Increasing number of lactose intolerance and milk allergies among individuals is a key factor driving market revenue growth.
Vancouver, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The global plant-based beverages market size is expected to reach USD 54.91 Billion in 2032 and register a steady revenue CAGR of 12.1% during the forecast period, according to latest analysis by Emergen Research. Rising popularity of vegan and vegetarian diets among consumers is a key factor driving market revenue growth. Plant-based beverages contain protein-rich nuts such as almonds, soy, peanuts, and cashews. Soy products, such as soy milk, reduce the risk of Cardiovascular Disease (CVD), including stroke and coronary heart disease and decrease blood pressure.
Plant-based milk is popular among consumers because these are lactose-free, cholesterol-free, and low in calories. Lactose-free milk provides vitamins A, D, and B12, as well as riboflavin and phosphorus, each of which are important minerals for bone health. In addition, rising partnerships among companies is also expected to drive revenue growth of the market. For instance, on 27 January 2021, Beyond Meat and PepsiCo collaborated to launch plant-based snacks and beverages. Plant-based diets have increased in popularity owing to health concerns, environmental concerns, and ethical considerations.
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Moreover, increasing awareness regarding health and rising environmental concerns are also expected to drive market revenue growth during the forecast period. Dairy alternatives contain low-carb, low-calorie, and are ideal for people who struggle with weight management. However, plant based beverages results in insufficient protein, vitamin, and mineral intake, which could restrain market revenue growth. In addition, some individuals may be allergic to certain ingredients in plant-based beverages, such as soy or nuts, which could also restrain market revenue growth.
Scope of Research
|Market Size in 2022||USD 17.60 Billion|
|Revenue Forecast To 2032||USD 54.91 Billion|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Source, type, product, packaging type, distribution channel, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Bayer AG, Abbott, DSM, Amway, Nature's Bounty, Nestlé, Mead Johnson & Company, LLC, Medifast, Inc., Premier Nutrition Corporation, LLC, and Health Food Manufacturers’ Association|
|Customization Scope||10 hours of free customization and expert consultation|
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Major Companies and Competitive Landscape
The global plant-based beverages market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the global plant-based beverages market report are:
- Bayer AG
- Nature's Bounty
- Mead Johnson & Company, LLC.
- Medifast, Inc.
- Premier Nutrition Corporation, LLC
- Health Food Manufacturers’ Association
- On 25 February 2022, Gaia's Farming Co., a UK-based biotech firm, launched its first two hemp and oat milk substitutes to cater to the rising vegan community for British consumers. Gaia's is focusing on hemp's potential as a milk substitute.
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Some Key Highlights From the Report
- The almond segment accounted for largest revenue share in the global plant-based beverages market in 2022. This is due to rising demand for almond milk among individuals owing to its nutrient-dense and low-calorie dairy-free milk substitute that helps to reduce the risk of heart disease. Almond milk is high in magnesium, which is necessary for muscular function, blood sugar control, blood pressure regulation, and formation of bone, protein, and Deoxyribonucleic Acid (DNA). In addition, almond milk contains vitamin E, which is beneficial to the immune system and blood vessels and protects cells from harmful effects of free radicals.
- The milk segment is expected to register steadily fast revenue growth rate in the global plant-based beverages market during the forecast period. This is due to rising demand for plant-based milk among consumers for various reasons, including taste and health. Plant-based milks are high in protein, which are enriched with vitamins A and D, B-complex vitamins, calcium, and Docosahexaenoic Acid (DHA) omega-3 or probiotics. Plant based milk offers healthy nutrients and is a great option for consumers with lactose intolerance. Furthermore, increasing use of plant-based milk with textures as well as various flavors and health advantages is also expected to drive revenue growth of this segment during the forecast period.
- The plain segment is expected to account for significantly large revenue share in the global plant-based beverages market during the forecast period. this is due to rising demand for plain plant-based beverages such as unsweetened plant-based milk. Plain plant-based beverages are lower in saturated fat and calories and provide nutritional benefits such as vitamins, minerals, and dietary fiber, as individuals are becoming conscious regarding their health.
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For the purpose of this report, Emergen Research has segmented the global plant-based beverages market on the basis of source, type, product, packaging type, distribution channel, and region:
- Source Outlook (Revenue, USD Billion; 2019–2032)
- Type Outlook (Revenue, USD Billion; 2019–2032)
- Other Drinks
- Product Outlook (Revenue, USD Billion; 2019–2032)
- Packaging Type Outlook (Revenue, USD Billion; 2019–2032)
- Distribution Channel Outlook (Revenue, USD Billion; 2019–2032)
- Grocery Stores
- Online Retail
- Regional Outlook (Revenue, USD Billion, 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- North America
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