Plant-based Beverages Industry Overview
The global plant-based beverages market size is expected to reach USD 71.83 billion by 2030, registering a CAGR of 12.7% during the forecast period, according to a new report by Grand View Research, Inc. There is significant scope for the growth of the global industry as the concept of veganism is gaining prominence in developed countries, such as the U.K., U.S., Australia, New Zealand, Germany, Italy, France, and Canada. In addition, various Middle Eastern countries such as Israel and Saudi Arabia have been witnessing a growth in the vegan population, which offers several growth opportunities for plant-based beverage manufacturers. Major players as well as new entrants in the industry are adopting various market strategies, primarily new product launches, and strengthening their distribution channel to gain maximum customer penetration across the globe.
For instance, in April 2021, Nestlé announced the launch of a plant-based, ready-to-drink (RTD) version of its Milo cocoa beverage in Asia, along with two plant-based coffee RTDs. The new plant-based version of Milo will replace the dairy milk with almond and soy and the other two core ingredients-malt and cocoa-remain the same. The demand for organically processed beverages is significant in the European and North American regions. The rising demand has compelled beverage companies to reformulate products to meet organic standards over the years. Increasing government support for organic agriculture and the rising popularity of organic food & beverages among consumers have driven the demand for organically processed plant-based beverages.
Coconut-based beverages are anticipated to register the fastest CAGR during the forecast period. New product launches in this segment are likely to be among the key drivers supporting the market growth. For instance, in April 2020, Harmless Harvest added three new flavored coconut water drinks to their classic organic coconut water line. The flavored plant-based beverages segment is expected to register a significant CAGR over the forecast period. Consumers are willing to experiment with flavors, such as mango, pulp, and cocoa. Therefore, new flavor launches in the existing product portfolio along with partnerships, collaborations, and marketing campaigns are some of the strategies that brands and companies opt for to gain a competitive edge in the industry.
Plant-based Beverages Market Segmentation
Grand View Research has segmented the plant-based beverages market based on type, product, and region:
Based on the Type Insights, the market is segmented into Soy, Coconut, Almond, Oat, and Others.
- The soy beverage segment led the industry in 2021 and accounted for the maximum share of more than 38.40% of the overall revenue. Soy milk is being widely consumed across the globe as it has similar benefits as dairy-based milk. It is also used by bakers and confectioners.
- These products are highly nutritious and offer numerous health benefits. However, high lipid and saturated fat content in coconuts are limiting their demand, particularly among consumers suffering from cardiovascular ailments and hypertension.
Based on the Product Insights, the market is segmented into Plain, and Flavored.
- The plain beverages segment led the global industry in 2021 and accounted for the maximum share of more than 70.35% of the overall revenue. The segment is expected to maintain its leading position throughout the forecast period. The majority of consumers prefer unflavored or plain plant-based beverages as a direct replacement for dairy milk.
- Manufacturers are introducing and combining several flavors to stimulate the adoption of beverages in different applications, such as smoothies, protein shakes, yogurt drinks, and other beverages with favorite inclusions.
Plant-based Beverages Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Key players face intense competition from each other as some of them are among the top manufacturers. These companies have large customer bases in both regional and international markets as they have strong and vast distribution networks, which help them reach a larger customer base:
- In June 2021, Plant Veda, a Vancouver-based dairy-alternative company, announced the launch of a new line of vegan lassi (an Indian yogurt drink) from cashews and real fruits. This product is free of cane sugar and contains gut-healthy probiotics
- In February 2021, Heartbest Foods, a Mexican food tech company, launched its plant-based milk nationwide. This plant-based milk is available in plain and quinoa flavors. The product is also available in a sugar-free option
- In July 2020, Starbucks Canada expanded its non-dairy options by launching oat beverages as its latest plant-based offering. The growing adoption of plain plant-based milk in several drinks is anticipated to boost the sales of plant-based beverages over the forecast period
Some of the key players operating in the global plant-based beverages market include:
- Danone S.A.
- Pacific Foods of Oregon, LLC
- Blue Diamond Growers, Inc.
- SunOpta
- The Hain Celestial Group, Inc.
- Noumi Ltd.
- Califia Farms, LLC
- Harmless Harvest
- Koia
- Vitasoy International Holdings Ltd.
Order a free sample PDF of the Plant-based Beverages Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Market Industry Forecast News 