According to a Comprehensive Research Report by Market Research Future (MRFR), “Plant-Based Beverages Market Information by Source, Type, Distribution Channel, and Region- Forecast till 2027”, the market is estimated to acquire a size of over USD 388.42 Bn by the end of 2027. The report further predicts the market to thrive at a healthy CAGR of over 8.5% during the review timeframe.
Plant-based beverages, sometimes known as "plant milk" or "plant-based milk," are gaining immense popularity in recent years. They are typically made by extracting plant material, such as grain or seeds, in water. They are also utilized as dairy milk substitutes. Plant-based beverages and dairy milk, on the other hand, are nutritionally distinct types of food. Oat milk, rice milk, cashew milk, coconut milk, flax milk, almond milk, and soy milk are examples of popular plant-based beverages.
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|2030 Market Size||USD 388.42 Bn|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Source, Type, Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Growing Adoption of Non-Dairy Beverage|
|Growing Health Consciousness among the Expanding Populace|
Rising acquisitions and increased collaboration among established key players are assessed to increase market competition. The increasing demand for nutritional beverages is likely to encourage players to develop innovative products, which will increase the number of new players entering the market. The rising demand for such a beverage is likely to provide profitable opportunities for market growth, accelerating competition in the coming period. The major market players analyzed by MRFR are as follows:
- Coca-Cola Company
- PepsiCo, Inc.
- Hain Celestial Group
- Danone SA
- Fresh Del Monte Produce Inc.
- Campbell Soup Company.
- Califia Strategies
- Koia, Keurig Dr Pepper Inc.
- SunOpta Inc.
In recent years, the global market for plant-based beverages has expanded rapidly. The market's expansion is primarily due to increased animal advocacy around the world. Furthermore, factors such as rising non-dairy beverage demand, rising prevalence of chronic disorders among the growing population, expanding worldwide population, and rising demand for various healthy drinks are assessed to drive market expansion throughout the estimated period. Raw material price fluctuations, on the other hand, may stymie market expansion in the coming years. Furthermore, rising demand for probiotic drinks may represent a significant obstacle to the market's expansion. Increasing animal activism and demand for non-dairy beverages are projected to be key factors during the assessment period. Furthermore, the rising prevalence of chronic diseases among the growing population is predicted to increase the demand for nutritional drinks, which is going to be another significant factor that would boost the market during the assessment period. The growing demand for various healthy and non-dairy drinks, as well as the growing population, are assessed to provide considerable opportunities for market growth during the forecast period.
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The variation in raw material prices is projected to impair demand for non-dairy drinks, stifling market growth throughout the review period.
COVID-19 has had a favorable impact on the plant-based beverage business during the COVID era due to the increased demand for nutritional products. Plant-based beverages deliver nutrition and immune boosts, which is anticipated to support market expansion. The plant-based beverage can minimize the virus's impact, which is projected to increase demand for such beverages, strengthening the market during the pandemic. As a result of the increased demand for nutritional drinks that can assist boost immunity, COVID-19 is likely to have a favorable influence on the market.
By Distribution Channel
Because of the growing tendency for one-stop shopping, the store-based sector is projected to have the most substantial participation during the analysis timeframe.
The seeds and leaves section is predicted to make the most important contribution to market strength during the forecast period, with a large market value over the review period.
Due to customer demand, the juices segment is assessed to reach a valuation of USD 222.5 billion by 2023.
Regional Analysis of the Plant-Based Beverage Market
According to MRFR's research, the global market for plant-based beverages is divided into four regions: Asia-Pacific, North America, Europe, and the Rest of the World (RoW).
Because of the increasing acceptance of a healthy lifestyle, Europe is assessed to lead the global market throughout the study period. Another significant factor that is assessed to enhance demand for such beverages and hence augment the market throughout the research period is the increasing popularity of veganism. Furthermore, beverage innovation is assessed to boost the market during the research period.
According to MRFR's estimate, North America's market value is assessed to reach USD 111.4 million by 2023, owing to rising demand for plant-based beverages. During the projected period, the market is slated to be strengthened by increased innovation by various key players. Furthermore, the increasing promotional activities done by industrialists are assessed to improve the regional market during the evaluation period.
APAC is predicted to develop at a CAGR of 9.22 percent during the projection period, owing to increased middle-class per capita income. Other notable aspects that are assessed to boost the regional market throughout the review period include rising demand for plant-based drinks and rising vegan awareness. Furthermore, expanding activities to reinvent beverages are assessed to improve the trade during the evaluation time. Furthermore, developing economies such as China, India, and Japan are assessed to make major impact in the coming years.
The RoW is predicted to rise steadily during the projection period due to increased awareness of plant-based beverages. By 2023, the regional market is assessed to increase at an 8.75 percent CAGR. In comparison to other regions, the region is assessed to grow slowly. However, the Middle East has the potential to make a noteworthy contribution to regional market growth over the forecast period.
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