Plant-based beverages encompass a variety of products such as ready-to-drink (RTD) tea and coffee, fruit and vegetable juices, and nut milk. These products offer add-on values along with taste. Market Research Future (MRFR)’s assessment reveals that the global Plant-Based Beverages Industry Value is expected to mark a CAGR of 8.5% during the forecast period 2018 to 2023. The report further highlights that the market valuation is estimated to reach USD 388.42 Bn by the end of 2023.
Animal activism and veganism have led to accelerated adoption of plant-based beverages across the world. In addition, the growing lactose intolerant population is further expected to boost the future trajectory of the plant-based beverages market in the forthcoming years. These beverages have been able to expand their market presence as an alternative without compromising on taste or nutrient. It is presumed to exhibit a similar trend across the review period.
The large-scale prevalence of chronic diseases have raised awareness among the global population, thus, motivating them to change lifestyle and food habits. This, in turn, has opened new avenues of growth opportunities for the market participants by fueling demand for plant-based beverages.
Key players are focusing on robust branding strategies for strengthening their footholds in the global market. Nevertheless, the growth of the markets for rival products such as probiotic drinks and sugar-free carbonated beverages is prognosticated to check the expansion of the plant-based beverages market in the upcoming years.
This MRFR report offers a comprehensive segmental analysis of the global plant-based beverages market based on source, type, and distribution channel. By source, the market is segmented into fruits, vegetables, nuts, seeds and leaves, soy, and others. Among these, the seeds and leaves segment is poised to contribute most significantly towards the growth of the plant-based beverages market over the assessment period.
By type, the plant-based beverages market has been segmented into RTD tea & coffee, juices, plant-based milk, and others. The juices segment has been estimated to reach a valuation of USD 222.5 Bn over 2023. The advantages offered by juices such as removal of toxins, minimization of cancer probability, etc. are responsible for the rapid expansion of its market presence.
By distribution channel, the global market has been segmented into store based and non- store based. Among these, the store based segment is expected to attract a relatively larger consumer base. The inclination of consumer preference towards store-based channel is primarily due to its one-stop shopping experience.
The plant-based beverages market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe, in terms of market value, is prognosticated to retain its pole position across the forecast period. The ongoing trend of a healthy lifestyle is anticipated to favor the expansion of the plant-based beverages market in the region. The introduction of the innovative products that offer extra value alongside taste has led to rapid developments in the market. It is further poised to boost the future trajectory of the market.
North America has been forecasted to value at USD 111.4 Bn towards the end of 2023. Key players are capitalizing on innovations in flavor for accelerating their revenue creation. In addition, the robust promotional activities undertaken by the market participants are expected to revolutionize the growth trajectory of the plant-based beverages market.
Asia Pacific is projected to thrive at a high CAGR of 9.22% over the assessment period. The growing middle-income population coupled with rising per capita income is likely to influence the expansion of the plant-based beverages market in the region positively. The strong economic growth rate of the region is the driving force of market growth. Meanwhile, the Rest of the World is expected to secure the last spot in the global market. It is presumed to strike a CAGR of 8.75% over 2023.
Global Market for Plant-Based Beverages – Competitive Dashboard:
The key players identified in this MRFR report are PepsiCo, Inc., Campbell Soup Company, Hain Celestial Group, Danone SA, The Coca-Cola Company, Fresh Del Monte Produce Inc., Califia Strategies, Keurig Dr. Pepper Inc., Koia, and SunOpta Inc.
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