Plant-Based Beverages Market Report 2024 | Size, Share, Growth, Trends, Analysis, Forecast, Outlook, Mergers and Acquisitions, Top Major Key Players, Competitive Landscape | 2033 Forecast

The plant-based beverages market size has grown rapidly in recent years. It will grow from $24.31 billion in 2023 to $27.09 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to lactose intolerance and dairy allergies, vegan and vegetarian lifestyles, environmental and ethical concerns, retail expansion and availability, government initiatives and regulations, functional and nutritional benefits.

The plant-based beverages market size is expected to see rapid growth in the next few years. It will grow to $42.3 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to focus on sustainable and ethical practices, expansion of plant-based milk alternatives, global culinary fusion trends, e-commerce growth, plant-based beverages in foodservice. Major trends in the forecast period include diversification of plant sources, functional and fortified formulations, reduced sugar and clean label products, innovations in packaging, ready-to-drink (rtd) market, cultural and regional flavor variations.

Market Overview -
Plant-based beverages refer to beverages that are obtained from plant materials such as seeds, grains, and others that are used as a replacement for beverages made with milk.

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The Rise Of Veganism Fueling Growth In The Plant-Based Beverages Market
The increasing trend of veganism is expected to propel the growth of the plant-based beverages market going forward. Veganism refers to giving up all products derived partially or fully from animals. Veganism promotes plant-based drinks that can improve heart rates and protect people against cancer and other diseases. For instance, in January 2023, according to a report published by the U.S. Department of Agriculture's Foreign Agricultural Service, a US-based government agency, Germany had the highest rate of vegetarianism, and in 2022, over 1.5 million vegans were living there, 1.58 million people claimed to be vegans, and nearly 8 million people consumed vegetarian food. Whereas 10 years ago, 0.1 million individuals were identified as vegans. Therefore, the increasing trend of veganism is driving the growth of the plant-based beverages market.

Competitive Landscape -
Major companies operating in the plant-based beverages market report are SunOpta Inc., The Hain Celestial Group Inc., Pacific Foods of Oregon Inc., Nestlé S.A., Vitasoy International Holdings Limited, Harmless Harvest Inc., Califia Farms LP, Freedom Foods Group, Campbell Soup Company, RiceBran Technologies, PepsiCo Inc., Premier Nutrition Company LLC, Mead Johnson & Company LLC, Danone S.A., Blue Diamond Growers Inc., Amy's Kitchen Inc., Beyond Meat Inc., Conagra Brands Inc., Daiya Foods Inc., General Mills Inc., Impossible Foods Inc., Kellogg Company, Archer Daniels Midland Company, Axiom Foods Inc., Bolthouse Farms Inc., Eden Foods Inc., Elmhurst 1925 Inc., Forager Project LLC, Good Karma Foods Inc., Kerry Group plc

Companies Introducing Innovative Products To Enhance Plant-Based Beverages Market
Product innovation is a key trend gaining popularity in the plant-based beverage market. Major companies operating in the plant-based beverages market are introducing new and innovative products to strengthen their position in the market. For instance, in July 2022, Danone S.A., a France-based food production corporation, launched the first plant-based baby formula with a dairy blend. The new baby formula was created specifically to provide a vegetarian diet for babies.

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Key Segments -
The plant-based beverages market covered in this report is segmented -
1) By Type: RTD Tea And Coffee, Plant Based Milk, Juices, Other Types
2) By Nature: Organic, Conventional
3) By Flavor: Plain, Flavored
4) By Function: Cardiovascular Health, Cancer Prevention, Bone Health, Lactose-Free Alternative, Other Functions

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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