The soy-based beverages held the largest market share of around 37% in 2021. Rising consumer demand for nutritional yet allergy-free drinks, soy-based beverages are expected to witness steady growth across the forecast period. The increasing vegan population in the region is likely to fuel the demand for plant-based beverages in the Asia Pacific region.
Newark, Oct. 31, 2022 (GLOBE NEWSWIRE) -- According to The Brainy Insights, the plant-based beverages market is growing at a CAGR of 12.5% from 2022-2030. The growing demand for vegan food & beverages owing to their health benefits is driving the market growth. Moreover, advancement in technology to process vegan sources such as soy, almond, oats, cashew, etc., is also likely to boost the market growth.
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The demand for the plant-based beverages market is expected to witness significant growth owing to the rising acceptance of veganism and vegan diets worldwide. The concept of vegan or plant-based is most popular in countries like the US, Australia, and the UK. However, veganism is gaining traction in other countries as well such as India, Thailand, UAE, and Saudi Arabia, which will provide growth opportunities for plant-based beverage manufacturers.
Though the demand for plant-based beverages is higher in the developed parts of the world, several emerging economies have also been witnessing significant demand for innovative dairy-free, vegan, and organic drinks. For instance, Brazil has been reporting significant growth in demand for plant-based beverages among young and working-class consumers. This is owing to the increasing prevalence of lactose intolerance and the growing vegan population in the country.
The increasing number of working women in both developed and developing countries and the rising number of health-conscious consumers drive the sales of plant-based beverages. With busy schedules and long work hours, doctors advise people to consume healthy foods or beverages and stay hydrated the entire day. Plant-based beverages are the best option available in the market which can keep their nutrition as well as hydration level high all day.
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People across the globe are increasingly adopting a healthy lifestyle; however, owing to the high market penetration of carbonated drinks, players have been focusing on developing innovative and new flavored plant-based drinks. For instance, In January 2021, Danone announced the launch of its first-ever plant-based beverage for athletes under the brand name ‘Silk Ultra’. The beverage is beneficial for muscle maintenance and repair. The products contain 20 grams of soy protein per serving, along with calcium and vitamins A, D, B2, and B12.
3. Vitasoy International Holdings Limited
4. Harmless Harvest
5. Califia Farms
6. Freedom Foods Group Limited
7. Campbell Soup Company
8. Blue Diamond Growers, Inc.
10. The Hain Celestial Group
• Type Insights
• Distribution Channel Insights
• Flavor Insights
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• Regional Insights
o North America
o Asia Pacific
o Central & South America
o Middle East & Africa
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About the report:
The global plant-based beverages market is analyzed based on value (USD Billion). All the segments have been analyzed globally, regional and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short time. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. The customized solutions are tailored to meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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