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The global Plant-based Beverages market size is expected to be worth around US$ 22.8 billion by 2027, according to a new report by Vision Research Reports.

The global Plant-based Beverages market size was valued at US$ 12.5 billion in 2020 and is anticipated to grow at a CAGR of 8.0% during forecast period 2021 to 2027.

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Plant-based beverages are derived from all types of plant sources like seeds, grains, and nuts. Due to their high nutrition content, plant-based beverages are considered a suitable alternative to cow’s milk. Plant-based beverages are increasing in demand, due to its health benefits and are expected to arrive in every grocery stores worldwide in the near future. People are willing to try out plant-based beverages but they have to be easily available and affordable in price and have to taste good. The report on global plant-based beverages market sheds more light on the benefits of organic and vegetarian food consumption.

The report also aims to enlighten on the rapid growth and prospects of the market in detail. The study also focuses on competitive dynamics in the market by factoring in weaknesses and strengths of prominent participants, their degree of competition, and key products. This report also features unique and salient factors that may make a huge impact on the development of the global plant-based beverages market during the aforementioned forecast period.

Growth Factors

With increasing awareness for healthy lifestyle, consumers are shifting from conventional food to more natural and healthy plant-based products. Moreover, the vegan population across the globe is propelling the demand for plant derived beverages and food products. Plant-based milk is also gaining wide popularity among vegan population as well as consumers with lactose intolerance condition.

Increasing vegan population and rising awareness among consumers for healthy and cruelty-free food products are expected to promote market growth. Moreover, increasing cases of lactose intolerance in the population of developed economies including the U.S., Germany, France, and the U.K. is projected to expand the scope of vegan beverages over the next few years.

Drivers & Restraints

The global plant-based beverages market is experiencing the rise in the number of companies penetrating this nascent market by adding all sort of plant-based beverage products. The growth of this market depends upon the consumer, as they play a crucial part by building more sustainable food system by consuming more plants and less meat. Thus, the decision that they have to make is whether they want to go vegan or try out a plant-based diet. In addition, the usage of antibiotics has boosted the consumption of plant-based beverages across the globe.

However, high price is one of the major challenges that manufacturers in the plant-based beverages market face. Nonetheless, these beverages provide phytonutrients and antioxidants, which help in building strong immunity, lessen inflammation, and help to cure skin radiance. These aspects are mainly focused on the rising demand for plant-based beverages across the globe.

Product Analysis

The market revenue from soy products accounted for a revenue share of 30% in 2020. Soy milk is one of the most popular beverages across the globe owing to its various benefits. The product is a good source of protein, vitamin A, vitamin B-12, potassium, and isoflavones. It is also considered as the best alternative for lactose-intolerant consumers.

Coconut based beverages is the fastest-growing segment with a CAGR of 8.8% from 2021 to 2027. Coconut water is widely used as a hydration drink in the gym and fitness sector whereas coconut milk is widely used in a variety of Asian and Caribbean cuisines. Furthermore, it has significant health benefits due to its rich antioxidant properties and is helpful in fighting diseases such as diabetes, kidney stones, and blood pressure.

Flavor Insights

The plain flavor was the largest segment in the market, with a revenue share of 71.5% in 2020. There is a wide range of oats and nuts milk products available in the market owing to the increasing vegan population. Major manufacturers are launching new products in order to gain a maximum share of the market. For instance, in March 2019, Costa Coffee, a subsidiary of The Coca-Cola Company, planned to launch soy milk across the U.K. and had already started selling dairy-free products including soy, coconut, and almond.

The flavored segment is expected to witness the fastest growth in the market, expanding at a CAGR of 8.6% from 2021 to 2027. Consumers are habitual to the taste of cow’s milk and the plant derived milk lack the similarity to conventional milk. This has become the key factor for the growth of flavored beverages demand in the market. For instance, in January 2020, Starbucks launched three new product lines using milk derived from oats, almonds, and coconut. These product launches in the market will increase product visibility and are anticipated to boost the demand for plant-based beverages over the forecast period.

Regional Insights

Asia Pacific was the largest segment with a market share of 34% in 2020 owing to the high consumption of plant-based drinks in countries such as China, Indonesia, Japan, and South Korea. Moreover, soy milk as well as coconut milk is primarily used for preparing a large number of Asian cuisines. Key manufacturers are launching new plant-based products in the market in order to cater to the increasing demand for plant-based beverages in the region.

North America is the fastest-growing region with a CAGR of 8.5% from 2021 to 2027 owing to the increasing vegan population in the region over the past few years. For instance, according to the data provided by The Vegan Society, the vegan population in America increased by 600% from 2014 to 2019, opening new avenues for plant-based products over the forecast period.

Key Players

Döhler GmbH; PACIFIC FOODS OF OREGON, LLC.; WhiteWave Foods Company; Blue Diamond Growers Inc.; SunOpta; and The Hain Celestial Group, Inc. New product launches is expected to remain a key strategy among the market leaders to gain a competitive edge.

Market Segmentation