Plant-Based Beverages Market: Growing Health Consciousness Amongst People

Plant-based products are broadly classified into two categories, namely, 'plant-based alternatives' and 'plant focused'. The plant-based alternatives segment involves all products which replicate animal-based counterparts like milk, yogurt, meat, and ice cream. The second category is plant focused products, which includes fruits and vegetables. This category involves products like juices, dressings, spreads, toppings, and plant-based snacks.

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Plant-based products include plant-based beverages that are further classified into plant-based dairy alternatives, juices, and ready-to-drink beverages. The plant-based beverages segment is expected to witness a growing CAGR of 6.7% by 2028, owing to the changing eating habits of consumers. Consumers are more conscious about health and wellness than before, and want to consume products that are healthy and natural without compromising on the taste and flavor of the product. Increasing concerns for health and wellness, and the spreading of obesity, diabetes, and cardiovascular diseases among consumers, have made consumers appreciate and incline towards plant-based beverages. Plant-based products including plant-based beverages contribute to healthy eating habits, and provide more nutritional value, vitamins, minerals, and healthy fats as compared to animal-derived alternatives. Besides, consumers are opting for safer plant-based beverages, due to the rising food safety concerns associated with the usage of hormones and antibiotics in dairy-based products. The growing popularity of plant-based beverages among consumers is leading to the increasing interest of big companies towards such products. Big companies are investing in and acquiring small plant-based beverage companies and brands to expand their offerings of plant-based beverages. Companies are well aware of the changing consumer trend and preference towards a healthier lifestyle and plant-based products, and hence, are trying to update their inventories with more and more plant-based products like plant-based beverages.

APEJ a Key Market for Global Plant-based Beverage Revenues

The global plant-based beverages market is expected to observe significant growth coming from the APEJ market. In terms of value, the plant-based beverages market in APEJ is expected to expand at a CAGR of 7.6% over the forecast period, to reach a market value of US$ 201,085.0 Mn by 2028. APEJ accounts for almost 39% of the total share of the global plant-based beverages market in terms of revenue, which is expected to increase significantly by 2028 end. Increasing awareness for health and wellness, and growing consumer per capita disposable income are expected to boost the growth of the plant-based beverages market in APEJ.

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Asia Pacific Plant-based Beverages Market– Segment-wise Overview

By source type, the plant-based beverages market will witness a major contribution from the plant-based juices segment. In terms of value, the plant-based juices segment for Asia Pacific market holds the largest share, and accounts for over 65.8% of the total APEJ plant-based beverages market. However, in terms of value growth, the dairy alternatives segment of plant-based beverage is expected to register comparatively significant growth during the forecast period. Increasing consumer awareness about natural and plant-based products is the key driver for the growing market for plant-based beverages. Increasing per capita expenditure of the consumers in Asia Pacific is also resulting in changing consumer preferences towards healthier plant-based products including plant-based beverages.

Developed regions like North America and Europe will also face rapidly growing demand for plant-based beverages, with the plant-based juices and dairy alternatives segment being a prominent shareholder, due to the increasing prevalence of dietary restrictions among consumers resulting from lactose intolerance and food-allergies, and growing consumer inclination towards plant-based products. The other driver for the growing market for plant-based beverages is the growing consumer trend of vegan/vegetarian/flexitarian diets, which is rapidly increasing in North America and Western Europe. The populations in these regions are adopting a restrictive diet that focuses on the higher consumption of plant-based products, including plant-based beverages. While intolerances (e.g., lactose intolerance) or food allergies drive some of these diets, others such as flexitarian diets and the Paleo diet are consumer-made choices aimed at attaining greater well-being. North America and Asia Pacific, together, account for 56.6% of the market share for plant-based beverages.

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