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Fermented Non-Dairy Non-Alcoholic Beverages Market Size, Business Growth Updates, Trends, Industry Report And Forecast To 2033
Fermented Non-Dairy Non-Alcoholic Beverages Market Size
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According to The Business Research Company's, The fermented non-dairy non-alcoholic beverages market size has grown strongly in recent years. It will grow from $3.53 billion in 2023 to $3.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to rise in veganism and plant-based diets, rising prevalence of lactose intolerance and dairy allergies, increasing consciousness about the vigorous lifestyle, demand for the fermented non-dairy, and rising disposable income.
The fermented non-dairy non-alcoholic beverages market size is expected to see strong growth in the next few years. It will grow to $4.76 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to increasing popularity of veganism and plant-based diets, growth of the fermented non-dairy non-alcoholic beverages, rising buyer inclination for different flavors, growing focus on preventive healthcare and wellness, and increasing outlets for beverages. Major trends in the forecast period include popularity of e-commerce and online retail has made it easier for consumers, continuous introduction of new and innovative fermented non-dairy beverage options, innovations in fermentation processes, technological advancements, and innovations in the beverage industry.
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Market Drivers and Trends:
The rise in veganism and plant-based diets is expected to propel the growth of the fermented, non-dairy, non-alcoholic beverage market going forward. Veganism and plant-based diets are a philosophy and lifestyle that seek to avoid all forms of animal exploitation and include a strict diet that excludes animal-derived products. The rise in veganism and plant-based diets is due to growing concerns about animals, the health benefits of vegan food, and consumer interests. Fermented, non-dairy, and non-alcoholic beverages are a valuable addition to the vegan diet, offering nutritional benefits, supporting ethical and environmental goals, and enhancing health and wellness. They provide accessible, tasty, and versatile options that align with the principles of veganism, making it easier for individuals to adopt and maintain a plant-based lifestyle. For instance, in December 2021, according to the Plant Based Foods Association, a US-based food association, plant-based food sales are rising, expanding 6.2% in 2021 over a record-breaking year of growth in 2020. Therefore, the rise in veganism and plant-based diets drives the fermented, non-dairy, non-alcoholic beverage market.
Major companies operating in the fermented, non-dairy, and non-alcoholic beverages market are focused on developing innovative products, such as refrigerated plant-based milk, meeting individuals' preferences for sustainable and plant-based dietary choices. Refrigerated plant-based milk is packaged and processed differently from shelf-stable options, requiring refrigeration for storage and having a shorter shelf life but potentially offering a more nutrient-dense profile. For instance, in May 2021, Good Karma Foods, a US-based food manufacturing company, launched a new line of refrigerated plant-based milks and a direct-to-consumer e-commerce platform. This platform allows customers to purchase products directly from the company, enhancing their shopping experience and providing greater convenience. It is a novel milk blend featuring oats, flax, and peas. It integrates top-tier plant-based ingredients to offer the creamy texture and nutritional benefits that non-dairy milk enthusiasts seek.
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Major Key Players of the Market:
PepsiCo Inc., Danone S.A, General Mills Inc., DuPont de Nemours Inc, Yakult Honsha Co. Ltd., Chr. Hansen A/S, Probi AB, Health-Ade LLC, KeVita Inc., Lifeway Foods Inc., Lifeway Foods inc., Konings NV, GT's Living Foods LLC, Fentimans Ltd., Bionade GmbH, Millennium Products Inc., Bionade GmbH, Reed's Inc., Good Karma Foods Inc., Thurella AG, AGM Foods PTY Ltd., China-Biotics Inc.
Fermented Non-Dairy Non-Alcoholic Beverages Market 2024 Key Insights:
• The fermented non-dairy non-alcoholic beverages market size is expected to see strong growth in the next few years. It will grow to $4.76 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• The Impact of Rising Veganism And Plant-Based Diets On The Fermented Non-Dairy, Non-Alcoholic Beverage Market
• Innovations In Refrigerated Plant-Based Milk Catering To Sustainable And Plant-Based Preferences
• Asia Pacific was the largest region in the fermented non-dairy non-alcoholic beverages market in 2023
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