News

The global Plant-based Beverages market size is expected to be worth around US$ 76.53 billion by 2030, according to a new report by Vision Research Reports.

The global Plant-based Beverages market size was valued at US$ 26,859.4 million in 2020 and is anticipated to grow at a CAGR of 18.3% during forecast period 2021 to 2030.

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Plant-based Beverages Market (By Type: Soy-based, Coconut-based, Almond-based, Rice-based, Oats-based, Hemp-based, Hazelnut-based, Cashew-based, Flax-based; By Product: Plain, Flavored) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030

Growth Factors

Increasing health concerns have compelled consumers to shift their preference to vegan foods and beverages. The vegan population is significantly increasing owing to the rising prevalence of lactose intolerance and various kinds of food allergies.  is widely consumed across the globe as it has various similar benefits as dairy-based milk. Soy milk is widely used in various applications, such as bakeries and confectioneries. In addition, soy milk is a good source of protein, vitamin A, vitamin B-12, potassium, and isoflavones. It is also considered the best alternative for lactose-intolerant consumers. 

Report Highlights

the almond-based type segment dominated the market with a revenue share of more than 60%. The rising health consciousness, supportive government initiatives, and the introduction of various vegan products are anticipated to drive the market for plant-based beverages.

Consumers are focusing on increasing their immunity and maintaining their overall health through simple and nutritious vegetarian and plant-based foods and beverages. Consumers from developed as well as developing countries are showing a willingness to pay a premium price for beverages with better nutritional and medicinal benefits.

The plain product segment led the global market with a revenue share of over 69% in 2020. The growing adoption of highly nutritious plant-based beverages by consumers, along with expected amendments in governing laws to support plant-based beverages, is expected to drive the segment during the forecast period. On the other hand, the oat-based segment is estimated to register the fastest CAGR from 2021 to 2030.

The growing adoption of plain plant-based milk in several drinks is anticipated to boost the sales of plant-based beverages over the forecast period. Leading companies offer various almond-based, soy-based, coconut-based, oats-based, and rice-based beverages, several small- and medium-sized players are emerging to capture niche products segments, such as hemp-, hazelnut-, and flax-based beverages.

Asia Pacific accounted for the largest revenue share of over 76% in 2020. The increasing vegan population in the region, especially the millennials’ inclination toward plant-based, natural, and healthy foods and beverages, is likely to fuel the demand for plant-based beverages in Asia Pacific. Countries, such as China, India, and Thailand, have been adopting a healthy lifestyle by opting for healthy food options.

Key Players

• 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.

Report Coverage	Details
Market Size	US$ 76.53 billion by 2030
Growth Rate	CAGR of 18.3% From 2021 to 2030
Base Year	2020
Historic Data	2017 to 2020
Forecast Period	2021 to 2030
Segments Covered	Type, Product
Regional Scope	North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned	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.

Market Segmentation

• Type
  • Soy-based
  • Coconut-based
  • Almond-based
  • Rice-based
  • Oats-based
  • Hemp-based
  • Hazelnut-based
  • Cashew-based
  • Flax-based
• Product
  • Plain
  • Flavored
• Regional
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Russia
    • Switzerland
    • Spain
  • Asia pacific
    • China
    • Thailand
    • South Korea
    • India
    • Australia
    • Japan
    • Taiwan
  • Central and South America
    • Brazil
    • Argentina
  • Middle East and Africa
    • South Africa
    • UAE
    • Saudi Arabia

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.

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