source i.e. dairy alternatives, RTD drinks, and plant-based juices.
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